iQM Agency Plus Program
Underwriting Philosophy Impac takes a common sense approach to underwriting a borrower’s creditworthiness to determine the willingness and ability to repay the loan. Each applicant has a different situation and each loan is weighed on its own merits. Our goal is to help good borrowers with their financing needs while mitigating risk for the company. The iQM programs are high risk loans. Impac will only approve loans for which the company has a reasonable belief that the borrower has the ability to repay the subject loan. This reasonable belief is based upon information provided by or independently verified by an independent third party. Any irregularity in borrower profile, documentation provided, or property used to support the debt may be cause for denial of the loan.
Program Highlights Designed for high credit quality borrowers who are seeking:
- Loan amounts up to $3 million
- An Interest Only feature
- Conforming or high balance loans when they own multiple financed properties
- DTI up to 50% (see Qualifying Rate and Ratios)
- Minimum 640 credit score
- Credit evaluation and income documentation determined by Desktop Underwriter (DU) Income and assets are fully documented
- Shorter waiting periods for foreclosure, short sales, deeds-in-lieu and bankruptcies.
- No ownership seasoning for cash out
- Condominiums allowed – FNMA eligible (some non-warrantable exceptions apply)
- Cash out on 2nd home and NOO for borrowers with up to 10 financed properties