Spring Guidelines
The lowest credit score for an investment property.
What is 680?
External Appraisal Transfers are accepted on this loan program.
What is HELOC?
Lenders Title insurance is charged to member starting at what loan amount.
What is $250,000?
Name 2 requirements needed for a property to be considered a second home.
the borrower must have exclusive control over the property
It must be a single-unit dwelling (e.g., a single-family home, condo, or townhome
The property must be suitable for year-round occupancy
This river runs through the Grand Canyon
What is the colorado river?
Two requirements when DTI is above 45%.
What are credit score above 700 and $3500 of residual income
The max CLTV to use an AVM when loan/line amount is between $250,000 to $400,000.
What is 80?
The max loan amount in IOWA.
What is $69,500?
What is 2 to 4 unit?
This state is furthest north, east and west.
What is Alaska?
MAX CLTV for investment Properties.
What is 80 CLTV?
The max loan amount where an AVM can be used.
What is $400,000?
Documents needed to gross up all of a member's social security income.
What are Tax Returns?
2 requirements to exclude a mortgage payment paid by another party.
the party making the payments is obligated on the mortgage debt,
there are no delinquencies in the most recent 12 months, and
the borrower is not using rental income from the applicable property to qualify
This is state is closest to Africa
What is Maine?
Maximum mortgage late payments on Second/Investment Properties.
What is $0
The cost of a 1 unit appraisal in AR with Spring.
What is $860?
Maximum CLTV for a second home.
What is 75?
2 requirements to use foreign income
-Copies of signed federal income tax returns for the most recent two years that include foreign income.
- All documents of a foreign origin must be completed in English, or the originator must provide a translation, attached to each document, and ensure the translation is complete and accurate.
These four states intersect at one place.
What is Arizona, New Mexico, Utah and Colorado?
Max total loan amount on a Primary home (First and Second Combined)
What is $3,000,000?
What is $249,999
The only state we do not offer CES HFI.
What is NY?
2 requirements to use RSU income.
-Evidence stock is publicly traded
-RSU is received for a min of 12 months
The lowest point in the United States.
What is Death Valley?