Foundation Mortgage

Basic information

QM program

• Conventional
• Home Ready
• Home Possible
• Home Style (Fannie Renovation)
• FHA
• FHA Streamline
• VA
• VA IRRRL
• USDA

Loss payee

Foundation Mortgage Corporation ISAOA/ATIMA 1680 Michigan Ave, Ste 700 Miami Beach, FL 33139

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

Depends on program

Relock

.25 relock cost

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Standard Products

• Bank Statement Loans – Up to 90% profit margin with CPA letter
• P&L Only – No bank statements needed, up to $3M (CPA, EA, or CTEC)
• 1099 Only – Use 90% of reported income
• DSCR – High, Low & No Ratio options
• Foreign National – Fast, flexible, and easy
• Asset Depletion – Divide assets by 60 months
• ITIN Loans
• Condotels & Non-Warrantable Condos

Niche Products

• Up to 90% LTV to $2M
• 100% of STR income off 1007 (with preferred AMC) to 80% LTV
• Use highest mid score across all borrowers for DSCR
• FTI to 80% LTV
• No-Ratio DSCR to 75% LTV
• 100% Gift Funds on DSCR & OO ≤ 75% LTV
• Loans up to $5M
• Second Liens up to $750K
• Qualify with mid-primary score (Co-borrower can be lower, min 620)
• Just 12 months out of BK/Foreclosure
• Mixed-Use up to 10 units
• Use higher of lease or 1007 (up to 120%)
• Full/Alt Doc down to 620 score
• Foreign National loans over $3M up to 75% LTV
• 100% Gift Funds on ALL loans, including investments
• Zoned Residential Agriculture OK
• No seasoning on R&T refis
• Unlimited cash-out
• No additional reserves required
• Rural properties up to 20 acres
• Rolling lates OK (up to 3 months)
• Cannabis Income

Allow lender credit to cover BPC.

Lender's overlays

We allow you to originate Business Purpose loans without a license in all states EXCEPT those below. AZ, ID, MN, ND, NV, OR, PR, UT, VT

Lender turn time

Initial underwrite (days)

3

CTC conditions review (days)

1

Initial CD (days)

2

Reviews