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Introducing Freedom Flex - 95% LTV/CLTV Cash-out with no MI

April 01, 2019 Blog No Comments

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.

Freedom Flex 95% LTV/CLTV 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)
 

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