Credit
This 3 digit number helps determine borrower eligibility and rates
What is credit score? 620+
This is used to show the borrower has the ability to repay the loan
What is income?
Funds used for down payments and closing costs
What are Assets?
A home occupied for part of the year but not as a primary residence
What is a second home?
This is required for all conventional loans
What is AUS approval?
Borrowers with stronger versions of this often receive better loan pricing
What is credit history?
Paystubs and W2's are examples of this
What is income documentation?
These statements are commonly used to document available funds
What are bank statements?
The process used to estimate a property's market value
What is an appraisal?
On a conventional mortgage, this can usually be removed once the homeowner reaches sufficient equity, often around 20%
What is PMI?
Minimum requirement for credit score
What is 620+?
Lenders review this to determine whether monthly obligations fit within guidelines. Must have AUS approval.
What is debt to income ratio?
Large unexplained versions of these often require documentation
What are deposits?
This must generally support the purchase price and loan amount
What is the property value?
720+ FICO and 10% down or 620+ FICO and 20% down is required for this occupancy type
What are the down payment requirements for a second home?
This report contains borrower's credit accounts, balances, and payment history
What is a credit report?
Changing jobs right before closing may require additional review of this
What is employment history?
Borrowers must often demonstrate enough of these to close
What are available funds?
The minimum down payment for conventional
What is 5%, 3% is exceptionable?
A tool in encompass that allows you to compare loan options quickly, and then present to your borrower in a consultative approach to your sales strategy by giving your borrower multiple options to accomplish their goals.
What is Product Picker?
Must have LOX on all _ showing up in the last 120 days from the date of the credit report.
What is credit inquiries?
This is the lenders process of verifying earnings and employment
What is income validation?
Retirement Accounts, Checking Accounts, and Saving Accounts are examples of these
What are acceptable assets?
The _ approach is required for all appraisals for manufactured homes
What is the cost approach?
Income derived from the sale of marijuana is eligible on the exception basis provided...
What is
-Must be legal under state law
-Borrower must be a W2 wage earner with no ownership in the business generating the income
-FNMA only
-Ineligible with Lakeview DPA