Day 2 of the Non-QM upgrade!
Page 1 of the Non-Agency ratesheet has our newest program, Prime Direct, for the top tier borrower that doesn’t quite qualify for Agency or Jumbo programs. Prime Direct might look a little familiar to our old Credit Direct Premier, but there is much more to offer on this program. And much more opportunity! Want to receive rate sheets? Sign up here.
- Non-QM rates in the 3’s
- Allows investment properties up to 80% LTV, 2-4 units at a very competitive price without a prepay
- Max Loan Amount is $3,000,000, min Loan Amount is $100,000.
- Allows impound waivers at minimal cost
- Offers 40 year interest only option
- Catches a lot of jumbo fallout by going down to 660 FICO or DTI up to 50% with aggressive rates
One very important note – these rates change daily unlike the other Non-QM programs. They move in line with our other jumbo products. Make sure you lock appropriately.
Stocks opened higher today following strong gains for global stocks amid political developments around the world that countered a set of weak economic data. The biggest news came in Hong Kong, where stocks jumped after the city’s Chief Executive, Carrie Lam, said she would formally withdraw the extradition bill that has sparked demonstrations over the last few months. Traders are moving back into riskier assets as global risks seem to be retreating. At the same time, investors remain alert for any news on the U.S. – China trade talks, with officials from both countries struggling to agree on the next step after Washington rejected Beijing’s request to delay tariffs that took effect over the weekend.
Bond prices are relatively flat, and the 10-Year Treasury is yielding 1.49%. U.S. trade with China fell in July as exports of goods fell 2.7% from the prior month and imports declines 1.9%, narrowing the trade gap between the two countries. The overall U.S. deficit in goods and services trade shrank by less than estimated to $54 billion, a three-month low. China, the largest U.S. trading partner in 2018, has fallen behind both Mexico and Canada in 2019. The trade tensions have muddled companies’ supply chains and blocked plans for capital investments, with U.S. manufacturing in a recession and rising concern that broader downturn is coming.