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Standard NINA HiQ+SM

(For Second Homes and Investment Properties)

Program Description:
Standard NINA HiQ+SM (No-Income/No-Asset Verification*)
Program Summary:

No Income / Asset Verification (NINA*).


Employment verification will be performed by Emigrant.
*subject to state and federal laws and regulations, as applicable.

Product Type:
Loan Term:
Purpose:
Occupancy:
Eligible Applicants
Property Type:
Special Features:
Corporate, Partnership or
Trust Held Title:
Maximum Loan Amount:
Pricing:
Subordinate Financing:

Debt-to-Income (DTI):

Private Mortgage
Insurance:
Credit Criteria:

15 and 30 year Fixed-Rate


3/1, 5/1, 7/1 and 10 /1 Treasury ARMs.
15 and 30 years (other terms available upon request).
Purchases, Rate/Term Refinances and Cash-Out Refinances.
Second Homes (single family residences only) and Investment Properties.
For Primary Residences refer to Primary Residence Program Guidelines.
US Citizens and Non US Citizens; including Foreign Nationals, Permanent Resident
Aliens and Non-Permanent Resident Aliens. See Maximum Loan-to-Value (LTV) Ratio
Criteria section for LTV and Loan Amount Specifics.
1-4 Family Homes, Condominiums, Cooperative Units (Cooperatives in New York only)
and Planned Unit Developments (PUDs).
DoubleDeckerSM, Cross-Collateralization, Pledged Assets, and Foreign National. Refer to
the Special Features section for details.
Allowed.
Up to $10 million.
Second Homes and Investment Properties are subject to additional pricing adjustments,
refer to the daily Rate Sheet for Base Rate and Pricing Adjustments.
Must be disclosed at time of application and the maximum CLTV cannot exceed:
For LTVs > 60% max CLTV is 80%
For LTVs 60% max CLTV is 90%
NINA guidelines NO INCOME should be disclosed. If you do disclose INCOME then
EMC will calculate DTI and maximum DTI must not exceed 45%.
Note: A Heating Cost Assessment of $1.00 per Square Foot per year will be factored in
when calculating the DTI for 1-4 Family Homes. For example: For a 1,900 sq ft home, the
monthly heating cost assessment is $1.00/12 = 0.0833 x 1,900 = $158.33 per month.
Not applicable for Florida properties.
Not Available.
Minimum FICO requirement
New York Properties:
Second Homes: All applicant(s) must meet a 661 Minimum FICO Requirement, unless
loan is for a Foreign National / Insufficient Credit applicant.
Investment Properties: All applicant(s) must meet a 620 Minimum FICO Requirement,
unless loan is for a Foreign National / Insufficient Credit applicant.
Other States (CT, DE, FL, MA, NH, NJ and PA):
Second Homes and Investment Properties: All applicant(s) must meet the 620
Minimum FICO Requirement, unless loan is for a Foreign National / Insufficient Credit
applicant.

Credit Requirements:

Credit Report for each applicant is required


If the Credit Report reflects 1 Credit Score, it shall be the sole determining score; If the
Credit Report reflects 2 Credit Scores, the lower of the 2 Credit Scores will be used. For
Credit Reports with 3 Credit Scores, the middle Credit Score will be used. The highest
resulting Credit Score of all occupying applicant(s) meeting the minimum credit
requirements (the Representative Credit Score) will be used.
For Maximum Financing:
The Credit Report must reflect the following:
A minimum of 4 active credit lines of which 2 must be at least 2 years old;
No notice of defaults, foreclosures, or bankruptcies in the past 7 years; No judgments,
liens, charge-offs, collections, or derogatory public record items in the past 5 years.

Credit Requirements:
(continued)

Credit report should demonstrate past history of the type, longevity and extent consistent
with the loan amount applied for so as to enable the underwriter to clearly assess the
borrowers credit worthiness, files outside of this guideline may be subject to LTV
reductions.
For Mortgage Debt:
Prior mortgage payment history with no delinquencies in the past 6 months and not more
than one 30+ day delinquency in the past 12 months.

Credit Documents

For Consumer Debt:


Not more than one 30+ day delinquency in the past 6 months;
No 60+ day delinquencies in the past 12 months;
No 90+ day delinquencies in the past 24 months.
For loans not meeting the above criteria, lower LTVs and/or Pricing Adjustments may be
required. Refer to the daily Rate Sheet for details. If circumstances warrant, underwriting
may require that income be documented on a HiQ+ loan.
Note: Emigrant does not finance transactions for Applicant(s) currently in
bankruptcy/foreclosure/shortsale or post bankruptcy/foreclosure/shortsale transactions <
1 year.
Mortgage
Credit report or Verification of Mortgage (VOM) or most recent
Verification
12 months of canceled checks.
Rental Verification

Most recent 12 months of canceled checks.

