FHA Product Overview. Product and Underwriting Guidelines. U.S. Bank Home Mortgage Wholesale Division CAT CR U.S.
|
|
- Karen Morgan Higgins
- 6 years ago
- Views:
Transcription
1 FHA Product Overview Product and Underwriting Guidelines U.S. Bank Home Mortgage Wholesale Division CAT CR Not for consumer distribution. This document is not a Consumer Credit Advertisement and is intended for wholesale broker use only. The information above is provided to assist lenders and is not a consumer credit advertisement as defined by Regulation Z. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association, Member FDIC U.S. Bank U.S. BANK 1
2 Topics Topic Page Topic Page Benefits of FHA 3 Upfront Mortgage Insurance 20 Occupancy 4 Annual Renewal Premium 21 Borrower Eligibility 5 Underwriting 22 Property Eligibility 6 Credit Appraisal 7 Borrower Investment 26 Minimum Property Standards 8 Funds to Close 27 Anti-Flipping Regulations 9-10 Seller Contributions & Inducements 28 USBHM FHA Products 11 Employment 29 Loan Limits 12 Compensating Factors 30 Purchase Transactions 13 FHA Exhibits 31 Refinance Transactions 14 Homeownership Websites 32 Refinance Cash Out 15 Thank you 33 Streamline Refinance For internal use only Not for Public Distributions 2
3 Benefits of FHA Low down payment 3.5% minimum down payment required Non-occupant co-borrowers allowed 100% gift funds allowed Credit Leniency Non-traditional credit (can be used to strengthen file) Two years Bankruptcy discharge One year into Chapter 13 pay out Foreclosure and Short Sale: 3 years from completion date the date of title transfer to the date of case number assignment FHA non-credit qualifying streamline refinances do not require submission to TOTAL Scorecard For internal use only Not for Public Distributions 3
4 Occupancy Purchase and Rate/Term Refinance: Primary 1-4 Unit Cash Out Refinance: Primary 1-2 Unit Streamlined Refinance (U.S. Bank to U.S. Bank only): Primary 1-4 Unit Investment 1-4 Unit Non-occupant co-mortgagors allowed on purchase and rate/term refinance Must be on the note, a blood relative and one (1) unit properties only Non occupant co-borrowers may not be added to a newly originated cashout refinance transaction For internal use only Not for Public Distributions 4
5 Borrower Eligibility U.S. Citizens Permanent Resident Alien Typically require Green Card Non-Permanent Resident Alien Various types of visa classification will apply. For internal use only Not for Public Distributions 5
6 Property Eligibility Existing Properties Resale properties must be owned by current seller more than 90 days New Construction Properties appraised as Proposed or Subject to completion or any property less than 12 months old which has not been occupied, must have new construction documentation Condominiums and Planned Unit Developments (PUDs) Must have the Homeowners in control of the association Must be at least 50% owner occupied Condos must be FHA approved Find FHA Project eligibility availability: For internal use only Not for Public Distributions 6
7 Appraisal Appraiser must be provided a copy of the sales contact prior to delivering the appraisal All appraisals must: Comply with the OCC Interagency Appraisal and Evaluation Guidelines (OCC AL ) Meet all FHA appraiser independence Guidelines as defined in the FHA Single Family Housing Policy Handbook (4000.1) Be developed consistent with FHA Valuations Standards in the Property Valuation Appraisals Appraiser must re-inspect the property when defects are noted in the appraisal Appraisal ordering instructions are available in the Wholesale Seller Guide; Section 900: Appraisals FHA appraisal orders must include FHA Case Number The Appraisal and the FHA Doc File must be included with the credit package For internal use only Not for Public Distributions 7
8 Minimum Property Standards Properties should be free of defects or existing problems: Utilities: must be inspected and tested by the appraiser during If disconnected: utilities will need to be connected and re-inspected Each unit must contain it s own hot water, sanitary facilities, and a safe method of sewage disposal Connection to public systems is required whenever feasible and available at a reasonable cost Heating systems must be adequate for healthful and comfortable living conditions All required repairs must be completed prior to closing Original appraisal must inspect and provide inspection report indicating all repairs are complete For internal use only Not for Public Distributions 8
9 Anti-Flipping Regulations 90-Day seller seasoning required Exceptions: o Sales by HUD of its Real Estate Owned o Sales by other United States Government agencies of single family properties pursuant to programs operated by these agencies o Sales of properties that are acquired by the sellers by inheritance or other court ordered devise o Sales of properties by nonprofits approved to purchase HUD-owned single family properties at a discount with resale restrictions o Sales of properties purchased by employers or relocation agencies in connection with relocation of employees o Sales of properties by state and federally chartered financial institutions, such as U.S. Bank or other banks and Government Sponsored Enterprises (such as Fannie and Freddie) o Sales of properties by local and state government agencies For internal use only Not for Public Distributions 9
