Aspire (2nd Mortgage) Matrix

Program Guidelines

1st Mortgage Parameters

Max Combined Lien Amount	CLTV
$2,000,000	90%
$3,000,000	85%
$3,500,000	80%
$4,000,000	75%
$5,000,000	65%

Program Parameters

Parameter	Value
Max Loan Amount	$1,000,000
Min Loan Amount	$125,000
Fixed Terms	10/15/20/25/30
Min FICO Primary Earner	660
Min FICO Co-Borrower	600
Seasoning	6 months
Cash Out	Unlimited
1st Mortgage Requirements	Copy of 1st Note

Ineligible 1st Mortgage Types

Balloon
Reverse
Neg. Amortization
Private Note
Land Contract
Term >40yrs

Case by Case: Active Mod/Deferral/Forbearance

Interest Only

30 yr fixed (3/27)
30 yr fixed (5/25)
Primary/OO Only Max 80% CLTV
700 min FICO
Qualify on amort. payment
1st mortgage I/O: qualify on fully amort. payment

Documentation Types

Doc Type	Requirements
FULL DOC	1yr; W2, Tax Returns
BK STATEMENT	12 month; 2 yr SE history req.
1099	1 yr 1099 + Transcript; 10% Expense Factor
P&L ONLY (45% DTI Max)	24 mo CPA/EA P&L; +2 mos stmts
ASSET ALLOWANCE	DTI w/o use <60%; ÷ 60

FULL DOC

Owner Occupied

Loan Amount	FICO	CLTV
$125k to $350k	720	85%
	700	85%
	680	85%
	660	80%
$350k+ to $500k	720	85%
	700	85%
	680	80%
	660	70%
$500k+ to $750k	720	80%
	700	80%
	680	75%
	660	70%
$750k+ to $1M	720	75%
$750k+ to $1M	700	70%

2nd Home

Loan Amount	FICO	CLTV
$125k to $350k	720	80%
	700	80%
	680	75%
	660	70%
$350k+ to $500k	720	80%
	700	80%
	680	70%
	660	65%
$500k+ to $1M	720	75%
$500k+ to $1M	700	70%

NOO

Loan Amount	FICO	CLTV
$125k to $350k	720	80%
	700	80%
	680	75%
	660	70%
$350k+ to $500k	720	80%
	700	80%
	680	70%
	660	65%
$500k+ to $1M	720	75%
$500k+ to $1M	700	70%

DTI: Max 50%

ALT DOC

Owner Occupied

Loan Amount	FICO	CLTV
$125k to $350k	720	80%
	700	80%
	680	80%
	660	75%
$350k+ to $500k	720	80%
	700	80%
	680	75%
	660	65%
$500k+ to $750k	720	80%
	700	75%
	680	65%
	660	60%
$750k+ to $1M	720	75%
$750k+ to $1M	700	70%

2nd Home

Loan Amount	FICO	CLTV
$125k to $350k	720	80%
	700	75%
	680	70%
	660	60%
$350k+ to $500k	720	75%
	700	70%
	680	65%
	660	60%
$500k+ to $1M	720	70%
$500k+ to $1M	700	65%

NOO

Loan Amount	FICO	CLTV
$125k to $350k	720	80%
	700	75%
	680	70%
	660	60%
$350k+ to $500k	720	75%
	700	70%
	680	65%
	660	60%
$500k+ to $1M	720	70%
$500k+ to $1M	700	65%

DTI: Max 50%

P&L ONLY

Owner Occupied

Loan Amount	FICO	CLTV
$125k to $350k	700	65%
$350k+ to $500k	700	60%
$500k+ to $750k	700	45%
$750k+ to $1M	700	40%

2nd Home

Loan Amount	FICO	CLTV
$125k to $350k	700	60%
$350k+ to $500k	700	55%
$500k+ to $750k	700	40%
$750k+ to $1M	700	35%

NOO

Loan Amount	FICO	CLTV
$125k to $350k	700	55%
$350k+ to $500k	700	50%
$500k+ to $750k	700	35%
$750k+ to $1M	700	30%

DTI: Max 45%

ASSETS/RESERVES

None Required (excl. Purchases)

TITLE REQUIREMENTS

ALTA/JR ALTA/ALTA LITE/ALTA Short Lenders

ELIGIBLE BORROWERS

US Citizens
Permanent Resident Aliens
Non-Permanent Res Aliens w/ US Credit
Irrevocable Trusts or Land Trusts
Vesting in LLC allowed if borrower 100% owner
Maximum financed properties = 20

Ineligible Borrowers

Foreign Nationals
Entities (Partnership, Corp, LLC)

CREDIT

Traditional Credit Only
3 trades/12 mos or 2 trades/24 mos
Charge-off/Collections allowed <$5,000
Open Medical Collections <$1,000 allowed

Mortgage History

0x30x12 / 0x60x48
1x30x24 w/ LOE
No Forbearance/Deferment/Modification <5 yrs
No FC/NOD <7 yrs
No BK <48 mos

PROPERTY TYPES

Eligible Types

SFR max 10 acres
2-4 Units Allowed:
- Max CLTV: 75% CLTV O/O - 70% NOO
Condos: Warrantable & Non-Warrantable
- Max CLTV: 75% O/O - 70% NOO
- Limited Review (see Guidelines)

Ineligible Types

Listed <6 months
Unique (dome/berm)
Assisted Living
Mixed-use
Room & Board Facilities
Manufactured
Co-op
Condotels
Rural/Ag NOO or 2nd

APPRAISAL

Type	Requirement
HPML	Full Appraisal
Non-HPML/Exempt	>$400k Full Appraisal
	≤$400k AVM + PCI

SEASONING

≥ 6 months from refinance (1st or 2nd)
6 months ownership

PREPAYMENT PENALTY

Min. 1 yr prepayment penalty required on NOO

EXPOSURE

Lesser of $1MM in 2nd lien UPB or two (2) 2nds

SPECIAL NOTES

*TX 50(a)(6) Max 80% CLTV

DTI: Max 50% (Full Doc and Alt Doc)

DTI: Max 45% (P&L Only)