FHA
What is the minimum credit score required for an FHA loan?
640
What is the lowest term I can get on a Dream Maker loan?
30 years
What schedule do I need to calculate rental income?
Schedule E
What is the minimum credit score for agency purchase loans ?
700
What is the 2020 business results objective for lead to app conversion?
14%
What is the minimum down payment required for FHA purchase loans ?
3.5%
What is the minimum credit score for a purchase Dream Maker loan?
640 97%/105% LTV/CLTV
620 95% LTV
Which line on a Schedule C tells me their Net Profit /Loss
Line 31
How many months of reserves do I need for a non Chase agency refinance and customer is salaried?
6 months non retirement
What is the 2020 Win with Chase Customer days to pre-op objective?
Under 6 days
What is the max LTV you can do on a FHA refinance?
97.75%
What is the Income Multiplier for the state of California?
140%
Which schedule shows the % of ownership interest in a business?
KI
What is the maximum cash out amount I can do for a agency or non-agency loan?
$250,000
What is the 2020 objective for initial suspense rates?
8%
Can you do a cash out on an FHA loan?
Yes, up to 80% LTV
What is the reserve requirement for 2-4 unit properties on a Dream Maker Loan?
If I gross up Social Security what documents do I need to provide
SSA Award Letter
Previous year tax returns
If a customer has rental properties and income but it is not needed to qualify for a agency non chase to chase refinance. How many months reserves do you need?
6 months
What are the 3 expenses that you can manage in your 2020 HLA objectives?
Non discretionary PEX
Identify Appraisal Waivers
GFF waivers/refunds
What percent of the loan is your Up Front Mortgage Insurance Premium ?
1.75 %
What is the income qualifying ratio for 3-4 unit properties with LTV higher than 80%?
LTVs >80% 3-4 Unit: Follow the more restrictive of AUS findings or 45%
What type of evidence is required to use distribution forma 401k/IRA?
Systematic Withdraw Letter
What is the max DTI for non agency loans and self employed?
35%
What are the new weighted categories on the HLA score card ?
Production
Satisfaction
Behaviors
Quality
One Chase