10 Anti-Flipping Regulations (continued) Property flipping between days of acquisition: A second appraisal must be obtained if the resale price is 100% or more over the price paid by the seller when the property was acquired If the second appraisal supports a value that is more than 5% lower than the value of the first appraisal, the lower value must be used The cost of the second appraisal may not be charged to the borrower Property flipping between 91 days 12 months of acquisition: Resale price 5% or more over the acquisition price may require additional documentation, including but not limited to another appraisal Refer to the FHA Single Family Housing Policy Handbook (4000.1) for additional information and requirements for property flipping For internal use only Not for Public Distributions 10
11 U.S. Bank Home Mortgage Wholesale FHA Products 1001: FHA 30 Year Fixed 1002: FHA 15 Year Fixed 1105: FHA Jumbo 30 Year Fixed 1024: FHA 5/1 ARM (2.0 margin) qualifies at note rate 1025: FHA Jumbo 5/1 ARM (2.0 margin) ARM programs must have an ARM Disclosure signed by the borrower at application Upfront MIP and Annual Renewal MI required For internal use only Not for Public Distributions 11
12 FHA Loan Limits The maximum base loan amount is the lower of the applicable FNMA / FHLMC conventional conforming loan limits or FHA Count Limits To determine maximum base loan amounts go to the following HUD website: The current FNMA / FHLMC conforming limits by number of units are: 1 Unit 2 Unit 3 Unit 4 Unit $424,100 $543,000 $656,350 $815,650 The loan limit may only be exceeded by the up front mortgage insurance premium, if financed FHA loans in high cost areas exceeding the above limits may be eligible for higher loan amounts under USBHM Product 1105 (FHA Fixed Jumbo) or 1025 (FHA Jumbo 5/1 ARM) For internal use only Not for Public Distributions 12
13 FHA Purchase Primary 1 4 unit LTV 96.5% Secondary financing provided by Housing Finance Agencies or FHA approved Non-Profit organizations not allowed For internal use only Not for Public Distributions 13
14 FHA Rate and Term Refinance Primary 1 4 unit 97.75% LTV/TLTV/HTLTV 85% LTV/TLTV/HTLTV if owner occupied less than 12 months Rate and Term refinances allow for the payoff of: The existing first lien (FHA, VA, or Conventional) Any purchase money second mortgage or junior lien over 12 months old Closing costs, pre-paid expenses, late charges, escrow shortages, borrower paid repairs required by the appraisal, points, and other fees Borrower may not receive cash back in excess of $500 at closing For internal use only Not for Public Distributions 14
15 FHA Cash Out Refinance Primary 1 2 unit 85% LTV/HTLTV/TLTV Cash out refinance allows for the payoff of: the existing first lien Any junior liens Any other debt to be paid off Cash to borrower 12 months owner occupancy required Exceptions allowed for inheritance if the property has not been treated as an investment since becoming inherited Current first lien must be paid within the month due for the previous 12 months For internal use only Not for Public Distributions 15
16 Streamline Refinance Streamline Refinance: U.S. Bank to U.S. Bank only Maximum mortgage loan amount: Outstanding Principal Balance - UFMIP Refund + New UFMIP Maximum Loan Amount Use the applicable FHA Streamline Worksheet to calculate the maximum mortgage amount The worksheets are available in the Wholesale Seller Guide o Section 1200: Exhibits and Forms For internal use only Not for Public Distributions 16
17 Streamline Refinance (continued) Net Tangible Benefits: Lender must determine there is a net tangible benefit as a result of the streamline refinance transaction From To Fixed Rate One-Year ARM Hybrid ARM Fixed At least 0.5 percentage points below the prior Combined Rate At least 2 percentage points below the prior Combined Rate At least 2 percentage points below the prior Combined Rate ARM (with less than 15 months to next payment change date) No more than 2 percentage points above the prior Combined Rate At least 1 percentage point below the prior Combined Rate At least 1 percentage point below the prior Combined Rate ARM (with 15 or more months to the next payment change date) No more than 2 percentage points above the prior Combined Rate At least 2 percentage point below the prior Combined Rate At least 2 percentage point below the prior Combined Rate For reductions in loan term, the following criteria must be met: The mortgage term is reduced The new interest rate does not exceed the current interest rate, and The combined principal, interest and MIP payment of the new mortgage does not exceed the combined principal, interest and MIP of the refinanced mortgage by more than $50 For internal use only Not for Public Distributions 17
