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The Bear Secure Option ARM

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					                                     ACCREDITED HOME LENDER’S CONFORMING JUMBO MATRIX/PROFILE

Fixed Rate (Fully Amortizing)
                                                          2
           Loan Purpose                   Max Loan Amt             Max LTV           Max CLTV                        Max HCLTV    Min. FICO   Max DTI

                                                                                                   Primary; 1 unit
                                             SEE LIST 1               90                 90                             90           700        45
                                             SEE LIST                 80                 90                             90           660        45

                                                                                              Second Homes; 1 unit
              Purchase
            (Full Doc only)
                                             SEE LIST                 60                 60                             60           660        45


                                                                                               Investment; 1 unit

                                             SEE LIST                 60                 60                             60           660        45


                                                                                                   Primary; 1 unit

                                             SEE LIST                 75                 95                             95           660        45


                                                                                              Second Homes; 1 unit
        Rate & Term Refinance
            (Full Doc only)                  SEE LIST                 60                 60                             60           660        45


                                                                                               Investment; 1 unit

                                             SEE LIST                 60                 60                             60           660        45




1
    High cost areas > 80% LTV subject to max loan amount of $650,000
2
    Max loan size is 125% of the area median home price in high-cost areas, not to exceed $729,750 except in HI, visit www.efanniemae.com

                                                                                          1 of 5
                                                                                                                                                        04/21/2008
                                           ACCREDITED HOME LENDER’S CONFORMING JUMBO MATRIX/PROFILE

         5/1 ARM (Fully Amortizing & Interest Only)
                                                             2
                                              Max Loan Amt               Max LTV              Max CLTV                   Max HCLTV          Min. FICO   Max DTI
                 Loan Purpose
                                                                                                       Primary; 1 unit

                                                 SEE LIST                   80                    80                        80                 660        45


                    Purchase                                                                     Second Homes; 1 unit
                  (Full Doc only)
                                                 SEE LIST                   60                    60                        60                 660        45


                                                                                                   Investment; 1 unit

                                                 SEE LIST                   60                    60                        60                 660        45


                                                                                                       Primary; 1 unit

                                                 SEE LIST                   75                    95                        95                 660        45


                                                                                                 Second Homes; 1 unit
             Rate and Term Refinance
                  (Full Doc only)                SEE LIST                   60                    60                        60                 660        45


                                                                                                   Investment; 1 unit

                                                 SEE LIST                   60                    60                        60                 660        45




2
    Max loan size is 125% of the area median home price in high-cost areas, not to exceed $729,750 except in HI, visit www.efanniemae.com

                                                                                                2 of 5
                                                                                                                                                                  04/21/2008
                             ACCREDITED HOME LENDER’S CONFORMING JUMBO MATRIX/PROFILE


                                       •     1004 appraisal required regardless of DU findings; 1073 form is required for Condos with 2 comparables from outside the
                                             subject’s project.
     APPRAISAL                         •     No property inspection waivers allowed
  REQUIREMENTS                         •     Appraiser must provide a copy of license and E&O coverage
                                       •     Field review is required for properties with value of $1,000,000 or greater if the LTV/CLTV/HCLTV is >= 75%.


     BALLOONS                          •     Not allowed

  BORROWER’S
  CONTRIBUTION                         •     On purchase transactions the borrower must contribute 5% of their own funds, regardless of the LTV.

    COLLATERAL
                                       •     Additional review may be required.
    RED FLAGS

  CONDOMINIUMS                         •     Must be on the FNMA or FHA approved lists; limited reviews not permitted.


  CONTINUITY OF                        •     At least 1 borrower must have been on title and on the Note for the last 12 months, or at the last ownership change, on a
   OBLIGATION                                cash out or rate & term refinance

                                       •     No late payments in the past 12 months.
     CREDIT
                                       •     Mortgage history is required on all properties owned, including those not listed on the credit report.
  REQUIREMENTS
                                       •     Declining markets policy applies to mortgage loans with LTV/CLTV/HCLTV > 75%:
                                                           o    Require a 5% reduction to the max LTV/CLTV/HCLTV.
     DECLINING
     MARKETS                           •     A property is considered in a declining market if the appraiser indicates the value is declining or the area is listed in a MSA
                                             designated as declining by AHL or one of our vendors.


