FHA Guidelines
Byte
VA
AFC 2nds
Fannie & Freddie Guidelines
100

FHA requires this minimum amount of borrower’s own funds for a down payment if the credit score is 580 or higher.

What is 3.5% of the purchase price?

100

This screen allows you to request Final Inspections and PIW letters. 

What is the Processing Log? 

100

This is the one-time fee charged on VA loans to help cover costs of the program, which can be waived under certain conditions.

What is the VA funding fee?

100

Required number of tax returns to document rental income.

What is 1 year? 

100

For salaried borrowers, this many paystubs are typically required to verify current income.

What are 30 days’ worth of paystubs?

200

This government agency insures FHA loans.

What is HUD (Department of Housing and Urban Development)?

200

Screen and section that houses Non-Borrowers on Title information. 

What is URLA Lender Loan Info screen- Title Information section? 

200

VA loans are eligible only for these individuals and certain surviving spouses.

Who are eligible veterans, active-duty service members, and qualifying surviving spouses?

200

Ineligible Borrower Type when there are 2 borrower's on a loan application. 

What is a Non-Occupying Co-borrower? 

200

Fannie Mae allows income from a second job if the borrower has received it for this minimum amount of time.

What is 2 years?

300

FHA requires this minimum length of employment history.

What is 2 years?

300

This is where you would go to request a Mortgage Insurance Certificate.

What is Interfaces- Mortgage Insurance?

300

The amount that must be calculated for qualification when no payment amount is listed on a credit report for Student Loans.

What is 5% / 12 months? 

300

Required when HPML is failing 

What is a full appraisal? 

300

A borrower must wait this long after a short sale or deed-in-lieu of foreclosure to be eligible for a new conventional loan.

What is 4 years?

400

This is the maximum allowable debt-to-income ratio for an FHA manually underwritten loan with no compensating factors.

What is 31/43?

400

This screen allows you to generate a Business IRS 4506-C. 

What is the IRS 4506-C screen? 

400

This is the name of the test VA uses to determine if a veteran has enough income left over after major expenses.

What is the residual income calculation?

400

Title documentation required for loan amounts less than or equal to $250k.

What is an owner & encumbrance (O&E) report? 

400

This is the maximum DTI ratio allowed by Fannie Mae’s DU (Desktop Underwriter) findings when there are strong compensating factors.

What is 50%?

500

This is the minimum credit score required for maximum FHA financing with 3.5% down payment.

What is 580?

500

This screen is required to be completed before any file can go to RCTC status.

What is the Doc Order Form NEW screen? 

500

VA loans do not require this type of mortgage insurance, which is often required on FHA or Conventional loans with low down payments.

What is monthly mortgage insurance (PMI)?

500

Type of account that may not be used to satisfy tradeline requirements. 

What is an Authorized User Account? 

500

Fannie Mae requires this many years to pass after a bankruptcy discharge before a borrower is eligible for a new loan.

What is 4 years for Chapter 7 and 2 years for Chapter 13?

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