Subprime Countrywide Highlights for Brokers

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Last version of subprime highlights as dictated by the investor, countrywide, that was uploaded to SubprimeAlta.com on 2/4/2007

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Subprime Countrywide Highlights for Brokers

  1. 1. 249 E Ocean Blvd #400, Long Beach, CA 90802 P 800.899.1762 · F 562.256.9971 http://www.SubprimeAlta.com SSuubbpprriimmee UUnnlliimmiitteedd HHiigghhlliigghhttss • NO MI, NO VOD, NO minimum down payment, NO impounds required • NO source or seasoning of funds for loans <= $500,000 • NO Reserves with a few exceptions: • Stated 100% CLTV, 2 months PITI, not verified. Simply list on 1003, not verified if bank name, branch address, and account # provided) o The following loans require assets verified with source or seasoning for 60 days (Two months PITI plus HOA) Any single lien > $650,000 regardless of LTV Stated First Time Home Buyers > 95% LTV First Time Home Buyers with all the following: No rental verification LTV/CLTV > 95% DTI > 45% Credit score < 620 full doc or < 660 stated doc • No VOR or cancelled checks required • 1 day bankruptcy seasoning at our highest credit grade AA+ • Consumer Counseling must be paid but does not affect grade • No minimum credit depth or trade line requirements with 2 scores • 100 % of deposits allowed for personal bank statements • 10 % vacancy factor for rental properties • 5 year Interest Only on ARMs and fixed loans • Cash out allowed up to 100% LTV • No form 4506 required for stated borrowers • 55% DTI allowed up to 90% LTV with double disposable income • No payment shock for First Time Home Buyers • No LTV reduction for owner occupied PUD’s and low rise or high rise condos • 100% CLTV for stated borrowers at 640 FICO, I/O maximum DTI 45% • 6 % seller contribution allowed on non-recurring closing costs on all doc types

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