This document provides loan limit and LTV guidelines for different loan programs, including: - Maximum loan amounts and LTVs for full, fast and lite income documentation for owner-occupied properties depend on credit grade and credit score. Loan limits range from $400,000 to $1,000,000. - Guidelines for stated income documentation loans include lower loan amounts and LTVs than full documentation loans, with loan limits ranging from $250,000 to $650,000 depending on credit factors. - Non-owner occupied loans have lower amounts and LTVs compared to owner-occupied, with loan limits between $300,000 and $500,000 based on credit grade and history.

1. S500 Loan Limits
This is summary information only. Refer to the Client Guide for complete and definitive underwriting guidelines.
Maximum Loan Amounts & LTVs for Full, Fast and Lite Income Documentation (Owner Occupied)
Credit Grade (12 month LTV
Housing History) Credit Score <=65% 65.01 to 70% 70.01 to 75% 75.01 to 80% 80.01 to 85% 85.01 to 90% 90.01 to 95% 95.01 to 100% 80/20 Combo 1st
/2nd
700+ 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 800,000 700,000 700,000 750,000/187,500
640-699 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 800,000 700,000 650,000 750,000/187,500
620-639 1,000,000 1,000,000 1,000,000 900,000 850,000 800,000 650,000 600,000 750,000/187,500
600-619 1,000,000 1,000,000 1,000,000 900,000 800,000 800,000 600,000 600,000 750,000/187,500
580-599 850,000 850,000 850,000 850,000 750,000 700,000 550,000 500,000 750,000/187,500
560-579 750,000 750,000 750,000 700,000 650,000 600,000
540-559 700,000 700,000 700,000 700,000 600,000 550,000
520-539 500,000 500,000 500,000 500,000 400,000
A4
0x30 reported
mortgage history
500-519 400,000 400,000 400,000 400,000
700+ 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 800,000 700,000 700,000 750,000/187,500
640-699 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 800,000 700,000 650,000 750,000/187,500
620-639 1,000,000 1,000,000 1,000,000 900,000 850,000 800,000 650,000 600,000 750,000/187,500
600-619 1,000,000 1,000,000 1,000,000 900,000 800,000 800,000 600,000 600,000 750,000/187,500
580-599 850,000 850,000 850,000 850,000 750,000 700,000 550,000
560-579 750,000 750,000 750,000 700,000 650,000 600,000
540-559 700,000 700,000 700,000 700,000 600,000 550,000
520-539 500,000 500,000 500,000 500,000 400,000
A5
<12 months reported
mortgage history
0x30 housing
500-519 400,000 400,000 400,000 400,000
700+ 1,000,000 1,000,000 1,000,000 1,000,000 850,000 750,000 700,000 700,000 650,000/162,500
640-699 1,000,000 1,000,000 1,000,000 1,000,000 850,000 750,000 700,000 650,000 650,000/162,500
620-639 1,000,000 1,000,000 1,000,000 850,000 850,000 750,000 650,000 500,000 650,000/162,500
600-619 1,000,000 1,000,000 1,000,000 850,000 800,000 750,000 600,000 500,000 650,000/162,500
580-599 850,000 850,000 850,000 800,000 750,000 650,000 550,000
560-579 750,000 750,000 750,000 700,000 650,000 600,000
540-559 700,000 700,000 700,000 700,000 600,000 550,000
520-539 500,000 500,000 500,000 500,000
Ax
1x30
(includes rolling)
500-519 400,000 400,000 400,000
620+ 850,000 850,000 850,000 750,000 750,000 600,000
600-619 750,000 750,000 750,000 750,000 750,000 600,000
580-599 750,000 750,000 750,000 650,000 650,000 600,000
560-579 650,000 650,000 650,000 650,000 650,000 500,000
540-559 650,000 650,000 650,000 600,000
520-539 500,000 500,000 500,000
Am
Unlimited 30's, 0x60
500-519 400,000 400,000 400,000
620+ 650,000 650,000 650,000 600,000 600,000
580-619 650,000 650,000 650,000 600,000 400,000
560-579 600,000 600,000 550,000 550,000 400,000
540-559 500,000 500,000 500,000
520-539 500,000 500,000 450,000
B
1x60, 0x90
(non-rolling)
500-519 400,000 400,000 400,000
620+ 500,000 500,000 400,000 400,000
580-619 450,000 450,000 400,000 400,000
540-579 450,000 450,000
C
Unlimited 60's, 1x90
(non-rolling)
520-539 450,000 400,000
Bankruptcy >=1 year >=2 years
Foreclosure >=1 year >=2 years >=3 years
Major Adverse Credit $5,000 may be left open ($10,000 for grade C) $1,500 may be left open ($10,000 for grade C)
40/30 & 40 year recast
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Loan Program
Page 1 of 6

