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PNC Mortgage Flex/Alt Mortgage Product

Program Description

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,