   DETERMINING
                                       •     Representative score is the lowest middle score of all borrowers.
   FICO SCORE
                                       •     Full doc, manual underwriting requirements are as follows:
                                                   o    Salaried Borrowers: 1 full month of paystubs with YTD earnings and most recent 2 years W-2s; verbal
                                                        verification of employment is required within 30 days of closing.
DOCUMENTATION                                      o    Self Employed Borrowers: Most recent completed and filed 2 years 1040’s all schedules, all pages; most recent
  REQUIREMENTS                                          2 years 1120’s or 1120s’ and a YTD profit and loss.
                                                   o    Assets to be verified with the most recent two months bank statements, all pages or a full written VOD with 2
                                                        months average balance. Down payment must be sourced and seasoned for 60 days and be verified as liquid;
                                                        Non liquid funds liquidated for closing must be verified with a paper trail into a liquid account.

 DOWN PAYMENT                          •     Employer assisted only, must meet FNMA guidelines. No repayment restrictions allowed.
  ASSISTANCE                           •     No community, non-profit, or government assisted down payment programs allowed.


      ESCROW
                                       •     Refer to underwriting guidelines, section 812 , for appraisal review requirements
     HOLDBACK
     FINANCED
                                       •     The borrower can have a maximum of 4 financed properties, including their primary residence.
    PROPERTIES

      FOREIGN
                                       •     Not allowed
     NATIONALS


        HCLTV                          •     High combined loan to value is based on the maximum balance, or high credit, of a subordinate HELOC.




                                       •     Honolulu: $793,750
  HI MAXIMUM                           •     Kalawao, Non Metro: $716,250
 LOAN AMOUNTS                          •     Kauai: $773,750
                                       •     Maui: $790,000


                                       •     Multifamily properties
                                       •     Non-warrantable condos
                                       •     HUD Repos
     INELIGIBLE
                                       •     Manufactured Homes
    PROPERTIES                         •     Coops
                                       •     Mixed use properties
                                       •     Properties over 20 acres

                                       •     Available on 5/1 ARM only.
  INTEREST ONLY                        •     Not allowed on Fixed Rate loans.
      OPTION
Accredited Home Lenders, 9201 E. Mountain View Road, Suite 210, Scottsdale, AZ 85258. This information is for distribution and use of licensed mortgage brokers/bankers only and is not to be distributed to
loan applicants or prospective loan applicants. Programs and Guidelines are subject to change without notice.


See Underwriting Guidelines for further information                                                 3 of 5                                                                                           04/21/2008
                             ACCREDITED HOME LENDER’S CONFORMING JUMBO MATRIX/PROFILE

   INTERESTED
                                    •
                                                          nd
                                           Primary & 2 homes: Max 3%, regardless of LTV
      PARTY                         •      Investments: 2%
CONTRIBUTIONS

 MINIMUM LOAN                       •      $417,001
    AMOUNT                          •      HI: $625,501


  MODEL HOME
                                    •      Max LTV 60%
  LEASEBACK

                                    The following MI programs are not eligible:
   MORTGAGE                         •    Lender paid MI
   INSURANCE                        •    Reduced coverage or Lower cost MI



    NON-ARMS
                                    •      Primary residence only
     LENGTH                         •      Refer to Section 506 of the General underwriting guidelines for additional requirements
TRANSACTIONS

  ORIGINATION
                                    •      Loan must close on or before 12/31/2008.
     DATE

                                    •      Expanded Approval and Flex products not allowed.
   PRODUCT
                                    •      My community mortgage program is not permitted.
 RESTRICTIONS


                                    •      Leaseholds limited to max LTV/CLTV of 80%
    PROPERTY                        •      Recently Listed Properties - Refer to the general underwriting guidelines, Section 814.
                                    •      LTV > 75%: Declining Market or oversupply: 5% reduction to program max LTV/CLTV/HCLTV (excluding locations in
 RESTRICTIONS                              designated MSAs that already have specified reductions or maximum LTVs as defined in section 908 of the guidelines).



