Champions Funding

Basic information

QM program

N/A

Loss payee

Champions Funding LLC ISAOA/ATIMA 365 E Germann Rd, Suite 140 Gilbert, AZ 85297 Loan #

CPL or subordinate clause

Champions Funding LLC ISAOA/ATIMA 365 E Germann Rd, Suite 140 Gilbert, AZ 85297 Loan #

Lock policies & fees

Lock policies

Lock extension

Non Ally Loans: The cost of an extension is 15 basis points for 5-day increments. Max extension days is 10. Max number of extensions is 2. Should additional days be needed; the loan will be evaluated by secondary marketing for an additional extension or worst case pricing.

Relock

If the interest rate has expired; the lock will be subject to worst case pricing until 30 days has elapsed from the time of expiration. Once 30 days has elapsed; the lock will be allowed current day pricing. Should worst case pricing be the original lock; a .25 relock fee will be assessed.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

- Primary and Investment property cash out now no need 6 month seasoning, you can cash out (not delayed financing) with new/current appraisal value

- Debt consolidation is considered R/T now , not cash out anymore.

- Allow lender credit to cover BPC for business purpose (n/o/o): Non-QM

CDFI - potential rate and price improvements for specific borrower ethnicities, low income housing, low income borrowers, and borrowers who are disabled.

Loan program Ally - Primary residence and 2nd home Allowed- True NO DOC. No income, no employment, No DTI stated on the 1003, no supporting income docs required!

DSCR 

- FTHB now accepted (rent free allowed)
- Vacant property allowed
- 100% gift fund allowed
- IPC allowed up to 6%
- DSCR < 0.75 allowed
- Use mid score of whoever higher
- Large deposit < 10% of loan amount no need to be source
- Now accept 85% LTV (740+ score only)
- Min score 640, 65% LTV , DSCR can < 1
- Min Score 620, 65% LTV, DSCR must > 1
- Asset assist can be used in conjunction with the rent (Can help you change from DSCR 0.2 into 1.25 if you have large amount of asset
- Appraisal transfer now no need transfer letter
- LO license only required in KS , NV, OR, SD.

- No reserve required if the loan amount is ≤ $1.5 million

P&L:

- Now accept PTIN along with CPA, EA and CTEC
- 1 year self-employed allowed (2 years same line business)
- LTV up to 85%
- No bank statement required to support the P&L

Bank Statement program:
- Personal bank statement: 10% default expense, no CPA letter required
- Business bank statement: 25% default expense factor, no CPA letter required (may not available now, but you can tell AE Chi Do that Logan send you here with the default 25% expense, she will accept and make exception for it)

We Allow Exception to all loans w/ Great Compensating factors

1.) 'Ally ' - No Ratio O/O (No Ratio O/O and 2nd Home (No Employment - No Income = No Ratio, No DTI Calculations)

Lowered our Reserve requirements on Purchase and Refi's - Up to max 12 mos. 🤩

** Loan Amounts up to $2M
** FICOs as low as 620
** Up to 80% LTV Allowed Purchase and R & T 
** 100% gift funds allowed for down payment and closing cost
** No VOR required on FTHB Purchases

2. Activator – Alt Doc -Qualify more borrowers without traditional documentation.

( 12 mo. P & L w/ CPA , 12 mo. 1099 w/ 10 % expense ratio, 1 yr Tax Returns , 2 yr chx stub and w-2's 12 mo. Bnk. Stmt Personal / Business, Written VOE only, and  Asset Depletion factored at 84 mos. & more )

3. ITIN Activator – Alt Doc Qualify more borrowers without traditional documentation.

(12 mo. P & L w/ CPA , 12 mo. 1099 w/ 10 % expense ratio , 1 yr Tax Returns , 2 yr chx stub and w-2's, 12 mo. Bnk. Stmt Personal / Business , WVOE only, and Asset Qualifier  )

4. Accelerator – Business Purpose DSCR ( .75 ) | No Ratio DSCR  - SFR , 2-4 units , Condo , PUD, non warrantable condo's , 5 to 8 units ( w/ min 1.0 DSCR w/ min $400K  Loan amount ) 

5. ITIN Accelerator – Business Purpose DSCR -Investment opportunity for ITIN Borrower's  Up to 80% LTV w/ a DSCR- down to .80 = < DSCR 

6. Ambassador - Investment opportunity for Foreign National Up to a max 70 % LTV

Lender's overlays

AK, AR, AL, NM, WY, NE, KS, MO, LA, MS, KY, WV, NY, NH, MA are for BUSINESS PURPOSES ONLY 

Details here: State Licensing

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

1

Reviews