A California-based wholesale lender is adding account executives to meet demand for a wide array of nonconforming, conventional and government programs.
Alternative Mortgage Express said it offers a 90 percent loan-to-value program with no mortgage insurance on loans up to $500,000. Debt-to-income ratios are allowed up to 55 percent on fixed-rate loans, while interest-only loans allow DTIs up to 50 percent.
Properties can be financed 90 days after being pulled from MLS, and downpayments under $15,000 "do not require source or seasoning," AMX, founded in 1988, told MortgageDaily.com in a statement. There are no limit on cashouts.
AMX, the wholesale arm of Land Home Financial Services, noted chargeoffs under $7,500 can remain unpaid, and there is no maximum on the number of 30- and 60-day lates on the mortgage as long as the mortgage is not 60 days past due at submission.
The minimum FICO score is 590 with full documentation on loans up to $500,000.
"Our max loan amount without going off-sheet is $3 million and we will also go $3 million on a stated basis," Allen Friedman, regional sales manager, said.
The Concord, Calif.-based company also said it offers FHA/VA, conforming, jumbo, super-jumbo and manufactured-housing programs "and still maintains a stated-income product mix for the well deserving."
The company, which last month reported 30 account executives, expects to have "at least 100 reps by year end" with full national coverage. It is currently licensed in 44 states.
"Loan demand remains strong throughout the United States and within the broker community," AMX National Wholesale Manager Joe Stretch said in a recent announcement. "Our job is to recognize that the box is smaller and to recruit, guide and re-train the sales force to go after what now fits."
Subsequent to the publishing of this article, Friedman issued the following statement:
"The benchmark of our expansion and our focus at AMX is conventional and government financing. Our goal is to offer a complete product mix, including jumbo and non-conforming options."