2. S500 Loan Limits
Housing Payment History for Full, Fast and Lite Income Documentation (Owner Occupied)
LTV
<=65%
LTV
65.01 to
70%
70.01 to
75%
75.01 to
80%
80.01 to
85%
85.01 to
90%
90.01 to
95%
95.01 to
100%
80/20 Combo
Borrowers without 12 month
reported mortgage history
• Requires Institutional Verification of housing, private verification of housing, or 12 months
canceled checks
• If documentation of housing indicates late or missing payments, the credit grade is downgraded
according to the number and severity of the late/missing payments
• Credit scores >=600, require
Institutional Verification of
Housing, Private Verification of
Housing, or 12 months canceled
checks
• Credit scores <600, require
Institutional Verification of
Housing or 12 months canceled
checks
• If documentation of housing
indicates late or missing
payments, the credit grade is
downgraded according to the
number and severity of the
late/missing payments
A5 Rent Free/Lives with
Relatives/owns free and clear or
cannot document
Maximum LTV/CLTV of 90% Not eligible
Maximum CLTV by Credit Score for Full, Lite and Fast Income Documentation (Owner Occupied)
Credit Grade Credit Score Max CLTV
A4, A5, Ax, Am 100%
B, C
580+
95%
All Grades 560-579 95%
All Grades 500-559 90%
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Loan Program
Page 2 of 6

3. S500 Loan Limits
Maximum Loan Amounts & LTVs for Stated Income Documentation (Owner Occupied)
Credit Grade LTV
(12 month
Housing
History)
Credit
Score <=55%
55.01 to
60%
60.01 to
65%
65.01 to
70%
70.01 to
75%
75.01 to
80%
80.01 to
85%
85.01 to
90%
90.01 to
95%
95.01 to
100%
80/20 Combo
1st
/2nd
640+ 650,000 650,000 650,000 650,000 650,000 650,000 500,000 400,000 400,000 400,000 400,000/100,000
620-639 650,000 650,000 650,000 650,000 650,000 650,000 500,000 400,000 400,000
600-619 500,000 500,000 500,000 500,000 500,000 500,000 500,000 400,000 400,000
580-599 500,000 500,000 500,000 500,000 500,000 500,000 400,000 400,000 400,000
560-579 500,000 500,000 500,000 500,000 400,000 400,000 400,000
540-559 350,000 350,000 350,000 350,000 350,000 300,000
520-539 300,000 300,000 300,000
A4
0x30 reported
mortgage
history
500-519 250,000 250,000 250,000
640+ 650,000 650,000 650,000 650,000 650,000 650,000 500,000 400,000 400,000 400,000 400,000/100,000
620-639 650,000 650,000 650,000 650,000 650,000 650,000 500,000 400,000 400,000
600-619 500,000 500,000 500,000 500,000 500,000 500,000 500,000 400,000
580-599 500,000 500,000 500,000 500,000 500,000 500,000 400,000
560-579 400,000 400,000 400,000 400,000 400,000 400,000 400,000
540-559 350,000 350,000 350,000 350,000 350,000 300,000
520-539 300,000 300,000 300,000
A5
<12 months
reported
mortgage
history
0x30 housing
500-519 250,000 250,000 250,000
640+ 500,000 500,000 500,000 500,000 500,000 500,000 400,000 400,000 400,000
620-639 500,000 500,000 500,000 500,000 500,000 500,000 400,000 400,000
560-619 400,000 400,000 400,000 400,000 400,000 400,000 400,000
540-559 350,000 350,000 350,000 350,000 350,000 300,000
520-539 300,000 300,000 300,000
Ax
1x30
(includes
rolling)
500-519 250,000 250,000 250,000
620+ 500,000 500,000 500,000 500,000 500,000 500,000 400,000
580-619 400,000 400,000 400,000 400,000 400,000 400,000 400,000
560-579 350,000 350,000 350,000 350,000 350,000 300,000
540-559 300,000 300,000 300,000
Am
Unlimited
30's, 0x60
500-539 250,000 250,000 250,000
560+ 350,000 350,000 350,000 350,000 300,000B
1x60, 0x90
(non-rolling) 520-559 300,000 300,000 300,000
C
Unlimited
60's, 1x90
(non-rolling) 520+ 250,000 250,000 250,000
Bankruptcy >=1 year >=2 years
Foreclosure >=1 year >=2 ears >=3 years
Major Adverse Credit
$5,000 may be left open ($10,000 for grade C)
$1,500 may be left open ($10,000 for
grade C)
40/30 & 40 year recast N/A
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Loan Program
Page 3 of 6

