Gratitude Mortgage

Summary	Portfolio product with 1% minimum down payment and no PMI requirement designed to benefit those heroes who serve and protect our communities. Financing provided through this program is only available for properties located in Michigan or Florida.
Available Product Type	SOFR 5/6 ARM, SOFR 7/6 ARM, SOFR 10/6 ARM
Loan Amount	$832,750 Maximum
LTV	Purchase and No Cash Out Refinance - Maximum 99%
Prepayment Penalty	None
Loan Assumption	None
Eligible Properties	1-unit dwellings, attached and detached condominiums, PUDs
Escrow	An escrow account must be established for property taxes, and flood insurance, if required
Underwriting	No Private Mortgage Insurance Occupancy – Primary residences Minimum Credit Score - 700 DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors) Student Loans – If in deferment, no qualifying payment required Down payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift funds Attached condominiums require a 10% down payment Eligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.
Servicing	Retained