NRCC stands for, Non Recurring Closing Cost; which are basically things like escrow, title, recording fees, points, and other fees that don't recur. Recurring fees would be things like Impounds for taxes, Home Owners Insurance, and Mortgage Interest. I hope this helps you!
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows:
â€¢ Purchase, rate and term refinance, and cash-out refinance allowed.
â€¢ Single family residences, PUDs, condominiums, and 2-4 units allowed.
â€¢ Primary residence, second homes or investment properties allowed.
â€¢ U.S. citizens, permanent residents, and foreign nationals allowed.
â€¢ No prepayment penalty.
â€¢ Up to 80% LTV maximum. LTV is based on occupancy and loan amount.
â€¢ Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.
â€¢ 700 minimum credit score for U.S. citizens and permanent residents.
â€¢ No credit scores are required for foreign nationals.
â€¢ No rental late payments during past 12 months.
â€¢ No mortgage late payments during past 24 months.
â€¢ No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.
â€¢ No unpaid judgments, liens, or collections.
â€¢ Income stated on loan application must be reasonable for the position of employment.
â€¢ No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
â€¢ Self-employed or W2 allowed.
â€¢ No industry exclusions.
â€¢ Debt-to-income ratios cannot exceed 45%.
â€¢ Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.
â€¢ 100% of the down payment may be gifted for primary residence.
â€¢ 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrowerâ€™s own funds.
â€¢ The SIVA loan program is available in every County in the State of California.
For more information contact:
5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
Website: www.lenderline.com... more