4. S500 Loan Limits
Maximum LTVs for Stated Income Documentation (Owner Occupied)
LTV
<=55%
55.01 to
60%
60.01 to
65%
65.01 to
70%
70.01 to
75%
75.01 to
80%
80.01 to
85%
85.01 to
90%
90.01 to
95%
95.01 to
100%
80/20 Combo
Borrowers without 12
month reported mortgage
history
• Requires Institutional Verification of Housing, Private Verification of Housing, or 12 months canceled checks
• If documentation of housing indicates late or missing payments, the credit grade is downgraded according to the number and severity of the
late/missing payments
A5 Rent Free/Lives with
Relatives/owns free and
clear or cannot document
Maximum LTV/CLTV of 90% Not eligible
Maximum CLTV by Credit Score for Stated Income Documentation (Owner Occupied)
Credit Grade Credit Score Maximum CLTV
A4, A5, Ax 600+ 100%
Am, B, C 600+ 95%
A4 580-599 95%
A5, Ax, Am, B, C 580-599 90%
All Grades 560-579 85%
All Grades 500-559 80%
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Loan Program
Page 4 of 6

5. 50.01 to 55.01 to 60.01 to 65.01 to 70.01 to 75.01 to 80.01 to
55% 60% 65% 70% 75% 80% 85%
S500 Loan Limits
Maximum Loan Amounts & LTVs for Full, Fast and Lite Income Documentation (Non-owner Occupied)
LTV
Credit Grade (12 month
Housing History)
Credit
Score <=50%
A4 580-599 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000
0x30 reported mortgage 560-579 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000
history 540-559 300,000 300,000 300,000 300,000 300,000 300,000 300,000
520-539 300,000 300,000 300,000 300,000
A5 600+ 500,000 500,000 500,000 500,000 500,000 500,000 500,000 400,000
<12 months reported 580-599 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000
mortgage history 560-579 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000
0x30 housing 540-559 300,000 300,000 300,000 300,000 300,000 300,000 300,000
580+ 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000
Ax 560-579 350,000 350,000 350,000 350,000 350,000 350,000 350,000
1x30 (includes rolling) 540-559 300,000 300,000 300,000 300,000 300,000 300,000 300,000
520-539 300,000 300,000 300,000 300,000
620+ 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000
Am 580-619 350,000 350,000 350,000 350,000 350,000 350,000 350,000
Unlimited 30's 560-579 300,000 300,000 300,000 300,000 300,000 300,000 300,000
0x60 540-559 300,000 300,000 300,000 300,000
520-539 300,000 300,000 300,000 300,000
B 560+ 300,000 300,000 300,000 300,000 300,000 300,000
1x60, 0x90 (non-rolling) 540-559 300,000 300,000 300,000 300,000
C 560+ 300,000 300,000 300,000 300,000
Unlimited 60's,
1x90 (non-rolling) 540-559 300,000 300,000 300,000
Bankruptcy >=1 year >=2 years
Foreclosure >=2 years >=3 years
Major Adverse Credit $1,500 may be left open ($10,000 for grade C)
Minimum Loan Amount $50,000
Housing Payment History
Borrower without 12 months mortgage
history
Lives rent free/lives with relatives/owns
• Requires Institutional Verification of Rent or 12 months canceled checks
• If documentation of housing indicates late or missing payments, the credit grade is downgraded according to the number
and severity of the late/missing payments
free and clear or cannot document
Not eligible
CLTVs Secondary Financing Not eligible
40/30 Balloon, 40 Year Recast Not eligible
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Loan Program
Page 5 of 6

