PNC Mortgage Flex/Alt Mortgage Product
The Flex/Alt Mortgage is an Automated Underwriting (AU)-based Conforming product designed for borrowers who have or choose to use minimal funds for the down-payment or closing costs for the purchase or limited cash-out refinance of their principal residences.
The Flex/Alt has the following features:
- Fixed-Rate or ARM loan
- As little as 3% down payment required
- Down-payment can come from various sources, including gift funds
- Loans must be run through Desktop Underwriter (DU) or Loan Prospector (LP)
- CLTV ratios up to 105% with a Community Second
- Interest Only
Note: If the borrower chooses the Interest Only option they will receive monthly statements for their mortgage (during the interest-only period), they will immediately see a change in the payment due on their next monthly statement.
Expanded approval loans are eligible:
- Primary Residence Only
- 3-2-1 Buydowns are permitted on DU- Processed Loans
Financed Mortgage Insurance Premiums:
- Option. NO MI Option with as little as 3% down. That’s 97% financing with no PMI!
- DU/LP will determine the acceptability of the borrower’s FICO scores.
For more information, contact Tim Moffitt, PNC Mortgage, (614) 799-3290, firstname.lastname@example.org