   QUALIFYING
                                    •      The greater of the note rate or fully indexed rate on ARMs.
    METHOD

                                    •      Primary residence: 2 months PITI or ITI (as applicable) are required
                                    •
                                            nd
    RESERVES                               2 Homes & Investments: 6 months PITI or ITI (as applicable) are required


   SEASONING                        •      12 months seasoning is required to use the current appraised value to determine the LTV. When the subject property has
                                           transferred ownership within the last 12 months the LTV will be based on the lesser of the acquisition price or the current
 REQUIREMENTS
                                           appraised value, regardless of transaction type or LTV.

                                    •      New simultaneous financing is allowed based on maximum CLTV.
   SECONDARY                        •      Existing subordinate financing may remain open, subject to max CLTV limitations, provided a subordination agreement is
                                           executed at closing.
    FINANCING                       •
                                                                                                                                                                nd
                                           Privately-held or seller held financing is allowed with Field Review to support the value (The interest rate on the 2 cannot
                                           be 2% above or below current market rates on 2nds, no prepayment penalty or balloon within the first 5 years).

                                    •
                                            nd
                                           2 liens used in whole to acquire the subject property may be paid off and consolidated into the new jumbo-conforming loan
 SUBORDINATE                               amount.
        LIENS                       •      Existing subordinate liens may be re-subordinated or new subordinate financing may be obtained in conjunction with the new
                                           jumbo-conforming mortgage up to the maximum CLTV and HCLTV, as applicable.
   TEMPORARY
                                    •      Not allowed
   BUY DOWNS

        TITLE                       •      Seller must be in title a minimum of 90 days


       Trusts
                                    •      Not allowed




Accredited Home Lenders, 9201 E. Mountain View Road, Suite 210, Scottsdale, AZ 85258. This information is for distribution and use of licensed mortgage brokers/bankers only and is not to be distributed to
loan applicants or prospective loan applicants. Programs and Guidelines are subject to change without notice.


See Underwriting Guidelines for further information                                                 4 of 5                                                                                           04/21/2008
                                            ACCREDITED HOME LENDER’S JUMBO MATRIX/PROFILE
                                                                     PROGRAM TERM DESCRIPTIONS

                       First Liens

                              •     10, 15, 20, 25 and 30 year fixed rate, fully amortizing mortgage loans. LIBOR ARM – 5/1;
                                    30 year amortization only - Interest only option available

                       Second Liens

                              •     Second liens with AHL are not allowed.


                       5/1 ARM
                           • Qualifying rate:                                                          See below
                           • Start rate:                                                               Note rate
                           • Payment rate:                                                             Note rate
                           • Negative amortization:                                                    Not allowed
                           • First change cap - 5/1:                                                   5% above & below the start rate
                           • Subsequent cap:                                                           2% Every year thereafter
                           • Life cap – 5/1:                                                           5% Above start rate
                           • Floor:                                                                    Margin
                           • Margin:                                                                   2.25%
                           • Index:                                                                    1 Year Libor
                           • Conversion option:                                                        Not allowed
                           • Interest only option term:                                                10 years
                           • Interest rate & pmt change frequency:                                     Every year after the initial fixed period



                       Adjustable Rate Mortgages

                              •     10 year interest only period allowed


                       Fixed Rate Mortgages

                              •     10 year interest only period is not allowed.

                       Qualifying Method

                              •     The greater of the note rate or fully indexed rate on ARMS




Accredited Home Lenders, 9201 E. Mountain View Road, Suite 210, Scottsdale, AZ 85258. This information is for distribution and use of licensed mortgage brokers/bankers only and is not to be distributed to
loan applicants or prospective loan applicants. Programs and Guidelines are subject to change without notice.


See Underwriting Guidelines for further information                                                 5 of 5                                                                                           04/21/2008

				
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