6. S500 Loan Limits
Maximum Loan Amounts & LTVs for Stated Income Documentation (Non-owner Occupied)
LTVCredit Grade (12 month
Housing History)
Credit Score
<=50% 50.01-55% 55.01-60% 60.01-65% 65.01-70% 70.01-75% 75.01-80%
580+ 350,000 350,000 350,000 350,000 350,000 350,000 350,000
560-579 250,000 250,000 250,000 250,000 250,000 250,000
A4
0x30 reported mortgage
history 520-559 250,000 250,000 250,000 250,000
580+ 350,000 350,000 350,000 350,000 350,000 350,000 350,000
560-579 250,000 250,000 250,000 250,000 250,000 250,000
A5
<12 months reported mortgage
history; 0x30 housing 540-559 250,000 250,000 250,000 250,000
560+ 250,000 250,000 250,000 250,000 250,000 250,000
Ax 1x30 (includes rolling)
520-559 250,000 250,000 250,000 250,000
580+ 250,000 250,000 250,000 250,000 250,000 250,000
560-579 250,000 250,000 250,000 250,000 250,000Am Unlimited 30's, 0x60
520-559 200,000 200,000 200,000 200,000
560+ 250,000 250,000 250,000 250,000
B 1x60, 0x90
540-559 200,000 200,000 200,000 200,000
Bankruptcy >=1 year
Foreclosure >=2 years >=3 years
Major Adverse Credit $1,500 may be left open
Minimum Loan Amount $50,000
Housing Payment History
Borrower without 12 months mortgage history
• Requires Institutional Verification of Rent or 12 months canceled checks
• If documentation of housing indicates late or missing payments, the credit grade is downgraded according to the
number and severity of the late/missing payments
Rent free/lives with relatives/owns free and
clear or cannot document
Not eligible
CLTVs Secondary Financing not eligible
40/30 Balloon, 40 Year Recast Not eligible
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Loan Program
Page 6 of 6

7. Documentation Requirements
Income Type Full Lite Fast Stated
• Paystub(s) showing most recent
30-days YTD income
• W-2 forms for most recent 2 years
or
• Written VOE
• Paystub(s) showing most recent
30-days YTD income
• W-2 forms for most recent year
or
• Written VOE
• Paystub(s) showing most recent
30-days YTD income
• W-2 forms for most recent year
or
• Written VOE
Additional requirement for B & C:
Verbal VOE 5 days prior to closing.
Additional requirement for B &
C:
Verbal VOE 5 days prior to closing.
Additional requirement for B & C:
Verbal VOE 5 days prior to closing.
Bonus or overtime income: Averaged
over most recent 2 years unless
declining, then past 12 months will be
averaged
Bonus or overtime income: Not
used for qualifying.
Bonus or overtime income:
Averaged over most recent year.
Tips or gratuity income: Averaged
over most recent 2 years unless
declining, then past 12 months will be
averaged.
Tips or gratuity income: Not used
for qualifying.
Tips or gratuity income: Averaged
over most recent year.
Wage Earner
Commission income: Averaged over
most recent 2 years using personal tax
returns & deducting non-reimbursed
business expenses as reported on IRS
Form 2106. If declining in most recent
tax year lower income is used
Commission income: Not used for
qualifying.
Commission income: Averaged over
most recent year using personal tax
returns & deducting non-reimbursed
business expenses as reported on IRS
Form 2106.
• Income must be stated on the
application
• Credit grades A4, A5 and Ax only
• Minimum 580 Credit Score
• Verbal VOE required
• Owner occupied, primary residence
or second/vacation home
• Signed and dated IRS Forms 4506 or
4506-T authorizing the Client or its
assigns to obtain income information
S500 Income Documentation
This is summary information only. Refer to the Client Guide for complete and definitive underwriting guidelines.
J.I.M. FINANCIAL At-A-Glance 03/13/06
S500/Credit Gap Income Documentation Page 1 of 3

