"Smarty Pants"
This loans allows parents to buy a condo near a campus for their child to reside in while attending college at second home rates.
What is a Kiddie Condo Loan?
Length of time student loans must be deferred for these loan not to be included in a borrowers D.T.I calculations.
What is 12 Months?
Maximum loan amount for a Construction Loan with 90% L.T.V, 740 F.I.C.O., 43 D.T.I. and 12 Months Reserves.
What is $1,000,000.00
These are two options to obtain the 3% down payment on the Affordable 97 loan.
What is a Gift or Pledged Asset CD?
Number of business returns required to use the self employed income desk for calculating income.
What is 2 or more?
This option can help two borrowers use the higher of their middle credit scores.
What is the Blended Score Option
The maximum L.T.V. for a Doctor buying a SFR. Purchase price is $650,000. FICO is 720; DTI is 43 and Reserves is 4 Months.
What is 100% with No MI.
The maximum construction term for an MI coverage loan.
What is 15 Months.
There are the two ways to qualify for the Affordable 100 and 97 Programs.
What are....
L.M.I. Census Tracts
or
= or < 80% HUD Median Income
Minimum and maximum $ commission for each loan.
What are...
$500 Minimum
$20,000 Maximum
This would typically require MI however not with Smart Solutions.
What is an 89% L.T.V.
Required to use Future Income/Employment
What is... Residents entering medical profession are required to have a copy of the executed written employment agreement as evidence of employment or future employment.
Parameters for conversion to permanent financing.
What is:
Documents used to verify employment, income, assets, source of funds, payment history, etc. do not require updating. Loan is not re-underwritten
A final inspection is required; however, a re-certification of value is not required.
Two big differences on income calculation between Regions Affordable and I.H.D.A.
What are Limiting income to applicants only - not total household income
and
Ability to not use overtime or bonus income if applicants qualify on D.T.I. with base income only.
The discount on Bi-Weekly Express Loans for this type of loan.
What is .125% rate reduction on Fixed Rate loans.
With this option, you can buy without selling.
What is the Cross - Collateral Program?
Missing from this list of eligible borrowers for the Emerging Professional Program.
Must be a certified Pharmacist, Nurse Anesthetist, Physician’s Assistant, Nurse Practitioner, Veterinarian, Chiropractor, Optometrist, or Podiatrist to be eligible.
What is Attorneys?
The minimum renovation costs to be eligible for the RP loan.
Minimum Renovation: Cost of renovation must equal or exceed the lesser of $20,000 or 20% of the as-completed appraised value
The easy and fast way to determine whether a house is located in an L.M.I. Census Tract.
What is Regions Spatial Intelligence Portal (R.S.I.P.).
The Regions Core Values
What are...
Put people first; Do what is right
Focus on your customer; Reach higher
Enjoy life
What are Horse Farms, Excess Acreage, Dome Homes, Mixed Use Properties, Condotels, Non-Warrantable Condo?
Minimum Borrower Contribution for Emerging Professional Program.
What is 3% minimum must come from the borrower’s own funds?
For Extended Locks for New Construction these are the Eligible Lock Periods for Agency and Portfolio Loans and the fee required.
What are...Eligible Lock Periods
The % of seller contributions allowed for the 100 and 97 Affordable Programs.
What is 4% and 6%.
This organization recognizes great workplaces.
What is...
Five years strong: Regions Bank again named Gallup Great Workplace Award winner