VA loan programs offer exceptional financing options for active duty military personnel, veterans and their families.
|
|
- Howard Richardson
- 6 years ago
- Views:
Transcription
1
2 VA loan programs offer exceptional financing options for active duty military personnel, veterans and their families. 100% financing on purchase and refinance transactions No down payment required on loan amounts $417,000 High Balance loan amounts up to $1,500,000 No monthly mortgage insurance No reserves required on 1-unit properties Limitations on fees charged to borrower Seller allowed to contribute up to 4% of the loan amount for closing costs. Seller is allowed to pay 100% of the discount points and the borrower s non-recurring closing costs. Assumable
3 Purchase 100% LTV/CLTV Cash-out refinance up to 100% LTV/115% CLTV 580 minimum credit score 1-4 unit primary residence Single family residence, PUDs and condominiums in VA approved projects DTI per DU with 640 credit score Gift funds, grants and DPA Funds eligible for closing costs and/or down payment (if required) Products: Fixed rate: 15, 20, 25 and 30 year ARM: 3/1 and 5/1; Treasury index; 1/1/5 caps; 2.00 margin; qualify at Note rate
4 Who is eligible for a VA loan? Active duty military personnel Any veteran who served active duty in the Army, Navy, Air Force, Marine Corp or Coast Guard and was discharged under conditions other than dishonorable Reservists or National Guard with 6 years of service Unmarried surviving spouse of an eligible service member who died as a result of service or serviced-related injuries
5 The VA entitlement is the amount the VA will guaranty the lender against loss. The entitlement is based on 25% of the total loan amount (including the funding fee, if financed). The total loan amount, including the funding fee can never exceed the VA county loan limit without a down payment from the veteran. The Certificate of Entitlement (COE), issued by the VA, provides the amount of the veteran s entitlement. The entitlement is available for all veterans. The basic entitlement is $36,000 for loan amounts $144,000. Bonus entitlement is available for loan amounts > $144,000 up to conforming loan limits.
6 The Certificate of Entitlement (COE), issued by the VA, provides the amount of the veteran s entitlement. The entitlement can be affected if the veteran has used it before and whether or not the entitlement has been restored There is no limit on the number of times the entitlement may be used The entitlement can be restored when a prior VA loan obtained by the veteran is paid in full, or An eligible veteran assumes the outstanding loan on a property and substitutes their entitlement for the same amount originally used on the loan.
7 The Certificate of Eligibility can be obtained by going to the VA website at and accessing WebLGY. Sample COE:
8 A minimum 25% guaranty is required for all VA loans The 25% guaranty is based on the lesser of the purchase price or appraised value The maximum VA will guaranty is the lesser of the veteran s available entitlement or the maximum potential guaranty Maximum VA Guaranty: Loan amount $144,000: maximum $36,000 Loan amount > $144,000 to $417,000: 25% of loan amount Loan amount > $417,000: Lesser of 25% of the VA county loan limit or the loan amount
9 The following are examples of how to calculate the VA Guarantee. These examples are not all inclusive: Veteran has full entitlement available and is purchasing a home for $300,000 where the county loan limit is $417,000. $417,000 X 25% = $104,250 Maximum Guaranty and Available Entitlement $300,000 X 25% = $75,000 Guaranty and Down Payment Combination Required Since VA s guaranty is limited to the lesser of 25% of the county loan limit or 25% of the loan amount, VA will guaranty $75,000 an Veteran s $300,000 loan in this county. A down payment should not be required. Veteran has used $48,000 of entitlement on a prior loan, which may not be restored, and is purchasing a home for $320,000 where the county loan limit is $625,000. $625,000 X 25% = $156,250 Maximum Guaranty $156,250 - $48,000 = $108,250 Entitlement Available Since the proposed loan amount will be less than $433,000, the lender will receive 25% VA Guaranty on the loan of $320,000. A down payment should not be required.
10 Additional examples: Veteran has full entitlement available and is purchasing a home for $480,000 where the county loan limit is $417,000. $417,000 X 25% = $104,250 Maximum Guaranty and Entitlement Available $104,250 / $480,000 = 21.72% Guaranty Since VA s Guaranty will be less than 25%, a down payment will likely be required to meet investor requirements. $480,000 X 25% = $120,000 $120,000 - $104,250 = % Down Payment Veteran has used $36,000 of entitlement on a prior loan, which may not be restored, and is purchasing a home for $120,000 where the county loan limit is $417,000. Since the loan amount will not be over $144,000, the veteran s additional entitlement cannot be used. Therefore, the guaranty would be 0%: $0 / $120,000
11 VA does not have a maximum loan amount however the VA county loan limits are used to determine the maximum guaranty by county To view VA s county loan limits go to VA County Loan Limits Counties not identified on the VA loan limit list are limited to $417,000 Planet Home Lending limits the maximum loan amount on VA loans to $1,000,000 excluding Hawaii Maximum loan amount in Hawaii is $1,500,000
12 VA loans require a VA funding fee which is paid directly to VA Funding fee can be financed into the loan amount Veteran may be exempt from the funding fee; the COE will identify if veteran is exempt. The base loan amount plus the financed funding fee cannot exceed the conforming loan limit or the VA county limit or a down payment will be required to ensure a 25% guaranty The funding fee is calculated using the base loan amount The funding fee can be paid by: Property seller Realtor Broker Lender
13 The funding fee is based on type of service, use and down payment as detailed in the chart below: VA Funding Fee* Regular Military Down Payment First Time Use Subsequent Use None 2.15% 3.30% 5% (up to 10%) 1.50% 1.50% > 10% 1.25% 1.25% Reserves/National Guard Down Payment First Time Use Subsequent Use None 2.40% 3.30% 5% (up to 10%) 1.75% 1.75% > 10% 1.50% 1.50% Refinance Transactions Type of Veteran First Time Use Subsequent User Regular Military 2.15% 3.30% Reserves/National Guard 2.40% 3.30% Type of Loan % for All Veterans Loan Assumptions 0.50%
14 VA has specific requirements regarding fees to the borrower. VA requirements are: 1% origination fee based on the total loan amount. Unallowable fees cannot be charged, OR 1 % of the unallowable fees based on the total loan amount. An origination fee cannot be charged, OR 1% blend of origination fee and unallowable fees based on the total loan amount. Combined fees cannot exceed 1% of the total loan amount.