8. S500 Income Documentation
Documentation Requirements
Income Type Full Lite Fast Stated
Self-Employed
• Personal tax returns with all schedules
for most recent 2 years
• Business tax returns with all schedules
for most recent 2 years
• Proof of existence of business
(business license or confirmation
through phone directory listing) for
most recent 2 years
or
• Personal bank statements for most
recent 2 years and proof of existence
of business (business license or
confirmation through phone directory
listing) for most recent 2 years with
conditions as required for
self-employed income
Additional requirement: If >120 days
since filing tax return, a signed & dated
P&L is required.
Not available
• Personal tax return with all
schedules for most recent year
• Business tax returns with all
schedules for most recent year
• Proof of existence of business
(business license or confirmation
through phone directory listing) for
most recent 2 years
or
• Personal bank statements for most
recent year with conditions as
required for self-employed income
Additional requirement: If >120
days since filing tax return, a signed &
dated P&L is required.
• Income must be stated on the
application
• Verification of the existence of the
Borrower’s business through
evidence of a business license and
confirmation of a phone directory
listing. If a license is not required for
the business, a signed confirmation
of business is required by Borrower’s
accountant or other CPA
• Signed and dated IRS Forms 4506 or
4506-T authorizing the Client and/or
its assigns to obtain income
information
Fixed Income
One of the following is required:
• W-2P Form for most recent 2 years
• Award Letter or Court Order and
evidence of receipt
• 1099 Forms for most recent 2 years
• Personal tax returns with all schedules
for most recent 2 years
• Copy of divorce stipulation and decree
or Court Order
Not available
One of the following is required:
• Most recent W-2P Form
• Award Letter or Court Order and
evidence of receipt
• 1099 Form for most recent year
• Personal tax return with all
schedules for most recent year
• Copy of divorce stipulation and
decree or Court Order
Not available
Rental Income
• Current annual lease
• Schedule E for most recent 2 years or
• Operating Income Statement
Not available
• Current annual lease
• Schedule E for most recent year or
• Operating Income Statement
Income stated on the 1003
Interest and
Dividend
Income
• Personal tax returns with Schedules B
for most recent 2 years
• Proof of assets to support the interest
or dividend income
Not available
• Personal tax return with Schedules B
for most recent year
• Proof of assets to support the
interest or dividend income
Not available
J.I.M. FINANCIAL At-A-Glance 03/13/06
S500/Credit Gap Income Documentation Page 2 of 3

9. S500 Income Documentation
Documentation Requirements
Income Type Full Lite Fast Stated
Trust Income
Trust Agreement or Trustee’s Statement
and one of the following:
• Personal tax returns with all schedules
for most recent 2 years
• K-1 Schedule for most recent 2 years
• 1041 Fiduciary tax returns for most
recent 2 years
Not available
Trust Agreement or Trustee’s
Statement and one of the following:
• Personal tax returns with all
schedules for most recent year
• K-1 Schedule for most recent year
• 1041 Fiduciary tax returns for most
recent year
Not available
Note Income
Copy of Note and one of the following:
• Tax returns with all schedules for most
recent 2 years
• Bank statements showing Note income
deposited for most recent 2 years
Not available
Copy of Note and one of the following:
• Tax returns with all schedules for
most recent year
• Bank statements showing Note
income deposited for most recent
year
Not available
Inherited and
Guaranteed
Income
• Award Letter
• Personal tax returns with all schedules
for most recent 2 years
Not available
• Award Letter
• Personal tax returns with all
schedules for most recent year
Not available
Temporary
Disability
Income
• Insurance Award Letter
• Letter from Borrower’s employer Not available
• Insurance Award Letter
• Letter from Borrower’s employer Not available
Seasonal
Unemployment
Compensation
• Personal tax returns with all schedules
for most recent 2 years Not available
• Personal tax return with all
schedules for most recent year
• Letter from the Borrower’s employer
Not available
J.I.M. FINANCIAL At-A-Glance 03/13/06
S500/Credit Gap Income Documentation Page 3 of 3

