FHA
What is the front and back end ratios?
46.99% / 56.99%
What is the minimum credit score needed for a cash out refinance?
520
What is the minimum credit score for Fannie?
What is the minium credit score for Freddie?
Fannie: 620
Freddie: 600
What is the minimum credit score and the minimum loan amount?
680 and $75,000
What is the minimum credit score needed to qualify?
680
What is the minimum credit score needed to go 80% LTV on a cash out loan?
560
What is the minimum credit score to go the full 90% LTV?
600
What is the max debt to income ratio for Fannie?
Bonus (25): What is the max debt to income ratio for Freddie?
Fannie- 50%
Freddie- 50.49% with AUS approval
Can I do a 2nd on a 2nd home?
No
What is the MAX LTV for cash out?
75%
How much is the UFMIP?
1.75%
What are the eligible terms?
15 and 20-30 years
What is the maximum LTV for a 2nd home?
75%
What credit score do you need to go 80% LTV?
Bonus (25): What credit score is needed for 90% LTV?
80%- 700
90%- 760
What is the mortgage history needed to qualify?
0x30x12
Aggregate of $2,000+
5%
What is the maximum DTI we can do with AUS approval?
**Bonus Points (50): What is the maximum DTI in general for a VA loan**
60%
Bonus: There is none. As long as we have AUS approval. We do need to have UW management approval over 60%.
Chapter 7 has to be discharged or dismissed within ____ years.
Chapter 13 has to be discharged for ____ years or dismissed for ___ years.
Chapter 7: 4 years
Chapter 13 discharged: 2 years
Chapter 13 dismissed: 4 years
0
What additional fee needs to be considered in the monthly payment for a DSCR loan?
Condo fees/HOA fees
No Foreclosures in ___ years and no Chapter 7 BK's in _____ years. Chapter 13 is considered with at least what compensating factor?
No foreclosures in 3 years
No Chapter 7 BK in 2 years
1 year of the plan completed
No foreclosures in the last ____ years. No Chapter ___ in the last 2 years.
No foreclosures in the last 2 years
No Chapter 7's in the last 2 years
For Fannie: How many months of reserves are needed for investment properties and how many months are needed for 2nd homes?
investment: 6 months
2nd home: 2 months
What must be done if they have solar panels?
They must be paid off or UCC lien needs to be subordinated or removed from title.
3 months PITI
6 months PITI if over $1M loan size