Conventional
What is the only program eligible for a property inspection waiver?
Fannie Mae (FNMA)
What are the eligible terms?
15, 20-30
What can we use instead of tax returns for income?
12 months bank statements
With AUS approval, what is the max back end DTI?
There is none, as long as we have AUS approval.
What is the minimum Credit Score for DWMH?
620
How much do we have to input for student loans for Fannie and Freddie?
FNMA: 1%
FHLMC: .5%
How much is the upfront mortgage insurance premium on FHA loans?
1.75%
What is the minimum loan amount on RAP programs?
$150,000
What is the max LTV for cash out with a borrower with 740+ scores?
90%
To meet the reserve requirements we are able to use the cash in hand the borrower will be receiving.
FALSE.
Which AUS is used for FNMA and FHLMC?
FNMA: DU
FHLMC: LP
If a borrower is late on a payment, how many payments do they need to make on time in order to do a Rate and Term refinance?
0x30 in months 1-6
1x30 in months 7-12
What is the pay history requirement for a RAP A loan?
1x30x12
What is the other out-of-pocket besides the appraisal that is almost always required for ALL VA loans?
Termite inspection
What are the 3 things needed on a DWMH that are not needed on any other type of property?
1. Foundation Certification
2. HUD Tag (Inside+Out)
What is the new seasoning period for a cash out loan for FHLMC?
12 months
When does the mortgage insurance "fall off"
If a borrower is eligible for RAP and needs to meet the reserves requirement but does not have the money in the bank to show... what else can they use to show proof of reserves?
They can use the cash out from the program to cover the reserve requirements
Can you be late by more than 30 days in 1 year and still qualify for a VA program if your credit scores are 700+
Yes.
What are the eligable terms for FHA/Conventional Cash out with a DWMH?
FHA: 15, 20-30
Conventional: 20 OR LESS
What is the maximum LTV for a refer on a conventional loan?
There is none. You cannot proceed with a refer on a conventional loan.
How much do we have to input for student loans?
.5%
What is the maximum front and back end DTI for RAP A?
There is no front end, but the back is 50%.
If I am not married but my boyfriend (who is a veteran) is applying for a refinance, can I be added to the title as well?
No. Only the spouse or a veteran can be added to title.
What do you need if we are going FHA and the DWMH is in a flood zone?
Nothing. We cannot refinance FHA DWMH that are in a flood zone.