ComNet rolls out creative commercial programs

ComNet rolls out creative commercial programs

June 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.

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