PROGRAM A4

-- "C" CREDIT LOANS
LOAN AMOUNT Minimum: $25,000
Maximum: $400,000
LOAN TERM 5 Years - 15 Years
LOAN TYPE Purchase
Rate/Term Refinance
RATE Fixed Rate
PREPAYMENT PENALTY
 3% for 36-48 months depending on property type and credit
PERSONAL GUARANTEES Personal guarantees are required on all loans
ADDITIONAL COLLATERAL All  N.O.O. Property and Comm. Property Loans require a lien on the  Borrower's Primary Residence.
MAXIMUM COMBINED LOAN TO VALUE
[See attached grid for maximum CLTV by
individual property types]		 65%
MINIMUM PROPERTY VALUE $50,000 or $12,000 per unit
LIEN POSITION First liens only
OCCUPANCY Owner Occupied
Non-Owner Occupied
MINIMUM DEBT SERVICE COVERAGE RATIO 1.35% coverage ratio on all multi family loans, no debt coverage on loans to self employed individuals.
CREDIT QUALITY
Mortgage		 Mortgage must have been rated for at least 24 months.

Mortgage rating must not contain more than six (6) thirty (30) day and two (2) sixty day delinquencies in the prior twelve (12) month period.

Mortgage rating must not contain more than six (6) thirty (30) day, four (4) sixty day and one (1) ninety day delinquencies in the prior twenty-four(24) month period.
CREDIT QUALITY
Consumer Credit		 Assorted thirty (30) day and sixty (60) day delinquent accounts allowed.
Two (2) ninety (90) day delinquent payments allowed over the prior 24 months on any one account..
CHARGE OFFS/
COLLECTIONS		 Charged off/collection accounts are allowed under $2500.
Open charge offs must be paid prior to or at closing.

Charge offs related to tax liens, medical bills and student loans will not be considered a negative in the credit analysis
BANKRUPTCIES Bankruptcies are not allowed in the prior two (2) year period.
FINANCIAL REVIEW Three primary business/trade references are required.
The existence of the business for at least three years must be documented.
Business tax returns for the past two years are required.
RESTRICTIONS Corporate or business losses cannot exceed 5% of gross sales.
No start-up ventures.  No Cash Out Allowed.
ELIGIBLE PROPERTY
TYPES		 See Attached LTV List
INELIGIBLE PROPERTY
TYPES		 Churches
Gas Stations
Salvage Yards
Farmland
Vacant lots
Industrial properties
Manufacturing
Condo Hotels
Cooperatives
Mobile Homes/ Manufactured Housing
Dry Cleaners
Rural properties in areas under 25% built up
APPRAISAL An APEX obtained appraisal is required on all properties.
ENVIRONMENTAL All loans must have an Environmental Questionnaire completed.  Loans in excess of  $100,000 and secured by other than a mixed use property containing 4 or less total units, or by targeted property types, will require Environmental Insurance.
AGE OF DOCUMENTATION Credit documents cannot be more than 90 days old.
Appraisals must be less than 60 days old
LEGAL REQUIREMENTS Mortgages [required on all real estate collateral]
Assignment of rents/leases/profits
Recorded UCC-1 financing statements
Recorded Security Agreements
Affidavit of business use of proceeds
Personal Guarantee
Cross collateral/cross default (as needed)
Late charges on note [as per state requirement]
Partnership Agreements or articles of incorporation and corporate resolutions (as applicable)
Title insurance policies.
Evidence of standard form fire and extended coverage perils insurance.
Consent required by lender for permitting subordinate financing..
Due on sale clauses.
RESPA disclosures (if applicable).
Seller financing permitted up to a CLTV of 80%

Broker Affidavits acknowledging satisfaction of fees and demonstration of signed Broker
Agreements. The maximum broker fee cannot exceed 5%, loans under $70,000 maximum fee $3,500

PROPERTY TYPES CLTV
OWNER OCCUPIED/NON-OWNER OCCUPIED
 Single Family Residence 65/60*
 1-4 unit property 65/60*
 5-9 unit property 60/55*
 10-25 unit property 55/55*
 Mixed use [Commercial + Residential] 60/55*
 Professional office 55/50*
 Retail Store - Strip or Free Standing 55/50*
 Mixed Commercial [No Residential] 50/50*
 Mixed Use [1 commercial + 1-4 unit residential] 60/55*
UNDERWRITING DOCUMENTATION REQUIRED
-- 1) Summary Sheet
2) COMPLETED 1003 Application
3) Credit Report
4) Mortgage Broker Agreement
Additional documentation may be submitted with original package to assist in underwriting. 
Please indicate all documentation enclosed on summary sheet


APEX Mortgage Corp.
185 Commerce Drive, Unit 102 / Fort Washington, PA 19034
1-800-262-APEX | 215-283-8880 | Fax: 215-283-8885 | Contact Us
Copyright©2000-2001 APEX Mortgage Corp.  All rights reserved.  Privacy Statement