CAPITAL
MORTGAGE
C
R E D I T F R E E D O M
Substandard Credit Mortgage Programs
Credit Grading Matrix
GRADE
PURPOSE
OCCUPANCY
LOAN TO
DEBT CRITERIA
VALUE
RATIO
A
- PURCHASE
OWNER
80/90 %
> 45%
Mortgage History:
< 1 X 30 day delinquency
in
last
12 months
REFINANCE
OWNER
80/85
%
> 45%
Consumer Credit: Good within
PURCHASE NON OWNER 70/80 % > 45% Bankruptcy: 2 years since date of discharge
REFINANCE
NON OWNER
70/80 % > 45%
B PURCHASE OWNER 80/90 % > 45% Mortgage History: < 2 X 30 day delinquency in last 12 months
REFINANCE OWNER
80/85 %
> 45%
Consumer Credit: Satis.
in last 24
months.
PURCHASE NON OWNER
70/75 %
> 45%
Bankruptcy: 2
years since date of
discharge.
REFINANCE NON OWNER 70/75 % > 45%
B
- PURCHASE OWNER
80/85 %
> 50%
Mortgage History: < 3 X 30 day delinquency
in last 12 months
REFINANCE OWNER
80/85 %
> 50%
Consumer Credit: Satis.
in last 24 months
PURCHASE NON OWNER
70/75 % > 50%
Bankruptcy: 2
years since date of discharge
REFINANCE NON OWNER
70/75 % > 50%
C
PURCHASE
OWNER
75/80 %
> 55%
Mortgage History: Un-ltd 30’s;
< 2 X 60 day delinquency last 12
REFINANCE OWNER
80/85 %
> 55%
Consumer Credit: Fair
within last 24
months.
PURCHASE NON OWNER
70 %
> 55%
Bankruptcy: 18
months since date of
discharge
REFINANCE NON OWNER 70 %
> 55%
D PURCHASE OWNER 70 % > 55% Mortgage History: > 1 X 120 day
delinquency in last 12 months
REFINANCE OWNER
70 %
> 55%
Consumer Credit: Overall
poor.
PURCHASE NON OWNER
65 % > 55%
Bankruptcy: Discharged
REFINANCE NON OWNER
65 %
> 55%
CF
PURCHASE
OWNER
65 % > 60%
Mortgage History: Notice
of Default acceptable
(CREDIT
REFINANCE
OWNER
65 %
> 60%
Consumer Credit:
POOR
FREEDOM)
PURCHASE
NON OWNER
60 %
> 60%
Bankruptcy:
NOT DISCHARGED.
REFINANCE
NON OWNER
60 % > 60%
NOTICE:
The criteria outlined in this publication are for illustrative purposes
only. Actual credit grades will
be at the sole determination of the Mortgage Underwriter.
OTHER C R E D I T F R E E D O M MORTGAGE PROGRAMS ARE AVAILABLE SUCH AS THE 80/20 ( 100 % FINANCING ) AND THE COMMUNITY PROPERTY REFI (CPR). CALL THE MORTGAGE BANKING PROFESSIONALS AT CAPITAL MORTGAGE FOR DETAILS ON THESE SPECTACULAR PROGRAMS. CONTACT VIRGINIA BROWN, SENIOR LOAN OFFICER.