Undisclosed Debt

Explanation of significant undisclosed mortgage debt.

Slow Payment
History

Detailed explanation of slow payment accounts.

Bankruptcy

Copy of bankruptcy discharge document, list of debts


discharged, satisfactory written explanation and list of new credit
items established.

- - - Refer to the following Page for Standard NINA HiQ+SM LTV Criteria - - -

Maximum LTV Ratio Criteria: Standard NINA HiQ+SM


Property Type

Loan Amount

Purchase
1, 8 - 11

Rate/Term
Refinance
2, 8 - 11

Cash- Out
Refinance
3, 8 - 11

Second Homes/Vacation Properties4


1 Family Homes,
Condominiums5 and PUDs

Cooperatives Units (NY Only)

Investment Properties

Up to $1 mm

60%

55%

50%

> $1.0 mm to $2.0 mm

55%

55%

50%

> $2.0 mm to $3.0 mm

50%

50%

50%

> $3.0 mm to $10.0 mm

50%

50%

50%

Up to $1 mm

50%

50%

50%

> $1.0 mm to $3.0 mm

50%

50%

50%

> $3.0 mm to $10.0 mm

50%

50%

50%

Up to $1 mm

55%

50%

50%

> $1.0 mm to $3.0 mm

50%

50%

50%

> $3.0 mm to $10.0 mm

50%

50%

50%

Up to $1 mm

50%

50%

50%

> $1.0 mm to $3.0 mm

50%

50%

50%

> $3.0 mm to $10.0 mm

50%

50%

50%

1-2 Family Homes and


Condominiums5

3-4 Family Homes6

Cooperative Units (NY only)

Up to $1 mm

50%

50%

50%

> $1.0 mm to $3.0 mm

50%

50%

50%

> $3.0 mm to $10.0 mm

50%

50%

50%

Above LTVs are based on FICOs of 686 and greater. Reduce above LTVs by any other relevant LTV reductions as
outlined either below or on our daily rate sheets.

Notes:

NINA financing subject to state and federal laws and regulations, as applicable.
Loan Amount and LTVs subject to Credit Score Requirements; refer to daily Rate Sheet for specifics.
LTV is based on the lesser of the sales price or the appraised value.
Florida properties subtract 15% from LTVs above.
For properties located in Philadelphia County Pennsylvania reduce LTVs by an additional 10%.
Applicable LTV reduction(s) will not reduce the resulting LTV to less than 50%, with the exception of Florida and Philadelphia County
Pennsylvania Properties, for which the LTV floor is 40%.
For LTVs > 60% max CLTV is 80% and for LTVs 60% max CLTV is 90%.
For Primary Residences refer to Primary Residence Program Guidelines.

Continued on next page -

1.

Purchases:
For Second Homes/Vacation Properties Purchase transactions with LTVs above 55% (1F and Condos) or 50% (Coops) and for Investment Properties Purchase transactions above 50% (1-4F, Condos & Co-ops):

o
o

The Purchase must be a bona-fide arms length transaction (listed sale via real estate
broker or a purchase from a bank).
The Applicant (s) must put down a minimum 5% contract deposit.

NOTES:
Non-Arms length purchase transactions will be deemed as cash-out refinances for the purpose of LTV
eligibility.
Applicant must have Credit Score of 651 or greater for transactions with loan amounts > $3mm.
2.

Rate and Term Refinances:


Existing balances (including First and Second Mortgages) for Rate & Term Refinances must have > 12 months
seasoning at the time of application.
Applicant must have a Credit Score 651 or greater for transactions with loan amount > $3mm.

3.

Cash-Out Refinances:
For cash-out amounts greater than $100,000 and up to $200,000, reduce the Maximum LTV by 5%;
For cash-out amounts greater than $200,000, reduce the Maximum LTV by 10%.
Not available for properties located in Philadelphia County Pennsylvania.
Applicant must have a Credit Score 651 or greater for transactions with loan amount > $3mm.

4.

2nd Homes and Vacation Properties:


Single family residences, condominiums, PUDs and cooperatives (co-ops in NY only).

Not available for properties located in Philadelphia County Pennsylvania.

5.

6.

Condominiums:
Florida Condo Restrictions/Guidelines are as follows:
o Reduce maximum LTVs by 10%.
o Investment properties not eligible.
o Condos located in Miami-Dade, Broward and Palm Beach Counties are not eligible.
o Emigrant will not finance Condos constructed after 2004.

