First National Bank of America

Basic information

QM program

• Conventional

Loss payee

First National Bank of America–ISAOA PO Box 980, East Lansing, MI 48826

CPL or subordinate clause

First National Bank of America–ISAOA PO Box 980, East Lansing, MI 48826

Lock policies & fees

Lock policies

Lock extension

60 day lock, 120 day lock for new builds

Relock

Automatic 30 day relock

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Here are the three main loan types we see:

1. ITIN
2. Unique Properties: Barndominiums
3. 12 month income programs up to 55% DTI
Below are some highlights of our programs and guidelines:
- We finance vacant land, mobile homes, barndominium, home on acreage, non-warrantable condos, etc…
- ITIN (Borrower has a Tax ID Number instead of a Social Security Number. They live & work in the states. They can provide proof of ITIN, 1040 Taxes, and Valid ID [Passport/Consulate card/DL])
- With two borrowers on the same loan, we average the TU score for pricing
- Only need 1 year W2 income or 1 year 1040 self-employment income to qualify.
- Only need 1 year proof of self-employment
- 12 month bank statement loans also apply for our ITIN program
- 12 month P&L – signed off by CPA or Licensed Tax Preparer
- Up to 85% LTV
- No cash out in TX
- No PMI required
- Up to 55% DTI
- We lend in all 50 states

From Submission to CTC, we should be able to close your loans within 30 days!

Lender's overlays

Our mobile/modular loans must be real property, inclusive of the mobile home.  It must be on deeded land

We do not have a cash out option on homes in TX. We can cash out on land in TX

Gift fund is not allowed on residential land loan

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

1

Initial CD (days)

1

Reviews