15 Per VA, the veteran cannot pay any of the following fees: Attorney fees (unless the veteran independently retains an attorney Pre-payment fees Real estate broker fees Termite inspection (allowed on refinance transactions only)
16 The following fees are unallowable and cannot be charged to the veteran if a 1% origination fee is charged: - Lender s Inspection - Lender s Appraisal - Closing/Settlement Fee - Doc Prep Fees - Conveyance Fee - Underwriting Fee - Pest Inspection Fee - Well/Septic Fee - Escrow Fees - Notary Fee - Commitment Fee - Trustee Fee - Interest Rate Lock Fee - Postage/Mail Charges - Amortization Schedule - Tax Service Fee - Attorney s Services other than title work - Loan Application/Processing Fee - Fees for preparing Truth-in-Lending - Prepayment Penalties (refinance) - Any other fee not listed as allowable by VA - Fees to Loan Brokers, Finders or other 3rd party fees Note: The above list may not be all inclusive. Refer to the VA Lender s Handbook 4155 for complete VA requirements.
17 The following are allowable closing costs: - Loan Origination Fee - Reasonable Discount Points - Appraisal Fee/Compliance Inspection - Credit Report Fee (actual) - Title Examination/Title Insurance Fees - Recording Fees & Taxes - Prorated Taxes - Hazard Insuarnce - Flood Insurance - Flood Determination - Federal Express/Express Mail (Refi only) - Closing Protection Letter - VA Funding Fee - MERS Registration - Survey/Plot Plan
18 Eligible Property Types: 1-4 unit primary residence Townhome/PUD one unit Project reviews not required Condo Must be in a VA approved project Site condos require VA Project Approval Modular New Construction (completed < 1 year and never occupied) 1 year VA Builder Warranty OR enrolled in a 10 year protection plan, and Construction must be > 95% complete
19 Ineligible Property Types: Manufactured/mobile homes Proposed construction Non-VA approved condo projects Leasehold properties (unless prior VA approval is obtained) Properties located within electrical line easements Second home and investment property Properties subject to regular flooding Rural properties > 10 acres Properties located in an unacceptable noise zone (e.g. airport)
20 Owner-occupied primary residence only VA requires the borrower to certify that they intend to personally occupy the home as their primary residence. The borrower(s) must generally occupy the property within 60 days of loan closing NOTE: Borrowers currently on active duty are not required to meet this timeframe although the spouse, if not also on active duty would need to occupy the property.
21 All loans must be run through DU and receive an Approve/Eligible or Refer/Eligible Finding. Refer/Eligible requires a manual underwrite An Approve/Eligible Finding must be downgraded to a manual underwrite when: The mortgage history has a 1x30 in previous 12 months Subject loan was previously restructured/modified Minimum 12 months of 0x30 payments on restructured/modified loan Mortgages in default at time of restructure/modification are not eligible Disputed tradelines: Manual downgrade not required if disputed tradeline meets all of the following: Disputed account has a zero balance, and The disputed account is marked paid in full or resolved, and The disputed account is both < $500 and is > 24 months old.
22 Appraisal must be performed by a VA appraiser. Appraisals are ordered through VA. The Notice of Value (NOV) must be provided to the veteran within 5 business days of receipt of appraisal. The NOV must be issued at the appraised value reflected on the appraisal report.
23 Assets are generally not required to be documented. NOTE: Purchase transactions with a borrower credit score of require 2 months bank statements to document 10% borrower own funds requirement. If the earnest money deposit is 2% or more than the purchase price or appears excessive based on the borrower s history of accumulated savings, source of funds documentation will be required If assets are required to close the following is required to indicate sufficient funds: 2 months bank statements or per DU Findings (all pages)
24 Minimum 580 credit score regardless of DU Findings Minimum 600 credit score required on cash-out 90.01% to 100% LTV All credit inquiries in the previous 120 days must be addressed and the result of the inquiry explained credit score subject to the following: Purchase transactions: Max. 90% LTV/CLTV, 0x30 in previous 12 months documented housing history, no DPA or gift funds for down payment, 1- unit only, max. 31%/43% DTI, maximum payment shock 100% with additional restrictions if > 50%. Refinance transactions: Max 90% LTV/CLTV, 0x30 in previous 24 months documented housing history (on loan being refinanced), 1- unit only, max. 31%/43% DTI Refer to the VA Program guidelines for complete requirements.
25 A DTI > 41% requires additional documentation/justification (compensating factors) unless: The ratio is > 41% is due solely to the existence of tax-free income, or Residual income exceeds the guidelines by at least 20% Max DTI 31%/43% with a credit score Max DTI 45% with a credit score; > 45% DTI may be eligible subject to Planet Home Lending prior approval Per DU Findings with a 640 credit score and Approve/Eligible Illinois 2-4 units, New Jersey and New York 3-4 units maximum 45% DTI.
26 VA considers the following when considering compensating factors: Excellent credit history Conservative use of consumer credit Minimal consumer debt Long-term employment Military benefits High residual income Low DTI ratio Significant liquid assets Sizable down payment The existence of equity in refinance loans Little or no payment shock Satisfactory homeownership experience Tax credits for child care Tax benefits of home ownership
27 A two year employment history is required. A verbal verification of employment (VVOE) is required within 10 calendar days of loan closing. A military Leave and Earnings Statement (LES) is required for active duty military in lieu of a VVOE. The LES must be an original or certified copy of original. The LES must be no more than 120 days old (180 days for new construction).
28 Escrow/Impound Account Required on all loans, no exceptions Financed Properties Owner-occupied properties: No limit. Planet Home Lending limits its exposure to a maximum of 2 loans per borrower, one of which must be a primary residence
29 Gifts, grants, and down payment assistance programs are eligible per VA guidelines. There must be no expected or implied repayment requirement of the gift funds. A gift is acceptable if the donor is: A relative of the borrower. A government agency or public entity that has a program providing home ownership. Gift funds must be evidenced by a gift letter, signed by the donor. The gift donor may not be a person/entity with an interest in the sale of the property.