18 Streamline Refinance (continued) Seasoning: at least six payments must be made on the FHA mortgage being refinanced Payment History: at the date of application, the borrower must have an acceptable payment history: 0x30 required for mortgages with six to12 month payment history 1x30 required for most recent 12 months and 0x30 for most recent 3 months Credit Scores: if credit score is available, it must be entered into FHA Connection. If more than one score is available, all available credit scores must be entered For internal use only Not for Public Distributions 18
19 Streamline Refinances (continued) Verifications: verify the borrower is employed and has income at the time of loan application Debt ratio criteria will not apply if the loan otherwise qualifies for a Streamline Refinance Cash to close must be verified Maximum CLTV if subordinate financing is remaining is 125% For Streamline without an appraisal, the CLTV/HCLTV is based on the original appraised value of the property TOTAL Scorecard: not required on non-credit qualifying Streamline Refinances Loans submitted to TOTAL Scorecard that are otherwise eligible as a non-credit qualifying streamline may be approved without regard to the documentation required by TOTAL Scorecard (findings may be ignored), per HUD guidelines For internal use only Not for Public Distributions 19
20 Upfront Mortgage Insurance Upfront Premium Collected on all loans at close, in cash or financed into the loan May be financed, gifted, paid by seller or paid in full at closing 100% of the upfront MIP may be financed as long as the loan amount does not exceed 100% of the appraised value UPMIP premiums may not be split The cost is a percentage of the base loan amount on the transaction type (see mortgage insurance chart) Upfront Premium Costs Purchase and full credit qualifying refinances = 1.75% Streamline Refinances = 1.75% o Streamline refinances endorsed on or before 5/31/2009 =.01% For internal use only Not for Public Distributions 20
21 Annual Renewal Mortgage Insurance Annual Renewal Premium Collected with the monthly mortgage payment The cost is a percentage of the base loan amount based on the term and LTV (see mortgage insurance chart) Monthly MIP for all loan types For internal use only Not for Public Distributions 21
22 Underwriting All credit qualifying loans must be submitted through FHA s TOTAL Scorecard via LP or DU. Loans receiving REFER response may be manually underwritten. All borrowers must meet minimum FICO score requirements: LP Accept/DU Approve and Streamline Refinance: o Use the tri-merged credit score regardless of the number of trade lines evaluated (middle of three, lower of two or single FICO if only one is issued) Manually underwritten: o The minimum credit score must be based upon a tri-bureau merged credit report and be considered a valid score. For internal use only Not for Public Distributions 22
23 Credit History Most recent months is scrutinized more closely than older credit Payment history on housing obligation is very important Delinquent credit must be paid off at or prior to closing: Includes: taxes, judgments, collections, charged off accounts, tax liens, mechanics liens and liens that have potential to affect the lien position (See Bulletin for collection account exceptions) Generally, more lenient on severe derogatory items: Chapter 7 Bankruptcy: 2 years since discharge, credit reestablished with no late payments Chapter 13: 12 payments made with approval from Trustee and no late payments Foreclosure/Short Sale/Deed in Lieu: 3 years seasoning and reestablished credit Consumer Credit Counseling: one year payments made with no lates For internal use only Not for Public Distributions 23
24 Credit History (continued) Non-traditional credit may be used but never to offset the bad debt Must pull non-borrower spouse credit in all community property states Debts must be considered in the ratios of the borrower Collections are not necessarily required to be paid off Derogatory credit rating is not held against our borrower Borrower cannot be late, delinquent, or in default of any federal debt CAIVRS (Credit Alert Verification Response System) LDP (Limited Denial of Participation) / GSA (General Services Administration): must clear ALL parties in the transaction For internal use only Not for Public Distributions 24
