DSCR
What is the minimum FICO for our DSCR product?
660
In what year did the World Wide Web become publicly available?
1991
TRUE or FALSE: For a single property DSCR loan - An unoccupied/unleased long term rental property is subject to a 10% reduction for any refinance transaction.
False - it is 5%
What level of MI coverage is required for Non-Agency loans > 80% (DSCR, Bank Statement, Jumbo)
NONE - we don't allow > 80%
What is the max LTV for a cash out when the DSCR is below 1.00?
70%
Which soft drink was originally created as a mixer for Whiskey?
Mountain Dew
What is the minimum loan amount for our Bank Statement product?
a. $100k
b. $150k
c. $300k
a. $100,000
What is the eligible amount (%) for calculation of funds when using of virtual currency?
0% of virtual currency - not permitted. Although will allow for use once converted to USD with a proper source and paper trail.
TRUE or FALSE: The maximum loan amount for a 2-4 unit DSCR product is $2,500,000
TRUE - But only with a 5% reduction to LTV and 680 FICO, and DSCR > 1.00
In the show, The Office, what is the name of the paper company they work for?
Dunder Mifflin
On the bank statement program, are the NSF's considered individually or daily?
Individually
Which program(s) DO NOT allow for Non-Warrantable Condos as part of the guidelines?
Jumbo AUS - all others have allowances made
Which of these items CANNOT be included in the Cost Basis calculation on a DSCR loan?
a. Purchase price
b. Customary borrower paid closing costs
c. Mortgage broker or origination fees
d. Documented reno costs
C - Mortgage broker fees, originations fees, points etc cannot be included in the cost basis
What is the national animal of Scotland?
What percentage of self-employment ownership is required for allowing use of the business bank statement option?
Minimum 50%
On a cross-collateralized loan, where > 25% of the properties are Short Term Rentals, what is the max LTV?
60%