30 A termite inspection is required in all states where termites are present or when the appraiser has indicated a need for a termite review due to wood-destroying insect damage or an active insect infestation. Refer to VA.gov Local Requirements for additional details. Well inspections are required in all cases (private or shared). Septic inspection is required when the appraiser indicated the need for one.
31 0 x 30 in 12 months. A manual downgrade is required for any mortgage debt with 1 x 30 in 12 months. Mortgage must be current and due for the month closing. Verification of Mortgage (VOM) or Verification of Rent (VOR) are required if an Approve/Eligible Finding is not received.
32 Planet Home Lending will accept a Power of Attorney (POA) on VA transactions subject to the following: General/Military Durable POA acceptable if veteran signed the sales contract and loan application and the veteran s intention to obtain a VA loan is indicated in the sales contract and/or loan application. A specific POA is required if both contract and application not signed by the veteran and must contain the following information: Clear intention to use their entitlement to obtain the loan Property address Terms of the loan Veteran intends to occupy the property as primary residence An Alive and Well statement is required if the veteran is not at closing.
33 1-unit property: Not required 2-4 unit property: 6 months PITI Other rental real estate owned: 3 months PITI for each additional property owned. NOTE: Reserves not required if rental income is not used for qualifying
34 Residual income is required by VA NOTE: Residual income requirement can be reduced by 5% if the veteran is on Active Duty. Loan Amounts 79,999 Family Size Northeast Midwest South West 1 $390 $382 $382 $425 2 $654 $641 $641 $713 3 $788 $772 $772 $859 4 $888 $868 $868 $967 5 $921 $902 $902 $1,004 Over 5 Add $75.00 for each additional family member up to 7. Loan Amounts 80,000 Family Size Northeast Midwest South West 1 $450 $441 $441 $491 2 $755 $738 $738 $823 3 $909 $889 $889 $990 4 $1,025 $1,003 $1,003 $1,117 5 $1,062 $1,039 $1,039 $1,158 Over 5 Add $80.00 for each additional family member up to 7.
35 EEM (Energy Efficient Mortgage) MCC (Mortgage Credit Certificates) Borrower allowed to do an MCC after closing, but MCC cannot be used to qualify. Texas Section 50(a)(6)
36 Cash-out Refinance > 90% LTV Requirements: Maximum loan amount is $417,000 ($625,500 for properties in Alaska/Hawaii or $721,050 in Honolulu county, HI) Minimum credit score is year fixed loan term only Minimum monthly residual income required: Family Size Minimum Residual Income Veteran Only $1, Veteran +1 $1, Veteran +2 $2, Veteran +3 $2, Veteran +4 $2, Veteran +5 $3, Over 6 + $ for each additional
37 IRRRL General Information: An IRRRL is a VA guaranteed loan made to refinance an existing VA guaranteed loan. The PITI payment on the new loan must be less than on the existing loan unless one of the following applies: The loan term is reduced, or The veteran is refinancing to a more stable product (i.e. ARM or GPM to fixed rate
38 Highlights of an IRRRL include: VA to VA refinance No income No assets (unless borrower needs funds to close, then asset verification required) No reserves No ratios No termite inspection No monthly MI Maximum loan term is the original term of the VA loan being refinanced plus 10 years. New loan term can never exceed 30 years and 32 days.
39 Primary Residence (1.2) Transaction Type Units LTV CLTV Credit Score (3.5) IRRRL 1 90% 90% 570 (7) IRRRL 1-4 (6) 125% Unlimited 600 Second Home (2.4) Transaction Type Units LTV CLTV Credit Score 1 125% Unlimited 580 (8) Investment (2.4) Transaction Type Units LTV CLTV Credit Score IRRRL 1-4 (6) 125% Unlimited 580 (8) Footnotes: 1. Minimum loan amount is $60,000; maximum loan amount $1,000,000 with the exception of Hawaii. Maximum loan amount in the state of Hawaii is $1,500, Base loan amounts $417,000 (Alaska/Hawaii $625,500 or $721,050 in Honolulu county, HI) require AVM or Refer to the Appraisals topic for specific requirements. 3. Non-credit qualifying requires minimum 640 credit score. 4. Conforming loan amount only for second home and investment. High balance ineligible. 5. Base loan amounts > $417,000 (Alaska/Hawaii > $625,500 or > $721,050 in Honolulu county, HI)subject to the following: Credit score requirements: credit score requires credit qualifying non-credit qualifying eligible 1-unit owner-occupied only; 2-4 unit owner-occupied, second home and investment ineligible with high balance loan amount. AVM or Refer to the Appraisals topic for specific requirements. Maximum LTV is 100% Mortgage history requirements: - 0x30 in12 months for credit qualifying transactions - 0x30 in 24 months for non-credit qualifying transactions Full credit report required on both credit and non-credit qualifying to verify mortgage history 6. Non-credit qualifying permitted on 1-unit properties only. 2-4 units require credit qualifying. 7. Credit qualifying required. Refer to the Credit Score topic for requirements 8. Transactions with credit score are subject to the restrictions outlined in the Credit Score topic. A minimum 640 credit score is required for non-credit qualifying.
40 Appraisals The base loan amount is used to determine appraisal requirement. An AVM or 2055 is required: A CoreLogic GeoAVM with a standard deviation 18 for all loan amounts. If the confidence score is < 18% a 2055 is required, or Loan amount $417,000 ProTeck AVM with a confidence score of 80% or more. If the confidence score is < 80% a 2055 is required; > $417,000 requires a confidence score of 90% or a 2055 is required, or A 2055
41 Assets AUS Not required unless funds are needed to close. Documentation is not required if funds needed to close is $ Manual underwrite only. Cash Back to Borrower Maximum $
42 Credit Report Conforming Loan Amounts A mortgage only credit report with credit scores is acceptable unless the PITI payment is increasing by more than 20% or a spouse is being removed from the new loan then a tri-merge credit report is required. High Balance Loan Amounts Full credit report to verify no major derogatory credit with the past 12 months. Major derogatory credit is defined as any payment > 60 days delinquent, collections and/or judgments (excludes medical/utilities).
