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Luxury Mortgage Corp. released new Simple Access Non-QM guideline updates for its wholesale and correspondent lending channels.
The updates include DSCRs to .75, FICOs to 620, LTVs to 85, one day seasoning from credit events, cash-out proceeds are now able to be used for reserves with a max LTV of 65, permissibility for borrowers who were previously in forbearance if three subsequent payments have been made, cash-out refinances to 75 LTV and the return of lender paid comp.
Luxury Mortgage adds that its Investor Cash Flow program allows qualifications based solely on rental income generated from the subject property.
Luxury Mortgage is licensed in more than 31 states and specializes in the non-QM and jumbo mortgage markets.
Click here for more on the company's recent updates and guidelines.