Conventional
How many payments can we help them skip typcally ?
2
What is the minimum benefit threshold we must meet when completing an FHA streamline?
Lower rate by at least .5%
In the program VA IRRRL what does the " IRRRL" stand for?
Interest Rate Reduction Refinance Loan
What does LTV stand for?
Loan to Value
3.5%
When is PMI eligible to fall of on a conventional loan?
What is the funding fee amount on an FHA Streamline ?
1.75% Up Front Mortgage Insurance Premium
How much is PMI on a VA loan?
ZEROOOOOOOO
Max LTV on FHA C/O?
80%
What is the traditional conventional minimum down payment?
5%
True or False
Unlike all other full doc loans, conventional loans sometimes do not require an appraisal when refinancing.
Is the FHA UFMIP refundable?
Yes- within the first 36 months of opening an FHA loan you can get a prorated portion back IF you refinance.
What is the VA funding Fee on an IRRRL?
.5%
Max Cash out Conventional financing?
80%
What is the VA minimum down payment?
0%
Max Conventional Loan amount without going to High balance or jumbo loans?
$647,200
What is the FHA PMI Amount?
.85% (If when purchase <10%DP)
.80% (If when purchase >10%DP)
What are the TWO ways to be exempy from a VA funding fee?
1. Purple Heart
2. Have VA disability (service connected)
Max Cash out with VA financing?
100%
HomeReady (conventional) Purchases require how much down?
3%
**TEAM QUESTION FOR COFFEE AFTER TRAINING**
What has a face and two hands but no arms or legs?
A Clock !
How long is PMI on an FHA loan if taken out 5 Years ago and only put 3.5% down when purchased?
FOREVERRRRRRRRR
(11 years if they had put 10% down when purchasing)
Does a borrower have to be employed to complete a VA IRRRL?
YES- But we do not require income
What is a benefit other than cash savings that could impact a borrower positively by doing a cash-out?
CREDIT SCORE GOES WAY UP!!!!
**DAILY DOUBLE**
What is "Ernest Money"
A deposit towards the purchase of a home, placed when submitting a contract to purchase!