Age is only a Number
What day of the month are ACH payments set to?
4th of every month
What type of mortgage payment does the Borrower make each month after the loan is funded?
A) Principle and Interest
B) Interest Only
B) Interest Only Payments
What is the required Credit Score for a 1-year term scenario?
There is no required credit score
What type of occupancy will Civic lend on?
A) Owner-Occupied
B) Second / Vacation
C) Non-owner occupied
C) Non-owner occupied
What is the maximum acreage?
Maximum of 10 acres
(Site size must be typical for the area and supported by comps)
What is the prepayment penalty for a 2-year bridge loan?
6-Months
What is Civic's processing fee?
$1195
When there are multiple Investors/Sponsors, how is the qualifying credit score determined?
The applicable credit score for each Investor/Sponsor is determined, and the highest applicable score from the group will be used as the representative credit score.
True or False:
All Civic loans are assumable
False: Civic loans may not be assumed
Civic does not lend on properties in Hawaii located in Lava Zone ______ ?
A) 1
B) 2
C) 3-9
D) CIVIC lends on all zones
A) 1
What is the minimum FICO score for the bridge products?
1-Year = No Minimum
2-Year = 500
What do you get when you add the Base Loan Amount and the Financed Rehab Loan Amount?
Total Loan Amount
How is the interest rate determined for a Foreign National who has a FICO score?
If a Foreign National Borrower has a FICO score, Civic will use the score to determine interest rate.
When can solar panels be included in the final value of a property?
When owned by the borrower (not leased or financed)
In which three states is Inter Vivos Revocable Trust vesting not allowed?
Florida, Massachusetts, and Michigan
What is the DSCR requirement for the 2-year bridge loan?
DSCR 0.90 or 90%**
**Financed rehab loans on a 2-year term are not subject to a minimum DSCR requirement
What is the maximum loan amount on the Bridge loan?
$7,500,000
12 Months
True or False:
In instances where an Investor/Sponsor is a named borrower, co-borrower, sponsor, or co-sponsor on one or more loans written by CIVIC, a default on any such loan shall be a default under all related loans at lender discretion.
True
In which states does CIVIC not allow vesting as an individual?
Georgia, Minnesota, and Virginia
Experience is measured by the number of properties owned and/or sold within the last _____months.
36 Months
When does a Credit Committee need to review and approve a cash out loan?
When exceeding $1,000,000
Jim and Bob are applying for a loan. Jim's credit scores are 528, 645, & 588. Bob's credit scores are 715, 722, & 658. What is the qualifying score?
715 FICO
What are examples of ineligible cash-out proceeds?
A) Paying off personal credit card
B) Paying off medical debt
C) Acquisition or rehab of primary residence/second home
D) Investment in personal securities
E) All of the Above
E) All of the Above
CIVIC requires flood insurance for properties located in which Flood Zones?
Zones A & V