25 Credit History (continued) Credit Scores: minimum FICO score requirements for all borrowers 660 minimum credit score on all credit qualifying and streamline refinance transactions 680 if > $424,100 on a Streamline refinance DTI maximum is 50% regardless of AUS approval All manual underwriting ratios are capped at 31/43 Liabilities Student loans: deferred debt must be counted as recurring liability Contingent Liability: any debt the borrower would be held liable in the event of default by the primary obligor must be counted o o Contingent liability applies unless documented proof of primary obligor making payments on time in the past 12 months with no history of late payments Additional documentation needed if the liability is a mortgage For internal use only Not for Public Distributions 25
26 Borrowers Investment Minimum Cash Investment = 3.5% Borrowers may pay: Reasonable, customary closing costs Bona fide discount points Borrowers cannot pay: Origination fee greater than 1% Tax Service Fee For internal use only Not for Public Distributions 26
27 Acceptable Sources of Funds to Close Gift funds: from relative or closely defined friend are acceptable Seller Contribution: up to 6% allowed Can cover pre-paids but never down payment Loans from family member: standard FHA guidelines Borrower s own funds: standard FHA guidelines Standard documentation or per TOTAL Scorecard Buyers cannot receive any cash back on a purchase transaction For internal use only Not for Public Distributions 27
28 Seller Contributions and Inducements to Purchase 6% Maximum contributions from interested parties Interested parties: the seller, real estate agents, builders, developers, etc. Contributions can go toward paying: actual closing costs, pre-paid expenses, points and other concessions Any amount over the 6% will be considered an Inducement to Purchase Result in dollar for dollar reduction to the sales price before applying the appropriate LTV ratio o Inducements may include decorating allowances, repair allowances, moving costs, any personal property, and any amount paid over the 6% seller contribution allowed (See the FHA Single Family Housing Policy Handbook for additional information) Before calculating the loan amount make sure you do not have to reduce the sales price due to an inducement to purchase For internal use only Not for Public Distributions 28
29 Employment Wages: require two year work history Consistent overtime and bonus with two year history Commissions averaged 24 months, two year 1040s required Self-employment averaged 24 months, 1040s, business returns and P&L required Projected income may not be used for qualifying purposes for borrower s starting a new job post-closing Non-employment income needs to be document 3 years forward and one back Seasonal jobs and unemployment may be averaged with 24 month history of both Gross up non taxable income (non taxable part of SSI, child support) 25% as a general rule For internal use only Not for Public Distributions 29
30 Compensating Factors Ratios may be exceeded with valid compensating factors, including but not limited to: No or minimal payment shock based for housing expense Large down payment (i.e. 10% or more from borrower s own funds) Savings ability Conservative use of credit Income not used to qualify ratios but can be proven or documented Previous credit history shows that the borrower has the ability to devote a greater portion of income to housing expense The borrower has substantial documented liquid cash reserves (at lease 3 months worth) after closing. Cannot be gift funds The borrower has substantial non taxable income (if no adjustment was made previously in the ratio computations) The borrower has a potential for increased earnings, as indicated by job training or education in the borrower s profession For internal use only Not for Public Distributions 30
31 FHA Exhibits HUD/VA Addendum to URLA (92900-a) Important Notice to Homebuyer (92900B) FHA purchase contract and all addendums MI Consumer Choices Notification For Your Protection: Get a Home Inspection (92564-CN) Amendatory Clause, if not located in the purchase contract then it will be a separate document Real Estate Certification, if not located in the purchase contract then it will be a separate document Clear CAIVRS LDP/GSA Consent Form (Notice & Consent for Release of Information (HUD form 9887) Notice to Homebuyer Summary from Appraisal ARM Disclosure, if applicable All of the above documents are to be executed by borrower, seller, and loan officer (as applicable) and in the loan file prior to underwriting submission For internal use only Not for Public Distributions 31
32 Homeownership Websites Atlanta Regional HUD office: Denver Regional HUD office: Philadelphia Regional HUD office: Santa Ana Regional HUD office: HUD Washington: HUD Clips: Note: from time to time HUD may change their web pages For internal use only Not for Public Distributions 32
33 Thank you for viewing the FHA Overview for U.S. Bank Home Mortgage Wholesale. We appreciate your business. For internal use only Not for Public Distributions 33
SONYMA FHA Plus Correspondent Term Sheet
Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee
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 informationGuide to the FHA Basics
