True/False: Unlike Fannie, Freddie will allow you to use 5% of the monthly balance for the monthly obligation on a 30 day charge account.
What is True
What is the minimum number of credit scores for each borrower for an FHA loan?
What is 2. Each borrower must have 2 credit score (p. 29 AWMS lending guide)
True/False: Properties with a PACE loan have to be paid in full prior to or by closing
What is True
When employed by family, Freddie requires the most recent __ year(s) tax returns.
What is 1. Fannie requires 2 years (Section 5303.1)
If a borrower is out on maternity/paternity leave, they have to come back to work prior to closing
What is False.
When it comes to an appraisal transfer, AWMS has certain restrictions depending on the loan purpose.
What is False. There are no restrictions on loan purpose for an appraisal transfer (p. 15 Lending guide)
How many months does AWMS require to be remaining for insurance at the time of closing?
What is 3 months (p. 37 AWMS lending guide)
True/False: You can document SS income for a borrower with only their previous year 1099
What is true.
True/False: Freddie does not require you to obtain recent receipt of pension/retirement income
What is false: Documentation must be provided for source, type, payment frequency, pre-determined payment amount, AND current receipt.
Which agency does not require a certificate of occupancy on a construction to perm?
What is Freddie Mac
AWMS will allow for escrow holdbacks for repairs only
What is True (p. 20 AWMS lending guide)
What is the maximum number of Amerisave financed properties for any one borrower?
What is 4 (p. 35 AWMS lending guide)
FNMA Day 1 Certainty can validate Employment, Salaried Income, Assets, and these 3 other type's of income 1. ________ 2. _______ 3. ________ via the tax transcripts.
What is Schedule C income, Pension and Social Security (p. 28 AWMS lending guide)
What __% can you use for deferred student loans NOT reporting a monthly amount of credit.
What is .5%
Pick Fannie or Freddie: Projects in which there is more than 35% commercial space are not eligible for financing.
What is Fannie (B4-2. 1-03). Freddie only allows up to 25% (5701.11)
Windstorm deductible cannot exceed 6% of the limit maintained for the dwelling coverage, or the maximum allowed under the state law.
What is false. The correct answer is 5% (p. 37 AWMS lending guide)
What is the AWMS contact phone number?
What is 833-4AUSSIE (833-428-7743)
on a cash-out, if a property is listed for sale, the property listing must be removed prior to this approval stage.
What is CTC
No less than __ months of the borrowers most recent regular receipt of payment is required to document alimony/Child support/separate maintenance as income.
What is 6 months
At what date in 2021 must all lenders utilize the new 1003 application format?
What is 03/01/2021
Freddie allows for you to use the incidental cash back on a Limited cash out to pay off debt to qualify
What is True. Fannie Mae does not.
What is the underwriting fee AWMS charges for all states minus NJ, NC, and IA?
What is $995 (NJ & NC only, instead have a "application fee" for $995). Page 11 AMWS lending guide
Which can be considered as boarder income as long as all qualifications have been met?
1. a friend living with you paying rent and have a 2 year history
2. a live-in personal assistant with a borrower with disabilities
3. A family member living and helping with bills in your home.
What is a live-in personal assistant with a borrower with disabilities
A borrower with less than two-year employment history may be acceptable with proof that the borrower was _______ or _______ prior to their current employment.
What is "attending school" & "training program"
True/False: Fannie Mae requires 24 months of housing or parsonage allowance history and likely to continue for 3 years in order to use the income
What is false. Fannie Mae requires 12 month history