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ComNet rolls out creative commercial programs

National Mortgage Professional
Jun 27, 2007

FNBA releases new Alt-A productsMortgagePress.comAlt-A mortgage loan programs 1st National Bank of Arizona (FNBA) has unveiled two new products for Alt-A borrowers, the Power HQC and CORE loans. The HQC loan features either an adjustable or fixed rate and uses the same underwriting criteria for both. Other features include 100 percent stated income financing for borrowers with a FICO score of 700 or higher, temporary buy downs that allow borrowers to reduce their payments through seller concessions, builder principle and interest features that allow a builder to make up to six months of payments on behalf of buyers, and eligibility of warrantable condos, non-warrantable condos and condotels. The CORE loan program is a combination of the companys MI and LV loan programs. Features include aggressive trade line and credit parameters, 80/20 loan with full documentation to $1 million with maximum loan amounts to $2 million, 95 percent stated income and no ratio to 680, 90 percent stated income and no ratio to 640, and debt-to-income ratios up to 50 percent, regardless of loan amount. FNBA is a privately owned mortgage bank based in Scottsdale, Ariz. For more information, visit www.fnbavenue.com.
Published
Jun 27, 2007
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