FHA
Credit score for an FHA streamline, NON credit qualifying streamline?
no credit is obtained
What is the new max loan amount for a Conventional loan for 2024?
$766,550
What are the three things you need to verify pension income?
Award letter, proof of receipt and 3 year continuance
What is "AUS" and the two types?
Automated underwriting system.
DU & LP
CCM Community Promise provides a grant to first time homebuyers with no income limitations, based on thier current home address. How much is the grant?
$6,500
When reviewing a budget for full review, what is the % of assesment income, as a line item amount, Fannie Mae requires for reserves that must be in the current approved budget?
10%
Which amount below is the max FHA loan amount in Palm Beach County? $625K, $575K, $654,350 or $594,250
$654,350
Max Cash back on a rate and term refinance?
$2K
which agency allows the use on 1-year tax returns most often and what is the name of their AUS?
Freddie Mac, LP
What is the name of the document you obtain from a business tax return that shows the owners distribtions?
K1
CCM Smart Start offers a DPA for first time homebuyers with income <80AMI. This provides a grant of how much?
$4,000
What % of deposits can you use on standard bank statement loan calculation (not P&L or CPA expense ratio)
50%
FHA to FHA refinance where you can roll in the costs is called a "simple refinance". What is the max LTV?
97.75
Max CLTV on a rate and term refiannce when subordinating a community 2nd? And can you subordinate a HOMETOWN Heroes 2nd?
105% and NO
What is considered a "significant decline" of income, year over year for self employed?
20% or greater
Define a 2-1 buydown.
product that allows a 2% lower rate year 1, then 1% year two, and back to note rate year 3.
Paid by a seller concession
What is the max loan amount and current rate for the CCM Bridge loan?
$300K and 9.99%
If a condo is identified as having an engineers report completed recently, what is the KEY TERM we looking for?
No critical repairs are needed
Maximum cash back on an FHA streamline or FHA simple refinance?
$500
Primary Max LTV Rate and term refi on a conventional loan that is not owned by Fannie Mae and Max LTV on rate and term refi if owned by Fannie Mae
95% (not owned)
97% (owned by Fannie)
How do you calculate Salary, OT and Bonus income?
Which documents do you need?
Salary = Current
OT and Bonus = average over 2 years
Docs: Current paystub, year end paystubs and w2s
or WVOE
What does DSCR stand for?
Debt service coverage ratio
Have a signed buyer/broker agreeement prior to showing a property
Max LTV on investment property or second home for limited review? AND max LTV on primary for limited review?
70% and 75%(primary)
for an FHA cashout refinance, what are the following:
Max LTV?
Length of time of ownership before you can refi?
80%
12-months
Borower has a PACE loan they got for solar panels. They are joinging their friends and going "Carbon Nuetral". They are now wanting the refiance that high 7.99% rate their loan officer Patrick got them back in 2022. If they refiance and pay off the PACE loan, is it considered cash-out or a rate and term?
Rate and term. Energy efficent improvements are allowed to be paid off in a R&T transacation.
Client has no income on her tax return but she is retired (70 years old) and has an IRA for $500K which she said she can setup a distribtion from. what is the max income/monthly distribution she can do?
Setup IRA distribution, must have 36 month continuance. Letter from advisor and current receipt.
500K /36 = $13,888/month
What does HECM stand for?
Home equity conversion mortgage
For a loan to be considered a JUMBO loan, what loan amount would it be?
806,501 or higher
How do we calculate the rental income on a DSCR loan? 2-ways
Current signed lease
1007 rent schedule from an appraiser