10. S500 Underwriting Criteria
This is summary information only. Refer to the Client Guide for complete and definitive underwriting guidelines.
Owner Occupied and Second/Vacation Owner Occupied
Full, Lite, Fast and Stated Income Documentation, All Property Types Full, Lite, Fast and Stated
LTV Percentages <=65 65.01-70 70.01-75 75.01-80 80.01-85 85.01-90 90.01-95 95.01-100 J.I.M. FINANCIAL 80/20
Credit
DTI e Maximum DTI 50%; DTI up to 55% allowed with 2 months reserves or $1,500 residual income
e For the 40 Year Recast and 40/30 Balloon Features, DTI cannot exceed 50%
Residual Income No Minimum $1,500 No Minimum
Reserves None Required e None required for Full, Lite or Fast
e Stated requires 2 months
Trade Lines All credit grades require a Credit Score based on:
e A minimum two year credit history
e At least one trade (derogatory or non-derogatory) reported in the past six months
e A minimum number of non-derogatory trade lines based on credit grade and income documentation type:
o Full, Lite & Fast – minimum 3 non-derogatory trade lines
o Stated – minimum 5 non-derogatory trade lines
Seller Concessions Maximum of 6% non recurring
Temporary Buy Downs Not eligible
Adverse Credit Collection accounts, charge-off accounts, judgments, liens, delinquent property taxes, repossessions, garnishments and accounts
currently 90 days or more delinquent are considered Major Adverse Credit.
e Medical accounts that are collection or charge-offs will not be required to be paid. Aggregate totals exceeding the CLTV limits for the
loan transaction will be reviewed on a case-by-case basis
e All property, State, and IRS tax liens, regardless of seasoning, are required to be paid whether or not they currently affect title. No
payment plans or subordination allowed. Property tax liens on other properties will be considered Major Adverse Credit. Federal tax
liens older than ten years are not required to be paid unless the title company requires payoff.
e Adverse accounts > 24 months that do not affect title will not be considered in grade determination and are not required to be paid
e Cumulative adverse accounts and all non-medical adverse credit <24 months seasoned, must be paid off if it exceeds amounts listed
below:
o For LTV <=90%, $5,000 may be left open provided it does not affect title
o For LTV >90%, $1,500 may be left open provided it does not affect title
o For C grade, $10,000 may be left open provided it does not affect title
Borrower Eligibility
US Citizen
Borrower without 12 months reported mortgage history
Permanent resident alien
Non-permanent resident alien Maximum LTV/CLTV 90%. No cash-out permitted. Not eligible
Non-occupant co-borrower Not eligible
Foreign National Not eligible
Transaction Types
Purchase Mortgage
Rate/Term Refinance Mortgage
Cash Out Refinance Mortgage e Maximum Cash out of $150,000 (cash-in-hand may be the greater of $50,000 or 30% of Loan Amount)
e For credit grade C, no cash-in-hand allowed unless derogatory and revolving debt is paid off.
e No cash-out permitted for non-permanent resident aliens.
Construction/Permanent Mortgage Not eligible
Contract for Deed/Land Contract See Chapter 3B, Contract for Deed/Land Contract Section for more information. Not eligible
Lease with option to Purchase Not eligible
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Underwriting Criteria Page 1 of 4

11. S500 Underwriting Criteria
Owner Occupied and Second/Vacation Owner Occupied
Full, Lite, Fast and Stated Income Documentation, All Property Types Full, Lite, Fast and Stated
LTV Percentages <=65 65.01-70 70.01-75 75.01-80 80.01-85 85.01-90 90.01-95 95.01-100 J.I.M. FINANCIAL 80/20
Property Types
Single Family 1 -2 units
(attached or detached)
Second/vacation limited to 1 unit only
PUD
Modularized, Panelized, Pre-cut Home
Single Family 3-4 units Second/vacation not eligible. Maximum LTV/CLTV 90% Not eligible
Condominium unlimited stories Must meet J.I.M. FINANCIAL Class II or III warranties
Rural property Maximum LTV/CLTV of 90% Not eligible
Mixed Use properties e Reduce LTV/CLTV 15%, Max Loan amount of $500,000
or maximum allowed for credit grade.
e Full, Lite & Fast: Max LTV/CLTV 85% (after reduction)
e Stated: Max LTV/CLTV 80% (after reduction)
Not eligible
Occupancy
Second/Vacation Restricted to 1 unit only. 2-4 units are not eligible. Not eligible
Loan Amount Minimum
Properties with a loan amount less than $50,000 have a maximum LTV/CLTV of 60% Minimum $20,000 loan amount
for 2nd mortgage (or as specified
by State law)
Secondary Financing
10%-20% LTV allowed on
simultaneous 2nd Lien
Stated Income Requirements
Wage Earners Minimum of 580 Credit Score; Grades A4, A5, Ax only (1x30 housing history or better)
Self-Employed
Rental Income
Interest Only
Transaction Types Purchase mortgage, rate/term refinance mortgage, or cash-out refinance mortgage.
Credit Grades e A4 0x30 reported mortgage Delinquency in past 12 months
e A5 0x30 unreported housing and/or <12 months reported mortgage history
e Ax 1x30 mortgage/rental history in past 12 months, rolling lates allowed, no more than 30 days down at closing
Minimum Credit Score e Full, Fast, Lite: 580
e Stated Income: 640
Occupancy e Owner Occupied, Primary Residence only
Property Types e Single family 1 -2 units attached or detached
e PUD
e Modular homes, Panelized homes, Pre-cut homes
e Condominiums, unlimited stories with Class II or Class III Warranties
Term e Standard IO term is 5 years
DTI e Maximum DTI is 45%
e 45.01% to 50% DTI allowed with 2 months reserves or $1,500 residual income
40/30 Balloon, 40 Year Recast
e Not allowed on 2nd
liens
e For the 40 Year Recast and 40/30 Balloon Features, maximum 50% DTI
e Not allowed on Interest Only feature
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Underwriting Criteria Page 2 of 4