Guide to the FHA Basics Navigating your way to FHA success!! Rev. 6/13/2016 FHA Basics FHA insures the loan for an insurance fee (referred to as UFMIP) which is collected at loan closing. UFMIP can be
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 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 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 informationWholesale Lending FHA Product Profile 03/23/2015 Overlays to HUD Guidelines are underlined
FHA CONFORMING Program Code GF30 GF15 GA05 GA07 Loan Description FHA CONFORMING 30 YEAR FIXED FHA CONFORMING 15 YEAR FIXED FHA CONFORMING 5/1 LIBOR ARM FHA CONFORMING 7/1 LIBOR ARM Program Code FHA HIGH
More informationAPMC FHA PROGRAM GUIDE
FHA LTV Matrix Conforming FHA Fixed Purchase Full Primary Residence 1-4 600 96.5/105 Rate & Term Refinance Full/Simple Primary Residence 1-4 620 97.75/97.75 Streamline Primary Residence 1-4 620 97.75/125
More informationPURCHASE. Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence ,2 96.5/105 1,2 RATE TERM REFINANCE
PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple Primary Residence 1-4 620 1
More informationFederal Housing Administration (FHA) Product Matrix
APPRAISAL All FHA appraisals are valid for 120 days including New Construction and HUD REO s. FHA approved lenders are prohibited from accepting appraisals prepared by appraisers who are selected, retained
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 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 informationFHA TRAINING WORKBOOK
FHA TRAINING WORKBOOK A Comprehensive Guide to FHA Lending with Finance of America LYNNE GONZALES Account Executive o: (925) 808.7208 f: (949) 338.5390 lgonzales@financeofamerica.com FAMWholesale.com Introduction
More informationFHA FIXED RATE & ARM PROGRAM
FHA FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple
More informationPRODUCT MATRICES. For Information on any of our products, please contact your USBHM Account Executive
Wholesale Lending PRODUCT MATRICES March 2017 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
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 informationFHA HIGH BALANCE PROGRAM
PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/96.5 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple Primary Residence 1-4 620 1
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 informationMINIMUM MORTGAGE: None
LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 3 AGE OF DOCUMENTS:... 3 APPLICATION REQUIREMENTS:...
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 Streamline Refinance Training
FHA Streamline Refinance Training Offered through First Mortgage Corporation Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This
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 informationFHA HIGH BALANCE FIXED RATE & ARM PROGRAM
FHA HIGH BALANCE FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1 4 620 1 96.5/96.5 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple
More informationFixed-rate, fully amortizing with level payments for life of loan. This program is for conventional conforming loan amounts.
Several states and local municipalities have enacted legislation that define High Cost loans based on APR and fee thresholds which may or may not relate to the HOEPA thresholds. These types of loans typically
More information1-12 STREAMLINE REFINANCES.
Cash-out refinances for debt consolidation represent considerable risk, especially if the borrowers have not had an attendant increase in income. Such transactions must be carefully evaluated. 1-12 STREAMLINE
More informationFHA Underwriting Changes. Effective for case numbers issued on and after September 14, 2015
FHA Underwriting Changes Effective for case numbers issued on and after September 14, 2015 Today s Presentation Overview of the most substantial changes to the FHA single family handbook. Not realistic
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 informationSimple Refinance is only permissible for owner-occupied Principal or HUD-approved Secondary Residences.
FHA SIMPLE REFINANCE Simple refinance refers to a no cash-out refinance of an existing FHA mortgage in which all proceeds are used to pay the existing FHA insured mortgage lien on the Subject Property
More informationImportant FHA Changes on Mortgage Insurance Mortgagee Letter January 12, 2015
TIB-The Independent BankersBank www.mybankersbank.com Important FHA Changes on Mortgage Insurance Mortgagee Letter 15-01 January 12, 2015 Listed below please find an updated mortgagee letter from FHA on
More informationFHLMC PROGRAM LINEUP`
FHLMC PROGRAM LINEUP` Table of Contents Conventional Conforming (fixed & ARM)... 2 Super Conforming Fixed Rate... 5 Super Conforming ARM... 7 Home Possible... 11 Open Access... 16 HomeOne... 18 www.mcfunding.com
More informationFHA STREAMLINE REFINANCE
Table of Contents 1. Eligible Mortgage Product-Existing Loan... 2 2. Eligible Mortgage Product-New Loan... 2 3. Maximum Loan Amount... 2 4. Maximum LTV/CLTV... 2 5. MIP Requirements... 2-4 6. Assets...
