SECTION 184
SECTION 184 INCOME LIMITS
NO SPECIFIC INCOME REQUIREMENTS
VETERAN SPECIFIC REQUIREMENT
REMAINING/AVAILABLE VA BENEFIT ENTITLEMENT
A GEOGRAPHICAL AREA THAT USDA LOANS SERVICE
RURAL
MINIMUM QUALIFYING CREDIT SCORE
580
TYPICAL DOWN PAYMENT REQUIREMENT FOR CONVENTIONAL MORTGAGES
20%
DOWN PAYMENT REQUIREMENT
NONE SPECIFIED
Minimum credit requirements (2answers)
620 & 580
QUALIFYING INCOME LIMITS FOR USDA LOAN PRODUCTS
Up TO 80% & UP TO 115% AMI
Client obstacles that FHA loans can work with
High DTI, bankruptcy, and flawed credit
TYPICAL MINIMUM CREDIT SCORE REQUIREMENT
700
Maximum Debt to Income (DTI) ratio for Section 184
41%
Is there an income requirement
No
What are the 2 types of USDA loans
Direct and Guaranteed
FHA down payment requirement
3.5%
Who decides the requirements for conventional loans
The Lender decides specific income, credit and other requirements
Credit score requirements
MORTGAGE PRODUCT REQUIREMENT THAT IS SPECIFIC TO VA DIRECT LOANS
EXISTING MOU WITH TRIBE
Which USDA loan is for very low income families
Direct
When does PMI end?
Doesn't end automatically
What are the typical DTI requirements for conventional loans
28% to 36%
Who provides the guarantee the loan will be paid
HUD
Who determines property value?
The VA
Which USDA loan is for low to moderate income families.
Guaranteed
FHA front end & back end ratios
31% & 41%.
Who backs conventional mortgages
Private lenders and banks