43 Credit Score Minimum 580 required for: 1-unit credit qualifying conforming and high balance loan amount NOTE: Maximum 90% LTV/CLTV Minimum 580 required for: 1-4 units credit qualifying conforming and high balance loan amount Minimum 640 required for: 1-unit non-credit qualifying conforming and high balance loan amounts NOTE: Credit qualifying required: The borrower s PITI payment will increase by more than 20% A spouse will be removed from the original loan, Credit score regardless of loan amount
44 Documentation Credit Qualifying Fully completed 1003 Non-Credit Qualifying Abbreviated 1003 allowed. Section IV - Employment Information and Section VI - Assets and Liabilities of the 1003 are not required (assets must be included if needed to close the transaction). NOTE: Income should never be indicated on the application for non-credit qualifying transactions All Loans Legible photo ID and social security card Most recent mortgage statement Copy of existing Note Payoff statement with valid expiration
45 Eligible Borrowers Veteran or veteran and spouse. Must currently occupy the property. A spouse may only be deleted from the new loan if the loan is credit qualified. Funding Fee 0.50%. The Certificate of Eligibility, issued by VA, will indicate if the veteran is exempt, or non-exempt from paying the VA Funding Fee. Guaranty A minimum 25% guaranty is required.
46 Maximum Loan Amount Maximum Base Loan Amount $417,000 Lesser of: Existing VA loan pay off - Unpaid principal balance, plus allowable VA closing costs, plus VA funding fee (if applicable), plus up to 2 discount points, or The appraised value (AVM or 2055) x 125%. Maximum Base Loan Amount $417,001 Lesser of: Existing VA loan pay off Unpaid principal balance, plus allowable VA closing costs, plus VA funding fee (if applicable), plus up to two discount points, or The appraised value (full conventional appraisal required) x 100% as applicable.
47 Mortgage History/Seasoning 0 x 30 in previous 12 months on loan amounts $417,000 0 x 30 in previous 24 months for loan amounts $417,001 ($625,500 in Alaska/Hawaii or > $750,000 in Honolulu county, HI). If < 24 months on current mortgage for subject property, prior mortgages may be used to meet the 24 month history requirement. No increase from current housing payment allowed. Mortgage must be current and due for the month closing. Borrower must have made a minimum of 12 mortgage payments prior to application.
48 Occupancy 1-4 owner-occupied primary residence (2-4 unit ineligible on high balance) 1-unit second home (ineligible on high balance) 1-4 unit investment (ineligible on high balance) Properties Listed for Sale Within the Previous 12 months Properties that were listed for sale in the previous 12 months must be taken off the market prior to the application date. A property listed for sale will be considered as long as the listing has been cancelled, expired or withdrawn. A letter of explanation is required.
49 Refinance Transactions Continuity of obligation requires that at least one of the borrowers on the refinance transaction is currently on the title of the property being refinanced. Reserves Not required. Subordinate Financing New loan proceeds cannot be used to pay off any existing subordinate financing. Existing subordinate financing must subordinate to the new loan. Temporary Buy-downs Not allowed.
50
Conventional and Government Program Overlays
Financed Properties Minimum Loan Amount $60,000 OVERLAYS All Programs Limited to a maximum of 4 loans to one borrower and up to $1.5MM. Power of Attorney Texas 50(a)(6) & 50(f) Allowed for active duty
More informationConventional and Government Program Overlays
Financed Properties OVERLAYS All Programs Limited to maximum 2 loans to one borrower, one must be primary residence Minimum Loan Amount $60,000 Allowed for active duty military personnel, military contractors,
More informationConventional and Government Program Overlays. OVERLAYS All Programs
4506-T/1040s Requirements Financed Properties OVERLAYS All Programs If TRV (Tax Return Verification) reveals C or E losses and/or unreimbursed expenses, 2 years of tax transcripts and 2 years 1040s will
More informationConventional and Government Program Overlays. OVERLAYS All Programs
4506-T/1040s Requirements Asset Verification Comparable Sales Credit Inquiries Delinquent Child Support Financed Properties OVERLAYS All Programs If TRV (Tax Return Verification) reveals C or E losses
More informationVA Program Conforming and High Balance Fixed Rate and ARMs
VA Program Conforming and High Balance Fixed Rate and ARMs Primary Residence Full Documentation Transaction Type Units LTV CLTV Loan Amount Credit Score Purchase 1 90% 90% VA Limit 1,2 580 5 Purchase 1-4
More informationVA IRRRL PROGRAM MATRIX
MAXIMUM LTV **Mortgage Only Report IRRRL PROGRAM 1-4 Unit Properties, Condos, and PUD s (Primary Residence) NO FICO PROGRAM MINIMUM FICO MAX LTV 580 100% 620 125% **No FICO 660 UNLIMITED High Balance 100%
More informationditech BUSINESS LENDING VA REFINANCE PRODUCTS
1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in annual increments Fully amortizing Servicing retained Qualified Mortgage (QM) Safe
More informationditech BUSINESS LENDING VA REFINANCE PRODUCTS
1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in annual increments Fully amortizing Servicing retained Qualified Mortgage (QM) Safe
More informationVA Fixed Rate Program Matrix Purchase Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence /100
VA Fixed Rate and ARM Program Summary VA Fixed Rate Program Matrix Purchase Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 100/100 INTEREST RATE REDUCTION REFINANCE LOAN/IRRRL Streamline
More informationVA CONFORMING & HIGH BALANCE MATRIX
CONFORMING LIMITS PURCHASE 1 RATE/TERM REFINANCE 2 CASH-OUT REFINANCE Max LTV/CLTV MIN FICO Max LTV/CLTV MIN FICO Max LTV/CLTV MIN FICO 1 unit 100% 580 / NO FICO 2 100%/Unlimited 580 95/95% 640 2-4 units
More informationAll transactions are considered Qualified Mortgage (QM) Safe Harbor loans. No score: follow agency guidelines, pricing based off 580 score
FIXED RATE VA 3/1 HYBRID ARM VA 5/1 HYBRID ARM VA Three Year/One Year Adjustable Rate 30-year term Fully amortizing Non-Convertible ARM Plan VAARM All transactions are considered Qualified Mortgage (QM)
More informationCorrespondent Lending FHA Fixed Rate
Agency Correspondent Lending FHA Fixed Rate Correspondent Lending FHA Fixed Rate Maximum Loan Amount County Minimum Loan Amount $50,000 10, 15, 20, 25 & 30 YR Fixed Rates & 5/1 CMT ARM DU Approve, LP Accept
More informationVA GUIDELINES. 301: Appraisal. 302: Assumability. 303: Borrowers. 304: Cash Reserves. 305: Cash to Borrower. 306: Closing Cost
VA GUIDELINES 301: Appraisal 302: Assumability 303: Borrowers 304: Cash Reserves 305: Cash to Borrower 306: Closing Cost 307: Closing Requirements 308: Condos/PUDS 309: Credit History 310: Credit Scores
More informationditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10-30 year term in annual increments Fully amortizing
More informationFHLMC Only Conforming and Maximum DTI is the more restrictive of Loan Product Advisor or 50%.
