CONVENTIONAL
What is the seasoning requirement for a cash out refinance?
BONUS POINTS (25) For all cash out refinances, at least one borrower must have been on title for at least _________ prior to the note date of the new loan.
12 months from Note date
6 months
Anything below a ____ credit score MUST be sent to portfolio to be reviewed.
What is the max front and back end DTI?
580
46.99% / 56.99%
What are the eligible loan terms for cash out and rate and term?
Do they have the option to escrow?
Both are- 15, 20-30 years
No. They MUST escrow
Are non occupant cosigners allowed on RAP loans?
NO
What is the minimum credit score needed for a NOO DWMH?
None. We do not lend on NOO DWMH. The MUST BE OO.
For a cash out refinance, if my DTI is over 45%...What do I need to qualify/get an approval?
6 months reserves
You need at least a _____ credit score to go the full 80% LTV for a cash out refinance.
600
What is the minimum credit score for a cash out DWMH? What are the eligible terms?
680
30 years ONLY
What is the minimum credit score needed for RAP?
What is the minimum credit score needed for a 2nd mortgage? (does not include state specific)
620
680
What is the minimum amount down for a Conventional loan home purchase (not a first time homebuyer)?
5%
What is the minimum credit score needed for a cash out refinance for a SFH? DWMH? 2-4 Unit?
SFH: There is no minimum credit score just need AUS approval.
DWMH: 580
2-4 Unit: 620
What are the eligible loan terms?
15 years
20-30 years
What is the seasoning requirement for a cash out VA loan?
210 days after the 1st payment due date
For RAP loans what is the credit tradeline requirements? (If you name 1 you get 1/2 the points)
RAP loans require either 3 tradelines reporting for 12+ months, or 2 tradelines reporting for 24+ months (with activity in the last 12 months).
What is the minimum amount down for an FHA loan? Does it include closing costs?
3.5%
No closing costs are not included and they will have to bring extra to closing for that on top of the 3.5% down.
For Freddie once you are over 45% what do you need?
You do not automatically need 6 months reserves like Fannie UNLESS AUS requires it.
What is the minimum credit score needed and what is the max LTV for that score?
500 / 70%
Can my daughter who lives with me that is 40 be a coborrower?
What are the requirements to be on a VA loan?
No.
Spouse or another Veteran (The other Veteran MUST live in the property as their OO residence)
For RAP loans the credit tradeline requirements are waived IF....
If the Primary Wage Earner has 3 credit scores with a mid-score of 700 or higher
For an FHA purchase, what is the maximum seller concession allowed?
For conventional... in order to be considered a first time homebuyer I must have not bought or owned a home in ______ years. What is the down payment for a first time homebuyer? (10 Bonus Points)
6%
3 years
3% down
For Fannie, how many months of reserves are needed for Investment Properties? What about 2nd homes?
Investment Properties: 6 months
2nd Homes: 2 months
No Foreclosures in the last ____ years, No Chapter 7 BK's in the last _____ years and Chapter 13 is considered if ____________.
3 years
2 years
If 12 months of the payment plan has been completed as agreed upon.
No Foreclosures in the last ____ years, No Chapter 7 BK's in the last _____ years and Chapter 13 is considered if ____________.
2 years (on any property)
2 years
For a 2nd mortgage, what is the max LTV in a declining market area?
If the property is located in a declining market (as indicated either directly on the appraisal or on the attached State/CBSA declining market list), the max LTV/CLTV drops to 80%, regardless of what credit score or loan amount tier the borrower would otherwise qualify for.
If a DWMH has porch/deck or addition to the home, what will we need to get from them?
What if they already have an engineer/foundation certification but it was before the additions. Can we use that and why? (10 Bonus points)
-Certification/inspection of the additions by a state qualified 3rd party
-No you cannot use it. If they got the additions AFTER the initial engineer certification they would need to get a new engineer certification to state the changes were in compliance with the manufactured housing requirements. The only way it would be able to be used is if it mentioned the additions in that original copy.