FHA
A borrower must wait this long before they can go FHA cash out after recently refinancing.
Minimum 6 monthly payments
The Max term allowed on manufactured homes Conventional.
20 Years
The MAX Front-End DTI allowed for VA.
NONE!
The minimum loan size for ALL Reliance Advantage programs.
$100,000
The minimum amount of months seasoning for any RAP deal.
6 Months
FHA how long must borrower wait before refinancing after mortgage was modified.
12 months
FHLMC minimum credit score to 85% Cash-Out
740
The minimum Credit score required to IRRL for 2nd home / investment prop.
680
The maximum LTV for Non-Agency jumbo.
90%
The minimum amount of reserves required on Reliance Advantage Non-Prime.
3 Months
These 3 things are required (FHA) for a borrower to refinance while in a open Chapter 13.
A) BK open minimum 12 months. B) minimum 12 on-time payments to the trustee. C) Trustee approval
This amount of 30 days lates are allowed by FNMA Cash Out with DU/Approve/Eligible.
Unlimited With AUS approval
The note date of a VA refinance must be on or after the later of these two dates.
210 days after the date on which the first monthly payment was made on the mortgage being refinanced, or after 6 full monthly payments have been made
This is the Minimum Credit score for VA IRRL-Primary Home.
500
This is the minimum score required for Reliance Advantage “Non-Prime” using 24/mo. bank statements.
580
Collection accounts >$2,000 that we can't pay off with the refinance would require us to do this.
Include a 5% payment DTI
If borrower only owns a primary and one (1) investment property (subject), Freddie would require this many months of reserves.
NO reserves based on LP findings
With AUS approval, VA Portfolio will allow for this many 30 day lates in the last year.
1
This is the minimum credit score required for DWMH.
640
The eligible terms (fixed rate) for "Reliance Advantage" Near/Non Prime
Fixed 15, 20, 25 and 30 years - Odd terms are not allowed
FHA requires a downgrade when there are disputed accounts reflected on credit if the borrower has this.
=>$1K in derogatory disputed debt
FNMA or FHLMC will not allow this for the purchase of an investment property?
Gift Funds
VA portfolio requires this many years seasoning for foreclosures.
2 years (just like traditional VA)
These 3 products allow LTV’s =>80% <=90% with NO mortgage insurance.
RAP Near Prime, RAP Non Prime, Non-Agency Jumbo
This Reliance Advantage program does NOT require reserves.
Investor Advantage