CONVENTIONAL
This is the minimum down payment required for a standard conventional loan.
What is 5%?
This is a huge benefit for a borrower who wants to utilize an USDA loan.
What is no down payment?
On what page would you navigate to in Encompass to tell the AUS to run the file as HomeReady?
What is "Fannie Mae Additional Data?"
There are five main documents we will request from a borrower for pre-approval. What are three of those 5?
1. ID(s)
2. Taxes (w-2s)
3. Two months of Bank Statements
4. 30-days of paystubs
5. Purchase Contract (if applicable)
It is after this amount of days that a borrower has to run multiple credit pulls without seriously damaging their credit score.
What is 45 days?
These two programs are labelled as "affordable" under the Conventional Loan umbrella.
What are HomeReady and Home Possible?
Outside of DTI, Veteran Loans often look at this type of income calculation.
What is residual income?
A borrower has to show ____ ____ of employment history.
What is 2 years?
These are Lower Advantages that should be mentioned during a purchase pitch.
What are Lower Insurance, Lower Realty, Lower APP, 5-star Lender, in-house UW, etc.
On this website you will find information on Fannie Mae guidelines.
What is AskPoli?
This is the suggested minimum credit score for most conventional loans.
What is 680?
It is in this document that a loan officer can view a veteran's entitlement and exemption status.
What is the COE? (Certificate of Eligibility)
If the _____ _____ is entered in a file, it will trigger the requirement for initial disclosures.
What is "estimated value?"
These are often suggested when a borrower purchases a home, but are NOT required.
What is an inspection?
After this many years of a borrower being off a mortgage and title that they are able to qualify as a first-time homebuyer again.
What is 3 years?
There are different occupancy types allowed for conventional loans. What are they?
What are primary, secondary and investment?
In the order that these loans are listed, what AUS would you run for FHA, VA and USDA?
What are DU, DU/LP and GUS?
It is important to enter property type information before running OB for what reason?
It can influence the pricing of both interest rate, and if a conventional loan, PMI.
This person will evaluate the risk of your file.
Who is an underwriter?
These are two items that create an escrow account.
What are property taxes and homeowner's insurance?
An automated underwriting system typically looks at a loan's ______.
What is risk? (OR approvability)
USDA loans have very strict DTI limitations. The front-end and back-end are limited to ________?
What is 29/41?
A _____ ____ _____ needs to be marked in the file. It can influence the DTI of government loans.
What is a Community Property State?
These are your major components of compliance.
What are NMLS ID, Recorded Line and Credit Script?
The credit score used when two borrowers are on the loan.
What is the lowest middle?