AUS (Automated Underwriting System) GENERAL POLICY OVERLAYS FHA, VA, CONVENTIONAL and USDA FHA, VA & Conventional AUS approval recommendation is required for all FHA, VA, (Purchase and Non-Streamline/Non-IRRRL
More informationCorrespondent Lending FHA Fixed Rate & ARM Product Profile
Government Occupancy Correspondent Lending ELIGIBILITY MATRIX & SUMMARY GUIDELINES 10, 15, 20, 25 & 30 YR Fixed Rates & 5/1 CMT ARM High Balance 15 & 30 YR Fixed Rates Primary Residence Purchase Property
More informationJumbo Non-Conforming Products (Series-49)
Jumbo Non-Conforming Products (Series-49) This guide provides parameters for standard fixed rate and 5/1, 7/1, and 10/1 adjustable rate, fully amortizing, nonconforming products for primary residence up
More informationFHA FIXED PROGRAM HIGHLIGHTS
Product Summary These guidelines represent the companies underwriting requirements for FHA fixed rate and ARM mortgages, and are to be utilized in conjunction with the following FHA Handbooks: 4155.1 for
More informationJUMBO PRIME PROGRAM (FIXED & ARM)
JUMBO PRIME PROGRAM (FIXED & ARM) PRIMARY RESIDENCE Purchase & Rate/Term Refinance (1),(2) Units Min. FICO LTV/CLTV/ HCLTV Max. DTI Max. Loan Amount 700 80% 43% 1 unit 680 80% 35% 680 70% 43% 740 80% 43%
More informationFHA Streamline Program Conforming and High Balance Fixed Rate and ARMs
FHA Streamline Program Conforming and High Balance Fixed Rate and ARMs Primary Residence Transaction Type Units LTV CLTV Loan Amount 1 Streamline w/appraisal 4 1 90% 90% FHA Limit Streamline w/ Appraisal
More informationONE TIME CLOSE RENOVATION TO PERM OPTION III
ONE TIME CLOSE RENOVATION TO PERM OPTION III REVISION DATE: 5/4/2018 PRODUCT CODES: RP 1x 15 YR Renovation, RP 1x 30 YR Renovation, RP 1x 5/1 LIBOR ARM 275 2/2/5, RP 1x 5/1 TBill ARM 275 2/2/5, RP 1x 7/1
More informationUSDA Guaranteed Rural Housing Product Profile
USDA Guaranteed Rural Housing Product Profile PROGRAM CODES: 30RH Appraisals LTV/CLTV 100%* Purchase Maximum LTV/FICO Requirements Min FICO Rate and Term Refinance LTV/CLTV Min FICO 620 100%* 620 *exclusive
More informationUSDA Guaranteed Rural Housing Product Profile
Appraisals LTV/CLTV 100%* Purchase Maximum LTV/FICO Requirements Min FICO Rate and Term Refinance LTV/CLTV Min FICO 640 100%* 640 *exclusive of financed guarantee fee A full appraisal (e.g. form 1004 or
More informationPRODUCT GUIDELINES USDA PROGRAM PURCHASE & RATE/TERM REFINANCE PRIMARY RESIDENCE. Revised 10/1/ % / 100% Excluding USDA
PURCHASE & RATE/TERM REFINANCE PRIMARY RESIDENCE Maximum LTV/CLTV* Max Loan Amount Min FICO Max Ratios 100% / 100% Excluding USDA 620 Per GUS** Determined by qualifying ratios and county maximum income
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationStockton Mortgage Funding HomeReady Fixed Rate Mortgage Product
1. PRODUCT DESCRIPTION Conventional C onforming fixed rate m ortgage DU Version 9.3 10, 15, 20, or 30 year terms for product 30 year term only for product Fully amortizing Qualified Mortgage (QM) Safe
More informationMEGA ALT ARM (MA5/1)
MEGA ALT ARM (MA5/1) Product Description General Loan Production Descriptions (Asset Qualifier) Product Description Eligible Property Type Eligible States Index Term Margin/Floor/Caps Income/Employment
More informationPRIMARY RESIDENCE PURCHASE & RATE/TERM REFINANCE PRIMARY RESIDENCE CASH-OUT REFINANCE SECOND HOME PURCHASE AND RATE/TERM REFINANCE
PRIMARY RESIDENCE PURCHASE & RATE/TERM REFINANCE Property Type Max. Loan mount Max. LTV Max. CLTV/HCLTV Min. FICO 1-Unit, PUD $679,650 85% N/A 760 Warrantable Condo $679,650 80% 90% 680 PRIMARY RESIDENCE
More informationDTI on all FHA & VA loans will cap at 55%, anything above with DU approve/eligible requires management approval
This summary of overlays is provided as a resource tool to aid in identifying most UFF WEST Mortgage overlays to Fannie Mae, Freddie Mac, FHA, and VA Lending requirements. This document is a reference
More informationMARCH Credit Overlays
MARCH 2014 Credit Overlays Quality is the foundation of our business and includes quality of production, quality of delivery, quality of performance, and quality of the customer experience. United Fidelity
More informationFNMA Home Affordable Refinance Program (HARP) Transaction Type Number of Units Fixed Rate Max LTV/CLTV
FNMA Conventional Conforming Product Offering Transaction Type Number of Fixed Rate Cash-Out Refinance Second Home Adjustable Rate 1 Unit 97/97% 90/90% 2 Unit 85/85% 75/75% 3 4 75/75% 65/65% 1 Unit 80/80%
More informationProduct Guidelines VA STANDARD and HIGH BALANCE PROGRAM
PURCHASE Maximum LTV/CLTV* Max Loan Amount Min FICO Max Ratios Mortgage/Rental History 100% Excluding VA Funding Fee Veteran must have combined entitlement and equity totaling 25% of the contract price.
