VA
What is the maximum loan amount someone can get approved for with full VA loan entitlement?
Unlimited
What is the Bankruptcy Waiting period for a FHA loan after a Chapter 7 bankruptcy discharge?
2 years.
For chapter 13, you don't have a waiting period but you don't need to show they have made satisfactory payments for at least one year.
What does DSCR Stand for?
Debt Service Coverage Ratio
What Day is Trisha's Birthday?
February 27th
What is the minimum FICO score you need to qualify for a VA Loan?
There is no minimum FICO Requirement
What is the Minimum FICO Score for an FHA loan?
500 with 10% down and 580 with 3.5% down
How is DSCR Calculated for Mortgage Purposes?
Gross monthly Rental income / P+I+T+I+A
What is a Prepayment Penalty?
On investment properties, a prepayment penalty is a promise to pay a lender additional interest if you sell/refinance a mortgage for a given period of time. (example, if you sold before 3 years of loan maturity, you would need to pay an additional 6 months of interest on the payoff)
What is the total amount of closing costs a seller can cover on a VA Loan?
Seller concessions include, but are not limited to, the following:
• payment of the buyer’s VA funding fee
• prepayment of the buyer’s property taxes and insurance
• gifts such as a television set or microwave oven
• payment of extra points to provide permanent interest rate buydowns
• provision of escrowed funds to provide temporary interest rate buydowns, and
• payoff of credit balances or judgments on behalf of the buyer.
Seller concessions do not include payment of the buyer’s closing costs, or payment of points as appropriate to the market.
What is the FHA Maximum Loan Limit for a Single Family Home in Chatham County for 2025?
524,225
What properties are not eligible for DSCR Financing?
Manufactured Homes
What year did Trisha First begin Real Estate?
2008
What are two of the ways to show stability of income with Active Duty servicemembers with an ETS date of less than 12 months?
In addition, identify servicemembers who are within 12 months of release from active duty or the end of their contract term. For an enlisted servicemember, find the date of expiration (ETS) of the borrower’s current contract for active service on the LES. For National Guard or Reserve members, find the ETS of the borrower’s current contract on the LES. Also, if a National Guard or Reserve member is currently serving on active duty, also identify the expiration date of the current active-duty tour. If the date is within 12 months of the projected date that the loan will close, the loan package must also include one of the following items, or combinations of items, to be acceptable:
· documentation that the servicemember has already re-enlisted or extended his/her period of active-duty service to a date beyond the 12-month period following the projected closing of the loan, or
· verification of a valid offer of local civilian employment and/or verification of military retirement income following the release from active-duty service, or
· a statement from the servicemember that he/she intends to re-enlist or extend his/her period of active-duty service to a date beyond the 12- month period, plus (1) a statement from the servicemember’s commanding officer confirming that the servicemember is eligible to re-enlist or extend his/her active-duty service as indicated, and (2) the commanding officer has no reason to believe that such re-enlistment or extension of active-duty service will not be granted, or
· documentation of other unusual strong positive underwriting factors, such as a downpayment of at least 10 percent from the borrower’s own assets (not a gift), a minimum of 6 months PITI, in cash, after the downpayment from the borrower’s own assets (not a gift) or clear evidence of strong ties to the community coupled with a nonmilitary spouse’s income so high that only minimal income from the active-duty servicemember is needed to qualify.
How long do you need to receive bonus and overtime income for it to be used on an FHA loan as effective income?
2 years, with some exceptions at 1 year.
“The Mortgagee may use Overtime and Bonus Income as Effective Income if the Borrower has received this income for the past two years and it is reasonably likely to continue. Periods of Overtime and Bonus Income less than two years may be considered Effective Income if the Mortgagee documents that the Overtime and Bonus Income has been consistently earned over a period of not less than one year and is reasonably likely to continue.”
What is the form number for a single family comparable Rent Schedule and why is it important to DSCR?
1007, Sets the gross rent used for Underwriting without a lease and proof of payments.
List 3 other ways to qualify for a mortgage OTHER than tax returns, or w2's.
1099 Only, business bank statement, personal bank statement, Asset Qualifier, DSCR, No ratio, P&L
90 Days
How is an FHA single family home with an ADU appraised, for purposes of max loan amount?
1 unit.
2 unit and ADU is considered a 3 unit though
What are one of the many benefits of Business Purposed DSCR?
Priced better than conventional right now
Not reporting on your personal credit
No limit on properties financed
No personal income or employment considered
Paid by others Debt
What is the Address of the First House Trisha ever Purchased?
112 Beatty St. Pooler, GA 31322