FHA Guidelines
Byte
VA
AFC 2nds
Misc.
100

Percentage used to "gross up" non-taxable income

What is 15%?

100

Where documents live in Byte 

What is Stored Docs? 

100

Document that provides proof that a veteran is eligible for the home loan benefit

What is a Certificate of Eligibility?

100

Max CLTV for our Texas HELOAN program 

What is 80%? 

100

A loan that does not meet the strict criteria set by the Consumer Financial Protection Bureau for a Qualified Mortgage.

What is a Non-QM loan? 

200

Income that is not subject to federal taxes.

What is Child Support or some portions of Social Security income?

200

Name of report that we run inside of Byte at least twice throughout our process before a loan may be final approved

What is Data Verify? 

200

The amount available for a Veteran to use on a loan

What is Entitlement?

200

Max mortgage lates allowed in the past 12 months 

What is 0 x 30? 

200

Name of the vendor that we should be using to obtain VOEs

What is TrueWork?

300

Required process for all FHA Appraisals after our underwriter has approved the appraisal

What is Appraisal Logging?

300

Who we obtain flood certs from

What is Partners Flood?

300

$36,000

What is Basic Entitlement? 

300

Type of loss that must be deducted from the total qualifying income 

What is a business loss? 

300

Name of our internal intranet

What is AFC Pulse?

400

System where FHA Case Number is obtained 

What is FHA Connection?

400

Name of screen where we enter additional items that need to be included in a closing package for a borrower to sign

What is the Closer Notary Instructions screen? 

400

Some Veterans may be exempt from paying this fee.

What is the Funding Fee?

400

Title documentation required for loan amounts greater than $250k.

What is a full title policy? 

400

Type of request when a check is needed to pay for Condo Certs

What is an Accounting Request?

500

Maximum LTV when a loan includes a non-occupying co-borrower who is not a family member of the borrower

What is 75%?

500

This screen and section is where we can request for HOI and Payoffs to be ordered

What is the Processing Log screen and the PMA Review section? 

500

Form that is required for Discharged Veterans (regular military) 

What is the DD214- Certificate of Release or Discharge from Active Duty?

500

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

What is an Authorized User Account? 

500

July closed loans goal

What is 425?

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