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 informationWORKSHEET #4 (Updated ) STREAMLINE REFINANCE WITH APPRAISAL (Credit Qualifying Only) MAXIMUM MORTGAGE WORKSHEET
WORKSHEET #4 (Updated 3-2012) STREAMLINE REFINANCE WITH APPRAISAL (Credit Qualifying Only) MAXIMUM MORTGAGE WORKSHEET CAUTION: If a non-credit qualifying loan, despite obtaining a NEW appraisal, lender
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 informationFHA Streamline Refinance Programs
Description Credit Qualifying Streamline Refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Credit & Capacity analysis of the Borrower is required.
More informationA Streamline transactions is the refinance of an FHA to FHA loan. 1-unit owner occupied and 1-unit investment properties are eligible
A Streamline transactions is the refinance of an FHA to FHA loan 1-unit owner occupied and 1-unit investment properties are eligible FHA Streamline loans can be structured with or without an appraisal
More informationPRODUCT MATRICES. For Information on any of our products, please contact:
Correspondent Lending PRODUCT MATRICES March 2016 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
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 informationGuideline Reference Applies to ALL Products
Guideline Reference Applies to ALL Products 4506-T CG Ch 5E Loan Documents & Notes CG Ch 6F Employment & Documentation CG Ch 7G FHA Employment & Evaluation & Documentation Product summaries IRS Form 4506T
More informationHUD Underwriting Changes
HUD Underwriting Changes For all Case # issued on/after 9/14/15 www.impacmortgage.com 9/8/15 MD 1 Goodbye to the 4155 Handbook Approximately 450 handbooks, mortgagee letters and policy statements were
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 informationIssue Date 2/18/09 Effective Date Immediately WPA
Wholesale Partner Announcement At Your Interest Is Our Priority! Issue Date 2/18/09 Effective Date Immediately WPA 2009-008 Multiple Changes and Clarifications Purpose This communication announces the
More informationFHA SF HANDBOOK EXCERPTS
FHA SF HANDBOOK EXCERPTS FHA Single Family Housing Policy Handbook (HUD Handbook 4000.1) A Live Webinar: The Single Family Housing Policy Handbook In-Depth August 20, 2015 and August 25, 2015 CREDIT (MANUAL
More informationAssistance Program: City of Los Angeles Low Income Purchase Assistance Program (LIPA) Zero Interest Code: DCALIPADP
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationPurchase, Rate and term refinance, Cash-out refinance. Finance Type. Owner-occupied primary residences only F15, F20, F25, F30, F15HB.
Finance Type Occupancy Product Codes Purchase, Rate and term refinance, Cash-out refinance Owner-occupied primary residences only F15, F20, F25, F30, F15HB. F30HB FHA Fixed Rate Type of Loan Maximum Mortgage
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 informationHit the Books: First Time Homebuyer Programs from FNMA and FHLMC
Hit the Books: First Time Homebuyer Programs from FNMA and FHLMC Two common first time homebuyer programs are MyCommunityMortgage from FNMA and Home Possible from FHLMC. This reference will help you understand
More informationFHA Cash Out Occupancy Requirement and 2009 Temporary Loan Limits; Appraisal Reminder
Wholesale Partner Announcement At MSI Your Interest Is Our Priority! Issue Date 3/05/09 Effective Date Varies WPA 2009-010 FHA Cash Out Occupancy Requirement and 2009 Temporary Loan Limits; Appraisal Reminder
More informationPRIOR FHA REFINANCE ONLY. Maximum LTV/CLTV Max Loan Amount Max Ratios Mortgage/Rental History MINIMUM FICO 500 MINIMUM FICO 580 MINIMUM FICO 620
PRIOR FHA REFINANCE ONLY Maximum LTV/CLTV Max Loan Amount Max Ratios Mortgage/Rental History MINIMUM FICO 500 90.00% 1-4 UNITS. Per FHA Max County Limits See Loan Amount Matrix Below MINIMUM FICO 580 43%
More informationSECTION 8 DOWNPAYMENT ASSISTANCE PROGRAM
SECTION 8 DOWNPAYMENT ASSISTANCE PROGRAM 8.1 Qualification of Participating Lenders 8.2 Funds Availability 8.3 Eligibility 8.4 Computation of DAP Loan Amounts 8.5 Application Processing 8.6 Loan Preparation
