Conventional
Max front end ratio?
no front end on conv
Max front end ratio?
46.99%
What is the maximum front end DTI?
Doesn't exist
residual income
Max DTI?
x/50%
a well loved benefit of this program is the title can be held in an individual's name or in a ___
LLC
Max gross up without tax returns?
With tax returns? (100 pts each)
103.25%
125%
Max gross up without tax returns?
With tax returns? (100 pts each)
102.75%
115%
the seasoning period to take cash out after the prior refinance is
210 days from first payment
how many years of tax returns do we need for a self employed borrower?
1 year
What is a Debt service coverage ratio (DSCR)?
What is the minimum Debt Service Coverage Ratio?
amount of rental income compared to amount of housing monthly cost
1.0 (rent must be equal to or more than the monthly obligation)
To use child support income what must you have? (100 pts each)
Seperation agreement/child support order
proof received past 6 months
Proof will last 3+ years (age of child, on order OR birth certificate)
What are the maximum concessions on a purchase?
6%
What 3 factors effect residual income? (100 pts each)
Location
Number of people in family
Loan amount (80k + or -)
What do we need to use rental income? (200 pts)
IF owned less than 2 years? (100 pts)
2 years taxes
IF owned less than two years, would use 75% of current lease agreement OR 1 year tax returns if available
What income documents do you need for this program from the borrower?
Lease on property ONLY
If someone is buying a rental property, what rental income can you use on the new property in order to qualify?
up to 75% of the 1007 amount (only to offset payment, nothing extra)
What is the maximum loan amount for an FHA Streamline program?
the current loan amount + UFMIP (- refi auth)
What constitutes benefit on a VA IRRRL (2 specific things)
Rate must go down at least .5%
Monthly payment must decrease
What credit score decides our program and LTV limits?
Middle score of the primary wage earner
Appraisals on these programs are more expensive then a standard appraisal. Why is that?
We need to get a rent schedule (1007) to support monthly income
When are you required to pay off collections?
charge offs?
is there something you can do instead
Never required, do not need to add any payment
If someone is buying a 3-4 unit property FHA has a special rule in place that says..
the potential income of the unit must cover the entire housing expence (PITIMI+HOA)
the borrower bought their home in cash 3 months ago and has now decided to take out a loan to pay off their credit cards and student loans. How long do they have to wait before they can take out the loan?
cannot go VA
house is FC
You're doing a cash out loan on a free and clear property for $200,000. Because of the type of loan we need 6 mo's reserves. What do we need to prove they have the needed reserves?
nothing
cash out counts as reserves
How many months after purchase does someone need to wait to get cash out?
6 months (limit 65% of purchase price)
Months 6-12 - limited at 65% of current appraised value! (NOT purchase price)
12+ mos is normal guidelines