Conventional
If I want to pay off a first and second mortgage with a Rate and term, what is the rule?
They must have been taken out at the same time - a piggy back loan / 80/20 etc.
How do you calculate student loan payments?
.5%
This changed this year
A borrower own's their home free and clear and now wants to get their money out for home improvements! They want as much as possible. If their home is worth $250,000 and they are a disabled vet, what is their maximum loan amount for the refinance?
N/A
No cash out on F&C properties through VA
What is the minimum credit score for RAP A?
660
What is Minimum down payment on an FHA purchase
3.5%
When can I use income from a second job?
When the borrower has worked at both of the same jobs for 2 years consistantly. No other time.
max DTI for manual underwrite?
31%/43%
To prove VA Disability income, you need what documents?
COE only
On which programs can you do a refinance on a rental property?
All of then
A, A-, B, investor advantage
What is the minimum down payment for a conventional loan investment property?
20%
If you are using rental income, how much do you need in reserves?
6 months per property
What is the max LTV for a cash out refinance at a 588 score?
80%
What is the seasoning period to refinance after a prior refinance
6 payments, 210 days
what changes between 12 months of bank statement programs and 24 months?
There is no difference, just the amount of work you do.
What docs are needed to issue a pre-approval
income docs
ID
mortgage statements/hoi etc for current properties
What are the special rules that apply when doing a cash out on a DWMH?
20 year max term, 65% max LTV
For COVID guidance, Ginnie Mae is very specific about what happens after a forbearance ends. What is the seasoning period to do a RT after a borrower ends their forbearance by extending the term on their mortgage?
6 months - the loan was modified.
If it were just a HUD lien or come up on immediately it would be 3 months.
How many months is the maximum recoup period for an IRRRL
36 months
my borrowers have the following credit scores, I need to use both of their incomes to qualify. what do I do?
He is a doctor who's scores are : 684, 654, 697
She's a receptionist who's scores are: 584, 623, 592
Use his middle score as he is the primary wage earner
She only needs 1 score over 620
What is the minimum down payment on conventional loans & when does it apply?
3% - FNMA FTHB, OR home ready/possible
What is the maximum DTI for a Refer?
N/A
You cannot proceed with a refer on a conventional loan.
What terms do we offer on FHA loans?
15, 20-30
If someone is buying with a VA loan, and is over the limit for eligibility, what do they need to have?
25% of the difference covered in equity
Example: If limit is $400,000 and they will have $500,000 total in mortgages, they need to cover 25% of the $100,000 difference. $25,000 down.
name 5 scenarios why you would go RAP.
(100 pts per acceptable answer)
1. Self-employed borrowers who write a lot off
2. People above the loan limits (not just jumbos!)
3. Poor recent pay history
4. Investment properties & second homes– cash out up to 80%
5. More cash in hand
6. No reserves
7. Non-warrantable condos
+ more!
What are the maximum concessions on conventional loans for the following situations ( YOU MUST GET ALL OF THEM TO WIN!)
>90% LTV
<=90% LTV
Investment properties
3%
6%
2%