FNMA
Max back end DTI without added reserves
45%
What is the pay history requirement for a cash out loan
0x60
What is the student loan calculation if no payment reporting?
5%/12 months
.417%/.42%
To add someone to the mortgage of the home they need to be..
Living in the home and on title for the past 12 months
When can you use a RAP program
Anytime we cannot do another loan option (cannot go fnma, fhlmc, fha, VA)
NOT JUST SELF EMPLOYED
What payment options can we use for a student loan that is not showing a payment
(2 answers, 100 pts each)
1% or
Incmoe Based Repayment (even with $0 payment)
When do you need to relock a loan?
Anytime the loan amount, rate/cost or LTV changes
Who can be on the title with the veteran?
Spouse OR another VA eligible person
What is the max DTI on a refer, with all of the compensating factors?
40%/50%
What is the minimum credit score for any cash out program
660
If a couple was recently married and the husband originally owned the home in his name alone, but now we need to do the mortgage in just the wifes name, what is the seasoning requirement?
Wife would have to be on title 6 mos before can pull cash out in just her name
Max DTI for AUS approve
50.49%
For someone to receive VA benefits they must have:
(100 pts each)
Served for 2 years
or have been deployed
or have a VA related disability
When does timeshare pay history count towards your mortgage pay history for qualifying?
Never
Recent change!
If you have questions on RAP there are 3 people you can go to. Who are they?
Randy Michaels, Ryan Michaels, Sash
If you need help or are trying to make a loan work ask them!
When must you source deposits for accounts being used as assets
When they are 1% or more of the loan amount
How is the 12 month seasoning period defined if you're looking to do cash out following the refinance of your home
Note date to note date -
AKA you do NOT need to make 12 payments.
Ex. loan funded today, 9/20, first payment is due 11/1. They can actually start their refi earlier next time and close a few days before so that they fund on 9/20/2024. If they hold their September for 2024 payment that means they only made 10 payments.
If your borrower wants to argue the appraised value of their home where would you refer them to?
Their VA Regional Loan Center
Pay history requirement for
Purchase/RT: (100 pts)
Cash out: (100 pts)
Refer: (200 pts)
Purchase/RT: 1x30
Cash out: 0x30
Refer: 0x30x12, max 2x30 months 13-24 (on all mortgage & installment debt). No more than 2x60 on revolving debt
What payment do you need to add to collections that we aren't paying off?
None
you do not have to pay them off, nor add a payment, for any 1 unity property OO.
(oo multifamilies/second homes, no payment up to 5k total collections)
to do a cash out on a manufactured house, the property and loan must meet the following criteria:
100 pts per good point, up to 500 pts max.
On a permanent foundation FOR OVER A YEAR
Taxed as real property
65% max LTV
20 year max term
OO only
620 minimum score
When can you ignore a mortgage on someones credit that they are not paying?
(3 part answer)
The person paying it is on the mtg
0x30x12
not using rental income
You have a vet who owns a house with a VA loan on his rental property for 100k. He has an FHA loan on his primary home, but wants to get more cash out and get rid of his PMI with a VA loan. What options do you have? How do you know how big of a loan they can get?
Max VA loan calculation:
County loan limit - current loan amount = max loan insured by VA alone.
If borrower wants to go above that number they need to have 1/4 of the difference covered in equity.
Describe a 'Mixed use property'
If/when would we be able to do this property?
a property that is part house & part commercial property.
Can do this as long as residential portion is 51% or greater of the gross living area. (appraisal cannot state best use of the property is residential)
Rap allows us to use assets as income, much more than conventional loans will, for a RT or a purchase.
Tell me about the guidelines to use it.
How many years is it spread over? (200 pts)
What kind of accounts & how much of them can we use?? (200)
How much is the minimum available for us to be able to use them? (100)
7 years
100% of checking, savings, and money market accounts
80% of the remaining value of stocks & bonds
70% of retirement assets
Borrowers must have a minimum of the lesser of 1.5 times the loan balance OR $1m in Qualified Assets (net of down payment, closing costs, and required reserves to qualify)