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 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 informationFHA Streamline Changes; MDIA Revision, Reminders; LP RRM Clarification; Conforming Loan Parameter Changes
Wholesale Partner Announcement At MSI Your Interest Is Our Priority! Issue Date 11/05/09 Effective Date As Noted WPA 2009-042 FHA Streamline Changes; MDIA Revision, Reminders; LP RRM Clarification; Conforming
More informationMAGNOLIA BANK CORRESPONDENT FUNDING RURAL DEVELOPMENT PRODUCT SUMMARY
RURAL DEVELOPMENT FIXED RATE (DELEGATED CLIENTS ONLY) 1. PRODUCT DESCRIPTION USDA Fixed Rate Mortgage 30 year term Fully amortizing 2. PRODUCT CODE 3. INDEX 4. MARGIN 5. ANNUAL/ADJUSTMEN T CAP 6. LIFE
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 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 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 informationPURCHASE. Max LTV w/o Sec. Fin. Max LTV w/ Sec. Fin. Max TLTV w/ Sec. Fin.
Agency Revised 3/26/2014 Correspondent Lending Freddie Mac Standard Fixed Rate and ARM Product Profile excludes: Relief Refinance and Super Conforming ELIGIBILITY MATRIX Overlays to Freddie guidelines
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 information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationWMFHAFIXEDPR 4/6/16 Page 1
LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN-REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 3 APPLICATION:... 3 APPRAISAL
More informationProgram Qualifications
This matrix is intended as an aid to assist in determining if a property/loan qualifies for certain USDA offered programs. It is not intended as a replacement for USDA guidelines. Users are expected to
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 informationWHOLESALE Non-Agency Jumbo Fixed and ARM Fixed: T Year fixed rate, T Year fixed rate ARM: A500-5/1 ARM. A522-7/1 ARM and A527-10/1 ARM
Transaction Type Units Min-Maximum Loan Amt. Non-Agency Fixed and ARM Jumbo Matrix 1 WHOLESALE BUSINESS CHANNEL ONLY Maximum Min. LTV 3 FICO Min.# Mos. Verified PITIA Maximum DTI Maximum Cash Out 4 1 Primary
More informationCITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES
CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES Program Overview: BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) The 3% Interest Deferred Loan Program is a homeownership program
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationCorrespondent Guidelines. Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits:
Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits: Occupancy Primary Residence Investment & Non-Owner PURCHASE AND LIMITED CASH-OUT REFINANCE MORTGAGES Property Type 1 Unit Max LTV Max TLTV
More informationFHA Fixed Rate and ARM Program Summary (Part I) & FHA High Balance Fixed Rate and ARM Program Summary (Part II)
FHA Fixed Rate and ARM Program Summary (Part I) & FHA High Balance Fixed Rate and ARM Program Summary (Part II) Part I FHA Fixed Rate and ARM Program Matrix: PURCHASE Doc Type Occupancy Units FICO LTV/CLTV
More informationPennyMac Correspondent Group FHA Product Profile
PennyMac Correspondent Group FHA Product Profile 01.18.18 Overlays to FHA are underlined 1 Purchase Min FICO Maximum /FICO Requirements No Cash-out Refinance /C Min FICO /C 96.5% 2 620 97.75% 620 85.0%
More informationJUMBO A PROGRAM GUIDE
TABLE OF CONTENTS 1 OVERVIEW... 3 2 UNDERWRITING CRITERIA... 3 3 PRODUCT ELIGIBILITY... 4 3.1 AVAILABLE PRODUCTS... 4 3.2 ADJUSTABLE RATE CRITERIA... 4 4 PRODUCT MATRIX... 5 4.1 GEOGRAPHY... 5 4.2 MINIMUM
More informationParticipating Lender Training
Participating Lender Training 1 CHFA S MISSION To provide housing opportunities for low and moderate - income people in Connecticut and to aid economic development. 2 www.chfa.org 3 CHFA AND BOND COMPLIANCE
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 informationNovember *This information is intended for mortgage professionals only and is not an advertisement to extend credit.*
FHA Program Guide History of FHA FHA was formed in 1934, to bring back the housing market after post 1929 stock market crash, by assisting homebuyers with low down payment The Federal Housing Administration
