CES HFI
For a Condo using HFI, what is the max CLTV and Minimum credit score for a loan amount of $600,000
740 credit and 60CLTV
What is the minimum initial draw for line amounts between $25,000 and $149,999?
75% of the total line
Bonus Question $200 - What is the minimum draw for lines amounts $150k or greater?
What are the interest Rate Caps?
o Floor: 4% o Periodic: 0% o Lifetime: 18%
Bonus Question - What index is used?
What is the max loan amount?
$500,000.
Bonus Question $300
What is the minimum credit score, max cltv and occupancy needed to go to $500,000
How long are AVMs good for?
60 days
How long are DVIs and Appraisals good for?
Must be dated within 120 days of the Note Date
What is the largest line/loan amount allowed?
$750,000
Bonus Question - $300 -What are the two requirements for a $750,000 line amount?
How is the qualifying payment calculated?
The qualifying payment shall be based on the fully amortized payment of the repayment period (Principal + Interest) calculated at the FIR + a payment shock adder of 1.5%
Minimum credit score for investment property with HFS.
680.
Bonus question $100
What is the max CLTV for investment property if credit is 680?
The Max loan amount to use an AVM on HFS
$400,000
If the member does not have enough assets or cash back at closing to pay off a 30 day open account how is the 30 day open account monthly payment calculated
Five (5) percent of the balance
What is the waiting period for a chapter 7 bankruptcy
4 years from discharge or dismissal date
What is the minimum draw amount and how long does a member have to wait for additional draw?
$1,000 and no waiting period for additional draw
What is the total sum of 1st and 2nd liens combined?
$5,000,000
What is the minimum confidence score needed to use an AVM on HFS?
85
What is needed if an equity loan is being used to purchase another property?
Bonus Question $200 - What occupancy is allowed for the new home purchase?
What is the maximum additional draw?
$100,000
What is the employment gap guideline?
Any gap greater than one month in the most recent twelve (12) months is not permitted
What is needed if the member does not have 3 tradelines?
Current mortgage paid as agreed for the past 36 months
What is the Max Loan amount allowed to use an AVM on an Investment property or 2-4 unit property with HFS.
$249,999
Waiting Period for Chapter 7 bankruptcy
7 years
In Massachussets, how long must a mortgage be open in order to be paid with loan proceeds
60 months
How many properties can a member own?
Unlimited but only one property can be financed
For a primary residence on HFS, what is the mortgage pay history requirement?
1x30x24 – HFS Primary Residence only (No late payments in the most recent 6 months)
What is the max loan amount and min confidence score to use an AVM with Spring
$400,000 and 80 confidence score