Updated as of 12/23/2007

Preferred Mortgage Plus - Wow Program (1-4 Units)

Highlights:

- 680 Mid Fico Required

Available Loan Types:

- 3/6 ARM

- 3/6 ARM Interest Only

- 5/6 ARM

- 5/6 ARM Interest Only

- 10 Year Interest Only

- 15 Year

- 20 Year

- 30 Year

Available In:

 - Full Doc

Investment Checklist:

- Must own a primary residence for a minimum of 24 months

- Must own half of all properties including subject property for 24 months or more

- 0x30 Mortgage Lates in the Past 12 Months

- 0x60 Mortgage Lates in the Past 24 Months

- Purchasing Property must be owned by seller for at 12 months (verified when Title Commitment is pulled)

- Escrow account required

- Minimum Loan Amount $67,000
- Maximum Loan Amount $500,000
- Max 10 Properties Owned
- Minimum 3 Tradelines "Open" 24 Months Paid As Agreed
- 1-4 Units, 4 Unit Max
- 1 -3 Year Prepayment Penalty's Available (rates differ) 
- Max Debt Ratio = 45%
- Max Seller Contributions is 3%
- 6 Months PITI Reserves for minimum of 60 Days (see details on next section)

- If showing negative cash flow on operating income statement, must have 12 months PITI or reduce ltv 5% from max.

-No Rural Properties

6 or 12 Months PITI can be in the form of:

- Checking

- Savings

- CD

- 401K

- IRA

- Home Equity Line of Credit 

Closing Costs

Must be seasoned for 60 days in a bank account or available in an ELOC