AIO Program Highlights

  • Eligible Borrowers: U.S. Citizens, Revocable trusts, Permanent Resident Aliens, Non-permanent Aliens with certain documentation.

  • Structure: First lien, 30-year draw HELOC.

  • Loan Amounts: Primary & Second Homes up to $3M; Investment Homes up to $1M.

  • Minimum: Initial Draw $100k+.

  • Draw: Maximum Draw of 99% of line of credit.

  • Minimum Payment: Interest only.

  • Ratios: Maximum 40%, possible as high as 43% with 15% reserves

  • Credit: 700-719 requires 20% down; 720+ allows only 10% Down (with MI).

  • Down Payment:

    • Depends on Credit Scores.

    • Primary Residence minimum 10%+, 2nd Homes 20%, Investments 25%.

    • First 10% of the down payment must be from the borrower’s own funds.

    • Gift and grant funds are eligible for the remainder of funds needed for closing.

  • Reserves Required:

    • 10% minimum of loan amount is required for all transactions.

    • 15% minimum of loan amount required, loans DTI greater than 40%.

    • Two months’ statements or most recent quarterly statement required.

    • Reserves cannot be gifted.

    • Non-U.S. dollar assets are ineligible.

    • Marketable securities or vested stocks are an acceptable source of reserves, as well as retirement accounts.

    • The borrower must be able to liquidate funds used to meet the reserve requirement. Accounts that cannot be liquidated are not eligible to be used as reserves.

  • Debt-To-Income Ratios:

    • Max debt ratio is 40% with 10% of the LOC in reserves.

    • Max debt ratio is 43% with 15% of the LOC in reserves.

    • Qualifying payment is calculated at the qualifying rate at the full loan amount amortized for 30-years.

  • Interested Party Contribution: 3% maximum

  • Occupancy:

    • Primary residence: 1-4 unit, SFRs, PUDs (attached or detached), Condos.

    • Second homes: 1-unit only, SFRs, PUDs (attached or detached), Condos.

    • Investment properties: 1-4 unit, SFRs, PUDs (attached or detached), Condos.

  • Eligible Property Types:

    • SFRs, including modular (manufactured not permitted), 2-4 units properties.

    • 10-acre maximum (greater than 10 acres requires investor approval), Condos - no litigation permitted

  • Appraisal: Over $1.5M requires second appraisal. May be transfered with conditions.

Ineligible

  • Borrowers:

    • Non-permanent resident aliens that do not meet the eligibility requirements, Diplomats, Irrevocable trusts, Land trusts, Limited and/or general partnerships, corporations, LLCs, and Non-occupant co-borrowers.

  • Property Types:

    • Mixed use, Property on tribal land, Cooperatives, Leaseholds, Manufactured housing, Unique such as log, dome, earth, and geothermal homes, Condotels.

    • Properties exceeding 10 acres.