More informationFHA FIXED RATE & ARM PROGRAM
FHA FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple
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 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 information720 & ABOVE. Purchase Rate/Term Max Loan Amount. C/O Refi Max Loan Amount. Maximum Cash-out Amount 1 FICO SCORE $250,000
SECOND HOME 700 720 PRIMARY RESIDENCE SECOND HOME 720 & ABOVE PRIMARY RESIDENCE CORE JUMBO (CJ) PRIMARY & 2 ND HOME PURCHASE; RATE/TERM & CASH-OUT REFINANCE FICO SCORE Occupancy LTV/CLTV Purchase Rate/Term
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 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 informationCROSS INDEX RD Builder's Warranty RD Plan Certification Guaranteed Rural Housing Lender Record Change form
1924-19 RD Builder's Warranty 177 1924-25 RD Plan Certification 179 1980-11 Guaranteed Rural Housing Lender Record Change form 78 1980-17 Loan Note Guarantee form 76 1980-19 Guaranteed Loan Closing Report
More informationditech BUSINESS LENDING FHA PURCHASE PRODUCT
1. PRODUCT DESCRIPTION FHA Fixed Rate Mortgage for Purchase Transactions FHA three year adjustable rate mortgage for Purchase Transactions 5 to 30 year term in annual increments 30 year term Fully amortizing
More informationLPA HOME POSSIBLE. Home Possible
LPA HOME POSSIBLE Description: Product Term HPML Loan Purpose Acceptable Property Types Home Possible Home Possible (HP) is a Freddie Mac Community Lending program is designed to meet the needs of low-
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 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 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 informationJUMBO PRODUCT MATRIX
JUMBO PRODUCT MATRIX PRODUCT DESCRIPTION Non Conforming Fixed Rate OR; Non Convertible ARMs 5/1, 7/1 and 10/1 LIBOR ARM with a 2.25% Margin and 5/2/5 Caps No prepayment penalty Escrow waivers allowed for
More informationFHA Standard Refinance (No Cash-Out Refinance / Rate and Term)
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 information<logo> Offered through 21 st Century Home Loans WHOLESALE DIVISION
CHF ACCESS Training Offered through 21 st Century Home Loans WHOLESALE DIVISION Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie
More informationChapter 9 Product Matrix
Table of Contents Chapter 9 Product Matrix... 1 CONVENTIONAL CONFORMING LOANS... 2 Secondary Market ARM (Adjustable Rate Mortgage) Loans... 4 HARP (Fannie DU Refi Plus and Freddie Open Access)... 5 FHA/VA
More informationPREMIER JUMBO PROGRAM GUIDE
\ PREMIER JUMBO PROGRAM GUIDE This document is provided for approved loan sellers only and may not be copied, distributed or disclosed to any other party. All terms herein are subject to change by FundLoans
More informationGN FHA Fixed, Streamline & High Balance Option
LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 2 APPLICATION REQUIREMENTS:...
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 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 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 informationPRODUCT MATRIX 3/15/07
PRODUCT MATRIX 3/15/07 For More information on any of our products please contact: Underwriting Help Desk 866-807-6049 (for product questions or scenarios) Help Desk Bloomington 800-200-5881(for Pricing
More informationFinancing Residential Real Estate. FHA-Insured Loans
Financing Residential Real Estate Lesson 11: FHA-Insured Loans Introduction In this lesson we will cover: FHA loan programs, graduated payment mortgages, FHA insurance premiums, sales concessions such
More informationCITY OF SAN DIEGO SHARED APPRECIATION LOAN PROGRAM GUIDELINES
BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) Program Overview: The Shared Appreciation Loan Program is a homeownership program designed to make funds available to low -income households to help
More informationUSDA Program Summary. Revised: 12/01/2014 USDA Program Summary Page 1 of 5
USDA Program Summary USDA Rural Housing Fixed Rate Program Matrix: Purchase Occupancy Units FICO/Credit Score LTV/CLTV Primary Residence 1 620 100/NA Rate Term Refinance Occupancy Units FICO/ Credit Score
More information