12. S500 Underwriting Criteria
Non-Owner Occupied
Full, Lite, Fast, and Stated Income Documentation, All Property Types
LTV Percentages <=50 50.01-60 60.01-65 65.01-70 70.01-75 75.01-80 80.01-85
Credit
DTI Maximum of 50%; up to 55% allowed with 2 months reserves or $1,500 residual income
Residual Income Minimum $1,500
Reserves e None required
Trade Lines All credit grades require a Credit Score based on:
e A minimum two year credit history
e At least one trade (derogatory or non-derogatory) reported in the past six months
e A minimum number of non-derogatory trade lines based on credit grade and income documentation type:
o Full, Lite & Fast – minimum 3 non-derogatory trade lines
o Stated – minimum 5 non-derogatory trade lines
Seller Concessions Maximum of 3% non-recurring
Temporary Buy Downs Not eligible
Adverse Credit Collection accounts, charge-off accounts, judgments, liens, delinquent property taxes, repossessions, garnishments and accounts
currently 90 days or more delinquent are considered Major Adverse Credit.
e Medical accounts that are collection or charge-offs will not be required to be paid. Aggregate totals exceeding the CLTV limits for the
loan transaction will be reviewed on a case-by-case basis
e All property, State, and IRS tax liens, regardless of seasoning, are required to be paid whether or not they currently affect title. No
payment plans or subordination allowed. Property tax liens on other properties will be considered Major Adverse Credit. Federal tax
liens older than ten years are not required to be paid unless the title company requires payoff.
e Adverse accounts > 24 months old that do not affect title will not be considered in grade determination and are not required to be paid
e Cumulative adverse accounts and all non-medical adverse credit < 24 months seasoned, must be paid off if it exceeds $1,500 ($1,500
may be left open provided it does not affect title)
Borrower Eligibility
US Citizen
Borrower without 12 months reported mortgage history
Permanent resident alien
Non-permanent resident alien Not eligible
Non-occupant co-borrower Not eligible
Foreign National Not eligible
Transaction Types
Purchase Mortgage
Rate/Term Refinance Mortgage
Cash Out Refinance Mortgage e Maximum Cash out of $150,000 (cash-in-hand may be greater of $50,000 or 30% of loan amount)
e For credit grade C, no cash-in-hand allowed unless derogatory and revolving debt is paid off
Construction/Permanent Mortgage Not eligible
Contract for Deed/Land Contract Not eligible
Lease with option to Purchase Not eligible
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Underwriting Criteria Page 3 of 4

13. S500 Underwriting Criteria
Non-Owner Occupied
Full, Lite, Fast, and Stated Income Documentation, All Property Types
LTV Percentages <=50 50.01-60 60.01-65 65.01-70 70.01-75 75.01-80 80.01-85
Property Types
Single Family 1 -2 units (attached or detached)
PUD
Modularized, Panelized, Pre-cut Home
Single Family 3-4 units Maximum LTV 75% Not eligible
Condominium unlimited stories Must meet J.I.M. FINANCIAL Class II or III warranties
Rural property Not eligible
Mixed Use properties Not eligible
Loan Amount Minimum
$50,000
Secondary Financing
Secondary Financing is not eligible
Stated Income Requirements
Stated Wage Earners Not eligible
Self-Employed
Interest Only
Not eligible
40/30 Balloon, 40 Year Recast
Not eligible
J.I.M. FINANCIAL At-A-Glance 12/11/06
S500 Underwriting Criteria Page 4 of 4