Rebate-based Prepayment Penalty

• Tiered prepayment penalty based on rebated paid to broker
• Rebate-based prepayment penalty less than prepayment penalties based on 6 months' interest
• If rebate paid to broker is less than or equal to 50 bp, prepayment penalty will be 50 bp times original loan amount

First-time Homebuyers

• No reduction in LTV or loan amount
• 90% max CLTV
• Retirement accounts can be used to satisfy reserve requirment
• 40-year term available
• Non-occupying co-borrowers allowed
• Only 3 trade lines required

Cash Out Refinances

• Unlimited cash out to 70%
• Multiple cash out refinances in past 12 months allowed to 70% (with 700 FICO and 2 years' ownership)
• Cash out on recently listed properties to 65% (owner occupied only)
• No loan amount restrictions
• Cash out to 80% CLTV with outside second lien
• No pricing adjustments for cash out

Loan Programs

• 5/6 Interim ARM with optional 10-year interest only
• 6 Month No Neg ARM with introductory note rates as low as 3.49%*
• Standard Monthly Adjustable Payment Option ARM with pay rates as low as 4.244%*
• All products available under 12-MAT index
• 10-year interest only available with 40-year amortization

* As of 5/1/08. Rates subject to change. Refer to First Fed rate sheets for current pricing.

Other Niches

• Co-borrowers with no FICO score allowed
• Non-permanent resident aliens and foreign nationals to $1M
• Trusts, LLCs and corporations allowed
• Portfolio underwriting
• Construction-to-perm