3 & 4 Family Homes:


For Properties located in Brooklyn, Bronx, Queens and Staten Island add 5% to 3 -4 family LTVs above.

7.

Investment Properties:
Not available for properties located in Philadelphia County Pennsylvania.
Emigrant limits our financing to one investment property per borrower. Additional properties will be considered on
an exception basis. Higher pricing and lower LTVs will apply.

8.

Post Bankruptcy (BK) Discharge/Post Foreclosure (FC) Discharge/Settled for Less than Full Amount
ShortSale (SS) and/or Extensive Mortgage Lates:

If any Applicant is 1-3 years post BK/FC/SS or has Current Mortgage Lates 90 -119 Days, reduce Maximum
LTV by 5%.

Note: Emigrant does not offer financing for Applicants currently in BK/FC/SS or Post BK/FC/SS Transactions < 1
year.

9.

Non U.S. Citizens:

Foreign Nationals (FN) refer to the Special Features section.

Permanent Resident Aliens


o With US Credit, use HiQ+ LTVs as outlined above.
o With Insufficient Credit:

Purchases, Rate & Term and Cash-Out refinances subtract 10% from the HiQ+ LTVs as outlined
above. Max LTV is 50% (except Florida and Philadelphia County Pennsylvania properties =
40% LTV).

Continued on next page -

Non-Permanent Resident Aliens


o With US Credit and a TN-NAFTA visa or no visa, use the Foreign National guidelines refer to the
Special Features section for Foreign National guidelines.
o With US Credit and one of the following unexpired visas: E-1, E-2, H-1, or L-1, subtract 5% from the HiQ+
LTVs as outlined above.
o With Insufficient Credit:

Purchases and Rate & Term refinances max LTV is 50% (except Florida and Philadelphia
County Pennsylvania properties = 40% LTV).

Cash-Out refinances not available.

10. Insufficient Credit Applicants:


Maximum loan amount is $2,000,000.
Maximum LTV is 50% (except Florida and Philadelphia County Pennsylvania properties = 40% LTV).

US Citizens and Permanent Resident Aliens


o Purchase, Rate & Term and Cash-Out Refinances permitted.
o Subtract 10% from the HiQ+ LTVs as outlined above.

Non-Permanent Resident Aliens


o Purchase and Rate & Term Refinances Only.

Foreign Nationals (FN) refer to the Special Features section.

11. FICO Driven LTV Reductions:


g
FICOs of 651 - 685 :
o Purchases - Reduce above LTVs by 10% for transactions up to $1 mm, reduce by 5% for
transactions > $1 mm up to $3 mm, reduce by 10% for transactions > $3mm up to $10mm.
o Rate & Term Refinances - Reduce above LTVs by 5%.
o Cash-Out Refinance Reduce above LTVs by 5%.

FICOs of 620 - 650g:


o Purchases - Reduce above LTVs by 15% for transactions up to $1 mm, reduce by 10% for
transactions > $1 mm up to $3 mm.
o Rate & Term Refinances - Reduce above LTVs by 10%.
o Cash-Out Refinance Reduce above LTVs by 5%.

Note: Transactions for Second Home NY Properties must meet the minimum FICO requirement of 661, unless loan is for
a Foreign National / Insufficient Credit applicant.

Applicable LTV reduction will not reduce the resulting LTV to less than 50%, with the exception of
Florida and Philadelphia County Pennsylvania, for which the LTV floor is 40%.

Copyright 2010 Emigrant Mortgage Company, Incorporated (Emigrant). All rights reserved. Emigrant is a subsidiary of Emigrant Bank, Member FDIC and is an Equal
Opportunity Lender. All product names, company names and logotypes are servicemarks or trademarks of Emigrant in the United States and other countries. The information,
products and services contained in this advertisement are believed to be correct but may include inaccuracies, typographical errors and/or omissions. Emigrant does not
guarantee the accuracy of the data contained herein. This information is intended for mortgage and/or real estate professional use only and should not be distributed or presented
to consumers or any other third parties. This is not an offer or guarantee to extend consumer credit. Program guidelines, terms and/or conditions are subject to change by
Emigrant without notice. All loans are subject to submission of a complete application, underwriting review and credit and property approval by Emigrant. Not all products
and/or programs are available in all states and/or localities and/or for all loan amounts. Certain products / programs are offered through third parties. Other restrictions and
limitations may apply. New York Licensed Residential Mortgage Lender: Exempt. Emigrant is registered or licensed with the Banking Departments or Divisions in CT, DE,
FL, MA, NH, NJ, NY and PA. /// 11/24/2010.