Web Content Viewer

Subscribe Now

FreedomFlex(SM)

April 01, 2019 Announcements

Take Your Game Higher

Freedom FlexSM 95% Cash-Out with no MI

Elevate your opportunities with a new product from Freedom Mortgage Wholesale
Available April 1st for select Freedom Mortgage Brokers

Overview:
Looking for a game-changing product designed to help you serve more borrowers while differentiating yourself from the competition?  Freedom Flex is a new 95% Cash-Out product.  You’ll quickly appreciate the “hybrid” nature of the product that follows conventional product selection/loan processing requirements with FHA credit guideline features.

Key Features:

  • 95% LTV/CLTV Cash-Out with a credit score of 640 or above for 1-4 unit owner-occupied primary residences only*
  • Manually underwritten - as a Non-Conforming / Non-QM product, an AUS will not be required
  • Although not an FHA product, FHA TOTAL Scorecard** income, credit, liabilities and asset guidelines will be utilized
  • Agency PUDs and FHA Condos (HRAP approved) eligible
  • Fixed-rate only - 10-30 Year Terms (in 5 Year Increments)
  • Loan Limits – Minimum $100,000 up to HUD Maximum
  • HUD-determined low and high cost loan limits apply
  • 50% DTI (front and back end ratio)
  • No Mortgage Insurance Required
  • No Reserves for 1-2 units, 2 months reserves for 3-4 units
  • Appraisal requirements and collateral review follow Fannie Mae guidelines
  • Available with Lender or Borrower-Paid Compensation
  • A Contract Addendum is required to use this product

* Not available in New York and Texas
** Per HUD Handbook 4000.1 II Section 4 (TOTAL)
 

 

FreedomLoginPortlet