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AD Mortgage Correspondent

Fannie Mae RefiNow

Fannie Mae RefiNow is an affordable refinancing option for qualifying homeowners aimed at making it easier to reduce monthly housing costs. The program is aimed to help homeowners by taking advantage of today’s historically low-interest rates.

A&D Mortgage specializes in helping borrowers with this historic refinancing opportunity and will guide you through the entire loan process.

Program highlights:

  • Designed for lower-income families
  • Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
  • Lowers interest rate by 0.5% and monthly payment by at least $50
  • FICO 620
  • Up to 97% LTV
  • Income at or below 80% of the area median income (AMI)
  • Maximum DTI 65%
  • Borrower will receive $500 credit at closing if they have an existing appraisal
  • Roll up to $5000 in closing costs for those with limited cash to close. Cash-out limited to $250
  • Reduced documentation requirements

DISCLAIMER
*Monthly payment must include principal, interest, and mortgage insurance payment

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Other Programs

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Prime Jumbo

- FICO 660
- Up to 89.99% HCLTV
- 30-Year fixed up to $3 million
- Cash out up to 80% HCLTV
- Manual UW for over $2 million
- DU Approve/Ineligible
- No mortgage Insurance is required
- Primary, second home, and investment properties are allowed
- Purchase, rate/term refinance, and cash-out refinance
- Delayed financing is available up to 180 days
- No overlays or reserves, credit, and tradelines – per DU
- Income as per DU

Freddie Mac Refi Possible

- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5,000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements

Full Doc Non-QM

• FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-in-hand $1 million, no limit for CLTV < 55%
• DTI up to 55%
• 30 & 40 Year Fixed, 5/6 & 7/6 ARM
• Traditional income
• 2-year credit event allowed
• Super Prime & Prime programs
• Condos up to 85% CLTV
• Condotels up to 70% CLTV
• NY up to 85% CLTV

12/24 Months Bank Statements

• No Score or FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-in-hand $1 million, no limit for CLTV < 55%
• 30 & 40 Year Fixed
• 3 months reserves
• Gift Funds for reserves allowed
• 12 months from bankruptcy or foreclosure
• Mortgage history 0 x 60 x 12
• Combination of business and personal bank statements allowed
• Condo and condotels allowed