More informationWesLend Agency DU Conforming & High Balance (Fixed)
Primary Residence Owner Occupied Transaction FICO Number of Units Maximum LTV/CLTV 97% Conforming; 95% High 1 - Unit Balance Purchase / Rate Term 620 2 - Units 85 3-4 Units 75 Cash-Out Refinance 620 1
More informationDefine USDA products and features Introduce Planet Home Lending s USDA product offerings Learn how to determine property and borrower eligibility
Define USDA products and features Introduce Planet Home Lending s USDA product offerings Learn how to determine property and borrower eligibility Review credit, income, asset and appraisal guidelines Tips
More informationUSDA Standard Product Guidelines
Min Max DTI Max Loan Occupancy Credit Ratio Amount CONFORMING & HIGH BALANCE Transaction Type Max LTV Max CLTV Mortgage Rating Purchase 100%** 100% 0x30 for 12 mos prior to application date*** Based on
More informationFHA Standard Product Guidelines
Min Max DTI Max Loan Occupancy Credit Ratio Amount CONFORMING & HIGH BALANCE Transaction Type Max LTV Purchase 96.5%* Max CLTV Mortgage Rating 96.50% PER AUS*** Primary Residence 580 Per AUS Rate/Term
More informationFHA Standard Product Guidelines
Min Max DTI Max Loan Occupancy Credit Ratio Amount CONFORMING & HIGH BALANCE Transaction Type Max LTV Max CLTV Mortgage Rating Purchase 96.5%* 96.50% PER AUS*** Primary Residence 580 Per AUS Rate/Term
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationditech BUSINESS LENDING VA REFINANCE PRODUCTS
1. PRODUCT DESCRIPTI ON VA Fixed Rate and ARM Mortgages for Refinance Transactions Qualified Mortgage (QM) Safe Harbor loans are permitted refer to Qualified Mortgage Section for requirements Qualified
More informationUSDA Guidelines GUSDA30
USDA Guidelines GUSDA30 BSM Direct guidelines have been created to provide guidance and consistency in determining credit decisions. The guides are not all inclusive of different situations that may arise
More informationFULL DOC. PURPOSE/OCCUPANCY/UNITS LTV CLTV Minimum FICO. Owner Occupied (O/O) 1 unit 80% 80% unit (see MI section below) 95% 95% 700
FULL DOC PURPOSE/OCCUPANCY/UNITS LTV CLTV Minimum FICO PURCHASE Owner Occupied (O/O) 1 unit (see MI section below) 95% 95% 700 1 unit (see MI section below) 97% 97% 720 2 units (see MI section below) 95%
More informationPORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents
Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised
More informationFirstBank Non-Conforming Jumbo Product Guide Exceptions to These Guidelines are Not Allowed
Fixed Rate Product Codes ARM Product Codes FirstBank Non-Conforming Jumbo Product Guide Exceptions to These Guidelines are Not Allowed Product Code Names Non-Conforming 15Yr Fixed (2015FB) Non-Conforming
More informationditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year
More informationDU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations
This matrix is intended as an aid to assist in determining if a property/loan qualifies for the DU Refi Plus program. It is not intended as a replacement for the full DU Refi Plus guidelines. Users are
More informationditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FHA Fixed Rate and ARM Mortgages for Rate and Term Refinance, Cash-Out Refinance and Simple Refinance Transactions Fixed Rate
More informationNon Conforming JUMBO Programs
Non Conforming JUMBO Programs Select QM Eligibility Matrix Fixed Rate and Hybrid ARM Products Primary Residence Purchase, Rate and Term Transaction Type Units FICO LTV/CLTV/HCLTV Loan Amount 1 760 85%
More informationWCDA LOAN PRODUCT MATRIX
The matrix below compares the components of the various first mortgage loan and down payment assistance loan products offered by WCDA. This matrix is designed to provide guidance for these products and
More informationCRA PORTFOLIO NON-CONFORMING PROGRAM
LOAN PROGRAM:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 3 APPRAISAL REQUIREMENTS:... 3 ASSUMABILITY:...
More informationVA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM
VA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM PROGRAM SPECIFICATIONS Description A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their
More informationPremium Jumbo Fixed & 10/1 ARM
Last Update 11/29/2017 Primary (Purchase & Rate/Term NO MI OPTION) Primary (Purchase) Primary (Rate/Term Ref.) Loan Amt LTV/CLTV Min Fico DTI Reserves Loan Amt LTV/CLTV Min Fico DTI Reserves Loan Amt LTV/CLTV
More informationUSDA30 PRODUCT MATRIX USDA GUIDELINES RURAL DEVELOPMENT HB HANDBOOK
USDA GUIDELINES RURAL DEVELOPMENT HB-1-3555 HANDBOOK Posted PROGRAM MISSION USDA RURAL HOUSING PBM-Manual -Quick Look Manual-Affordable Housing Programs -USDA Guidelines PROGRAM BENEFITS USDA Guaranteed
More information(TC) TRADITIONAL PROGRAM MATRIX CONFORMING & HIGH BALANCE
AGENCY CONFORMING DU Multiple Financed Properties CONFORMING DU Multiple Financed Properties FINANCE TYPE PURCHASE & RATE/TERM REFINANCE DELAYED FINANCING CASH OUT REFINANCE OCCUPANCY SECOND HOME INVESTMENT
More informationditech BUSINESS LENDING CONFORMING DITECH-PAID LPMI PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate with lender paid mortgage insurance DU Version 10.2 Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term
More informationGuidelines Correspondent
Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: ❶ ❷ ❸ Occupancy Investment & Non-Owner Type❷ 1 Unit PURCHASE MORTGAGES Max LTV Max
More information5/1 ARM 1 ; 7/1 or 10/1 ARM 2 Must exceed Conforming Standard and High Balance Limit for State/County %/40% 80%* 80%* $2,000,000 1
Conventional Jumbo Loan Program The Conventional Jumbo Loan program can be used to provide financing options for Primary Residences with jumbo loan amounts in excess of Conventional High-Balance limits.
