Conventional
If I want to pay off a first and second mortgage with a Rate and term, what is the rule?
They must have been taken out at the same time - a piggy back loan / 80/20 etc.
How do you calculate student loan payments?
.5%
OR Payment listed on the actural CR or documented payment if above $0
Who can be on the title of the home?
The veteran and their spouse OR another veteran
What is the minimum credit score for RAP?
620
What is Minimum down payment on an FHA purchase
3.5%
When can I use income from a second job?
When the borrower has worked at both of the same jobs for 2 years consistantly. No other time.
I'm doing a RT FHA Refi to drop my rate from 6% to 3.5% after buying my home 2 years ago. My LTV on the new loan will be 92.6%. How long will I have MIP?
The life of the loan.
To prove VA retirement income, you need what documents?
Award letter
bank statement
What loan options use bank statements instead of taxes?
(Must list all of them for points.)
A, A-, B
What is the minimum down payment for a conventional loan investment property?
20%
Which AUS is used for FNMA and which for FHLMC?
FNMA - DU
FHLMC - LP
What is the max LTV for a cash out refinance at a 588 score?
80%
You're doing a cash-out refinance to add 2 extra bedrooms to a borrower's house - their family of 5 continues growing!
What LOEs should you ask for when requesting documents? (2!)
LOE Cash out
LOE Child Care
What is the pay history requirement on a RAP A loan?
1x30x12
At what stage do you lock a purchase loan?
Purchase pre-approval
What are the special rules that apply when doing a cash out on a DWMH? (2 key factors)
20 year max term, 65% max LTV
How much is the UFMIP?
1.75%
How many months is the maximum recoup period for an IRRRL
36 months
What rule applies if you want to R&T a first and second together
same as FHA
less than 1k increase in balance since one year ago.
What is the minimum down payment on conventional loans & when does it apply?
3% - FNMA FTHB, OR home ready/possible
Can we do a conventional refinance for a family who lost their free & clear home last year due to taxes not being paid?
Yes!
The property is considered a 'Sheriff Sale' only due to a tax foreclosure. Sheriff sales do NOT need to be considered a foreclosure as long as there was not mortgage involved.
What terms do we offer on FHA loans?
15, 20-30
To calculate residual income, there is a chart listed on the guidelines with two deciding factors. What are the two factors, and how are they broken up?
# of dependents (1,2,3,4,5)
& Territory (Northeast, Midwest, South, West)
Using self employment income without tax returns for a 1099 employee, what documentation do we need?
(3 key items)
NOT 12/24 bank statements!
2 years of 1099s with the same company
LOE from employer for no expenses
YTD VOE or Paystub
Which standard (not RAP) programs allow for non-occupant coborrowers?
Conventional & FHA
NOT VA or USDA