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.
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 & Property Type
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.