More informationHigh-Cost Area (High Balance) Loan Amounts
Program Qualifications Eligible loans are conforming and high balance loans receiving a DU Version 10.0 or later Approve/Eligible. Maximum Loan Amounts Conforming Maximum Loan Amounts Units Continental
More informationPRODUCT GUIDELINES LENDER PAID MORTGAGE INSURANCE PROGRAM (LPMI) PROGRAM CODES: C30FLPMI, H30FLPMI
Occupancy Purpose Max Loan Amount Maximum LTV/ CLTV LOAN AMOUNTS
More informationProduct Guidelines Freddie Mac Relief Refinance - Open Access
; Important Note: The program has been extended to allow application received dates on or before December 31, 2018 and settlement dates on or before September 30, 2019. Occupancy 1-4 Units 1-4 Units Max
More informationFNMA HomePath Product Guidelines
April 15, 2013 FNMA HomePath Product Guidelines Standard Conforming Occupancy Primary Residence Max LTV Max TLTV Max CLTV 1 Unit 97 97 97 2 Unit 80 80 80 3-4 Unit 75 75 75 Second Home 1 Unit 90 90 90 Investment
More informationWesLend Advantage Non-QM ITIN
SECTION 1: MATRIX: Highlight: Uses the borrowers Individual Taxpayer Identification Number, (ITIN) in lieu of a Social Security number Credit Scores NOT Required Credit Report is pulled with every ITIN
More informationFixed Rate = Note Rate 5/1 ARM = start rate plus 2% 7/1 and 10/1 ARM = The greater of the start rate or the fully indexed rate Debt Ratio
Product Description (LP) Conventional Conforming Fixed and ARM High Balance (LP) Program Numbers 30 = 15 yr fixed 31 = 30 yr fixed ARMs are not available for all Series Numbers 32 = 5/1 ARM 33 = 7/1 ARM
More informationFlorida Housing Finance Corporation s First Mortgage Program Options At-A-Glance (Includes Bond and TBA First Mortgage Programs)
Loan Type Features Eligible for FL Housing s Mortgage Credit Certificate (MCC) Program? Eligible for these FL Housing Second Mortgage / Grant Programs Loan Delivery Purchase Timeline Florida Housing Finance
More informationFIXED RATE (30 & 15)
Page 1 of 19 FIXED RATE (30 & 15) PRIMARY RESIDENCE Purchase & Rate/Term Refinance PROPERTY TYPE LTVCLTV/HCLTV LOAN AMOUNT 1 FICO 2 MAX DTI UNDW OPTIONS 3 1 unit (SFR,Condos,PUDs) Cash/Out Refinance 4
More informationditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments
More informationCONFORMING HIGH BALANCE LIBOR ARMS PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A Conforming High Balance Conventional loan with increased loan size limits. A 30 year conforming conventional LIBOR ARM that is fixed for the initial 5, or
More informationFannie Mae (DU) Conventional Loan Matrix
PURCHASE/ LIMITED CASH OUT REFINANCES STANDARD and HIGH BALANCE LOAN AMOUNTS Occupancy Maximum* LTV Maximum* CLTV Min FICO* Max Ratios Minimum Cash Investments Mortgage/ Rental History Reserves 1 Unit
More informationPennyMac Correspondent Group Open Access
PennyMac Correspondent Group Open Access 01.18.18 Overlays to Freddie Mac are underlined The new loan must have an application date on or before December 31, 2018. Mortgage Product Program Eligibility
More informationVERY IMPORTANT THE LOAN WILL BE RUN THROUGH DU PRIOR TO START OF CONSTRUCTION AND MUST REFLECT APPROVE ELIGIBLE.
REVISION DATE: PRODUCT CODES: One Time CP 15YR, One Time CP 30 YR. PURPOSE: To construct Borrower s primary or second residence with credit approval prior to start of construction. Correspondent will monitor
More informationCONFORMING LIBOR ARMS PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A 30 year conforming conventional LIBOR ARM that is fixed for the initial 3, 5, or 7 years then rolls into a one year ARM for the remainder of the loan term.
More informationACHIEVE YOUR AMERICAN DREAM WITH AMERICAN LENDING!
Green - Doctors Program Guidelines Property Type 1-Unit Warrantable Condo PUD PRIMARY RESIDENCE - PURCHASE & RATE.TERM REFINANCE Minimum LTV 80.01% 80.01% 80.01% Maximum LTV/CLTV/HCLTV 97% 95% 90% Minimum
More informationFHA Fixed Rate/Adjustable Rate FHA Streamline Refinances. Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115
FHA Fixed Rate/Adjustable Rate FHA Streamline Refinances Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115 BSM Direct FHA guidelines have been created to provide guidance and consistency
More informationFHA CREDIT QUALIFYING STREAMLINE REFINANCE
Table of Contents 1. Eligible Mortgage Product-Existing Loan... 2 2. FICO... 2 3. Eligible Mortgage Product-New Loan... 2 4. Maximium Loan Amount... 2 5. Maximium LTV/CLTV... 2 6. MIP Requirements..2-4
More informationFannie Mae Conforming and High Balance
Primary Loan Purpose Minimum FICO Units Max LTV/CLTV/HCLTV Purchase or Rate/Term Cash-Out 2 3-4 2-4 Fixed 97%,2 / ARM 95% Fixed/ARM 85% Fixed/ARM 75% Fixed/ARM 80% Fixed/ARM 75% Second Home Loan Purpose
More informationCONFORMING HB FIXED LENDER PAID MORTGAGE INSURANCE PROGRAM HIGHLIGHTS
Program Summary A Conforming High Balance Conventional loan with increased loan size limits, featuring a 30-year and 15-year fixed interest rate for the term of the loan. Loan Term & Program Category Loan
More informationFHA Streamline (Full Credit and Non-Credit Qualifying)
. This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply
More informationVA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM
VA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM PROGRAM SPECIFICATIONS Description A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their
More informationRural Housing Refinances
Rural Housing Refinances Rev. 11/16/2016 Presented by J.J. Sawicki, CMP/ AVP of Training and Development at Merrimack Mortgage Rural Housing Refinance Programs If you have originated an RD loan in the
