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JC PROGRAM MATRIX WORD DOC
- 1. PROGRAM MIN FICO CREDIT LTC LOAN SIZE LIQUIDITY NET WORTH EXPERIENCE Line of Credit 700 No 30 days late on any mortgage payment during the past 12 months. No bankruptcy or foreclosure during the past 3 years. No open judgements or pending litigation 90% Project Cost 60% ARV 65% ARV if 2 of the 5 following parameters are met: 1. FICO 720 2. Borrower can verify experience acquiring and completing no less than 4 properties for resale or rental 3. Loan amount of $150 K 4. Borrower prepays 4 months’ interest 5. Borrower contributes an additional 2.5% of total project costs (maximum JCF advance of 87.5%). 70% If borrower Meets one of the parameters above (1 – 5) Contributes 15% of project costs, the maximum percentage of ARV increases to 70%. LOC - $50 K - $5 M Loans $50 K - $1 M 20% of requested line amount Min $50 K if Net Worth < $250 K $150 K $250 K if Liquidity <$50 K 2 Completed projects evidenced by 4 HUDs 620 No bankruptcy in last 24 months No open judgements or pending litigation 80% Project Cost 65% ARV Min - $50 K Max - $1 M 20% of requested line amount $150 K
- 2. PROGRAM MIN FICO CREDIT LTC LOAN SIZE LIQUIDITY NET WORTH EXPERIENCE Standard Single Property Loan 620 No bankruptcy in last 24 months No open judgements or pending litigation 80% Project Cost 65% ARV Min - $50 K Max - $1 M 20% of requested line amount $150 K 2 Completed projects evidenced by 4 HUDs Express Streamlined Single Property Loan 660 Credit report must reflect a 4‐ year credit history with at least: 5 trade lines reporting 2 trade lines open and active for at least 12 months paid as‐agreed No bankruptcy or foreclosure during past three years. 70% Project Cost 55% ARV Min - $75 K Max - $500 K At least 40% of the property purchase price, plus: 40% of rehab expenses if there is an escrow holdback, or 100% of rehab expenses if there is no rehab holdback; plus an amount equal to 3 months’ interest payments. If such funds are less than 50% of the property purchase price plus rehab expenses, JCF will source the liquidity and require those funds to be the source of initial down payment. No fix and flip experience required If the borrower is a wage earner, he/she will submit: Most recent paystub or tax return Most recent 90 days consecutive complete bank statements. If the borrower is self‐employed, they will submit: Most recent tax return Most recent 90 days consecutive complete bank statements Proof of existence of their business. Such proof of existence shall include Phone number, address and verification from a third party such as a CPA, attorney, regulatory agency or An applicable licensing or better business bureau.
- 3. PROGRAM MIN FICO CREDIT LTC LOAN SIZE LIQUIDITY NET WORTH EXPERIENCE Express Doc Single Property Loan 660 Credit report must reflect a 4‐ year credit history with at least: 5 trade lines reporting 2 trade lines open and active for at least 12 months paid as‐agreed No 30 days late on any mortgage payment during the past 12 months No 60 days late during the past 24 months. 75% Project Cost 60% ARV Min - $75 K Max -$500 K At least 40% of the property purchase price seasoned for 60 days, plus: 40% of rehab expenses if there is an escrow holdback or 100% of rehab expenses if there is no rehab holdback, plus an amount equal to 3 months’ interest payments. If such funds are less than 50% of the property purchase price plus rehab expenses, JCF will source the liquidity and require those funds to be the source of initial down payment. At least 1 year of verified acceptable real estate experience. Such experience should include Real estate investing Managing or owning investment properties Operating as a licensed contractor or builder This would include building or performing a major renovation on his/her personal residence if such person was the general contractor. 620 70% Project Cost 55% ARV New Construction 620 No bankruptcy in last 24 months No open judgements or pending litigation 70% ARV Min - $100 K Max - Lesser of 75% of Total Cost or 100% of Construction Cost 20% of requested line JCF 30% of construction expenses The Borrower will have completed at least 2 recent (within 24 months of application) construction Rental Loans Single Property (up to 4 units) 620 No mortgage lates in last 24 mo. Loan shall not exceed 70% ARV Min- 75K Max- no greater than 1MM Minimum of 12 months reserves Borrower is required to contribute at least 25% cash equity Borrower must demonstrate sufficient landlord experience Portfolio (minimum of 5 properties) 620 No mortgage lates in last 24 mo. Loan shall not exceed 70% ARV Min property value 50KUp to 5MM for multiple properties Minimum 6 months reserves Borrower is required to contribute at least 25% cash equity Borrower must demonstrate sufficient landlord experience