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?
This screen allows you to request Final Inspections and PIW letters.
What is the Processing Log?
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?
Required number of tax returns to document rental income.
What is 1 year?
For salaried borrowers, this many paystubs are typically required to verify current income.
What are 30 days’ worth of paystubs?
This government agency insures FHA loans.
What is HUD (Department of Housing and Urban Development)?
Screen and section that houses Non-Borrowers on Title information.
What is URLA Lender Loan Info screen- Title Information section?
VA loans are eligible only for these individuals and certain surviving spouses.
Who are eligible veterans, active-duty service members, and qualifying surviving spouses?
Ineligible Borrower Type when there are 2 borrower's on a loan application.
What is a Non-Occupying Co-borrower?
Fannie Mae allows income from a second job if the borrower has received it for this minimum amount of time.
What is 2 years?
FHA requires this minimum length of employment history.
What is 2 years?
This is where you would go to request a Mortgage Insurance Certificate.
What is Interfaces- Mortgage Insurance?
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?
Required when HPML is failing
What is a full appraisal?
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?
This is the maximum allowable debt-to-income ratio for an FHA manually underwritten loan with no compensating factors.
What is 31/43?
This screen allows you to generate a Business IRS 4506-C.
What is the IRS 4506-C screen?
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?
Title documentation required for loan amounts less than or equal to $250k.
What is an owner & encumbrance (O&E) report?
This is the maximum DTI ratio allowed by Fannie Mae’s DU (Desktop Underwriter) findings when there are strong compensating factors.
What is 50%?
This is the minimum credit score required for maximum FHA financing with 3.5% down payment.
What is 580?
This screen is required to be completed before any file can go to RCTC status.
What is the Doc Order Form NEW screen?
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)?
Type of account that may not be used to satisfy tradeline requirements.
What is an Authorized User Account?
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?