More informationPurchase Eligibility Matrix Loan Amount & LTV Limitations Minimum Credit. Max Base. Total LTV Including FF Score LTV
This matrix is intended as an aid to help determine whether a property/loan qualified for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply
More informationDu Refi Plus Guidelines
Du Refi Plus Guidelines Units Contiguous States, DC Alaska, Hawaii Max Loan Amount Conforming 1 Unit 2 Unit 3 Unit 4 Unit $417,000 $533,850 $645,300 $801,950 $625,500 $800,775 $967,950 $1,202,925 Units
More informationFlorida Housing Finance Corporation s First Mortgage Program Options At-A-Glance (Includes Bond and TBA First Mortgage Programs)
Loan Type Features Eligible for FL Housing s Mortgage Credit Certificate (MCC) Program? Eligible for these FL Housing Second Mortgage / Grant Programs Loan Delivery Purchase Timeline Florida Housing Finance
More informationCONFORMING HIGH BALANCE FIXED PROGRAM HIGHLIGHTS
Program Summary A Conforming High Balance Conventional loan with increased loan size limits, featuring a 30-year and 15-year fixed interest rate for the term of the loan. Loan Term & Program Category Loan
More informationHIGH BALANCE CONFORMING (DU) See last page for 7-10 Financed Properties OK on DU 100, 300, 500, & 800 Series
HIGH BALANCE CONFORMING (DU) See last page for 7-10 Financed Properties OK on DU 100, 300, 500, & 800 Series 100 Series does not allow s Product Description Conventional Conforming Fixed and High Balance
More informationPremium Jumbo 7/1 & 5/1 ARM
Premium Jumbo 7/1 & 5/1 ARM Program Codes: PJ 7/1 & PJ 5/1 ARM Purchase and Rate/Term Refinance Primary (Purchase) Primary (Rate/Term Ref.) Max Loan Amt Max LTV/CLTV Min Fico DTI Reserves Max Loan Amt
More informationCONFORMING FIXED LENDER PAID MORTGAGE INSURANCE PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A conforming conventional loan with a fixed interest rate for the term of the loan. Loan Term Program Category 30-year Conf Fixed 30 15-year Conf Fixed 15 Transaction
More informationFannie Mae Conforming and High Balance
Primary Purchase or 620 620 Second Home 1 Fixed 97% 1,2 / ARM 90% 2 Fixed 85% / ARM 75% 3-4 Fixed 75% / ARM 65% 1 Fixed 80% / ARM 75% 2-4 Fixed 75% / ARM 65% Purchase or 620 1 Fixed 90% / ARM 80% 620 1
More informationNon-Agency Jumbo 5/1 LIBOR ARM PRODUCT CODE A512
Product Overview: This is a variable rate mortgage product, without negative amortization, whereby the interest rate and payment is adjusted in accordance with the specified index. Index: The index used
More informationJUMBO PRIME PROGRAM JUMBO PRIME PROGRAM
JUMBO PRIME PROGRAM PRIMARY RESIDENCE Purchase & Rate/Term Refinance Units Max. Loan Amount (1) LTV CLTV Min. FICO Max. Cash-Out $2,000,000 80% 80% 740 $1,750,000 80% 80% 720 $2,000,000 75% 75% 720 $2,250,000
More information10, 15, 20, 25 & 30 YR Fixed Rates
Agency Correspondent Lending Fannie Mae Standard Fixed Rate and ARM Product Profile excludes: DU Refi Plus, High-Balance, HomeStyle Renovation and MyCommunity Mortgage ELIGIBILITY MATRIX & SUMMARY GUIDELINES
More informationConforming limits - Purchase - Rate and Term Refinances (Loans must have been purchase money A quality mortgage at origination)
DREAM MAKER FIXED RATE LOW INCOME / LOW FICO WHOLESALE PRODUCT GUIDELINES PRODUCT CODES: C30XO C20XO C15XO C10XO Several states and local municipalities have enacted legislation which define High Cost
More informationMax LTV/CLTV FICO 1 Unit 95/95% /90% 620 Purchase 85/85% 620 Refi 75/75% 2 Units Purchase & Refi- 85/85% 620 N/A N/A 75/75% 620
Revision: October 25, 2016 (Product Information Center, 949-390-2670, www.jmaclending.com) Fixed Rate (Purchase & Rate/Term Refinances) Fannie Mae DU Products: CF30, CF20, CF15, CF10 Occupancy Owner Occupied
More informationFannie Mae DU Refi Plus ; Conforming High Balance Changes and New Appraisal Pricing
MSI Mortgage Services III, LLC Wholesale Partner Announcement At MSI Your Interest Is Our Priority! A Subsidiary of First State Bank Member FDIC Issue Date 5/07/09 Effective Date As Noted WPA 2009-020
More informationUnderwriting Guideline Matrix
: Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 12/18/2017 Copyright 2017 Skyline Financial Corp. dba NewLeaf Wholesale, Nationwide Mortgage
More informationAmeriSave Wholesale USDA Effective Date: February 2017 USDA 30 Rural Housing 30 Year Fixed Only
AmeriSave Wholesale USDA Effective Date: February 2017 Product Term: USDA 30 Rural Housing 30 Year Fixed Only Loan Purpose Loan Amount Eligible Borrowers Ineligible Borrowers Purchase Guaranteed: $424,100
More informationFHLMC Relief Refinance Open Access
The Federal Housing Finance Agency (FHFA) Home Affordable Refinance Program ( HARP ) is designed to assist borrowers who have demonstrated an acceptable payment history on their existing Freddie Mac mortgage
More informationSUPER JUMBO PRIMARY RESIDENCE. Min FICO. SFR, Condo* Townhouse PUD, 2 Units. Min FICO. SFR, Condo, Townhouse, PUD, 2 Units SECOND HOMES.
SJ Series SUPER JUMBO PRIMARY RESIDENCE Occupancy Loan Purpose Property Type Min FICO LTV/CLTV Max Loan Amt Primary Residence Purchase & Rate/Term Refinance SFR, Condo* PUD, 2 Units 720 80/80 $2,000,000
More informationFHA 203 (h) Program Guidelines
FHA 203 (h) Program Guidelines Revised 3/27/2018 Rev. 04 (Click the link to go straight to the section) 1 Program Summary 13 Income and Employment 25 ARM Adjustments 2 Product Codes 14 Qualifying Ratios
More information