WHOLESALE FHA PRODUCT PROFILE

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "WHOLESALE FHA 580 619 PRODUCT PROFILE"

Transcription

1 Maximum LTV/CLTV & Minimum Credit Score Requirements LTV CLTV MIN CREDIT 2 INVESTOR CODES PURCHASE 96.50% 96.50% 580 I-12, I-15 1 NO CASH-OUT REFINANCE 97.75% 97.75% 580 I-12, I-15 1 CASH-OUT REFINANCE 85.00% 85.00% 580 I-12, I-15 1 Max financing 95% with score 2 High Balance requires 620 Credit Score Mortgage Insurance Premium Purchase, No Cash-out Refinance, Cash-out Refinance > 15 YEAR TERM 15 YEAR TERM Applies to Case Numbers assigned on or after June 3, 2013 for any base loan amount LTV UFMIP ANNUAL <78% 1.75% 0.45% Applies to Case Numbers assigned on or after April 1, 2013 for base loan amounts $625,000 LTV UFMIP ANNUAL LTV UFMIP ANNUAL >95% 1.75% 1.35% >90% 1.75% 0.70% 95% 1.75% 1.30% % 1.75% 0.45% Applies to Case Numbers assigned on or after April 1, 2013 for base loan amounts > $625,000 LTV UFMIP ANNUAL LTV UFMIP ANNUAL 95% 1.75% 1.55% >90% 1.75% 0.95% 95% 1.75% 1.50% % 1.75% 0.70% Applies to Case Numbers assigned on/after 06/11/2012 for Streamline Refis w/endorsements Prior to 05/31/2009 ONLY LTV UFMIP ANNUAL LTV UFMIP ANNUAL >95% 0.01% 0.55% 90%.01% 0.55% 95% 0.01% 0.55% 90%.01% 0.55% ProgGuideWS_FHA WS Rev. 07/29/2014 Page 1 of 10

2 Ability to Repay and Qualified Mortgage Rule (ATR/QM) Age of Documents Appraisal AUS Borrower Eligibility For loans subject to the ATR/QM rule, AFN will only fund loans that comply with the ATR/QM requirements. Clear itemization of fees and application of all credits that indicate who paid by and paid to is required on all loans NOTE: Investment properties which are for business purposes (borrower does not intend to occupy for more than 14 days in the year) are exempt from ATR/QM; however, such loans must meet agency eligibility requirements and are subject to the applicable points and fees threshold. Credit documents must be no more than 90 days old on the date the Note is signed, including credit reports and employment, income and assets documents. Preliminary Title Policies must be no more than 90 days old on the date the Note is signed. A full appraisal (e.g. from 1004 or equivalent, accompanied by form 1004 MC) is required for all submissions. The FHA appraiser who performed the original appraisal, if currently in good standing on the FHA Appraiser Roster, may use Part A (Summary Appraisal Update Report) or Part B (Completion Report). Any other FHA appraiser, currently in good standing on the FHA Appraiser Roster, may only use Part B. All loans must be submitted and approved through FHA TOTAL Scorecard. Loans may be manually underwritten, and must follow manual underwriting guidelines for DTI. Eligible US Citizens Permanent resident aliens with evidence of lawful residency Ineligible Foreign Nationals Non-permanent resident aliens Borrowers that have Government/Public Assistance Income (commonly known as Section 9) AFN does not allow Mortgage Credit Certificates (MCCs Inter Vivos Trusts) ProgGuideWS_FHA WS Rev. 07/29/2014 Page 2 of 10

3 Condominiums Co-borrowers Credit Must be located in an FHA approved condominium project HUD REOs do not require FHA condominium project approval Condominiums involved in minor litigation subject to DE approval and in accordance with FHA requirements If the LTV exceeds 75% and the co-borrower(s) will not occupy, the following restrictions apply: Subject must be 1 unit Co-borrower must be a close family member (child, parent, grandparent, spouse, adopted son or daughter, stepson or stepdaughter) If the co-borrower is unrelated or does not have longstanding relationship or if a parent is selling to a child, the parent cannot be the co-borrower unless the LTV is < 75% Each borrower must have at least one credit score to be eligible; non-traditional credit is not acceptable. Credit Derogatories 2 years must have elapsed since completion or discharge of Chapter 7 or Chapter 13 bankruptcy 3 years must have elapsed since completion of Foreclosure, Deed-In-Lieu, or Short Sale The wait period for Short Sale can be waived if the following conditions are met: o o o The loan was current at the time of the Short Sale The loan was paid on time in the 12 months preceding the Short Sale All other installment debts were paid on time in the preceding 12 months Extenuating Circumstances: Reduced waiting periods for extenuating circumstances is not available on this product. Collections If total outstanding balance for all borrowers is < $2,000, capacity analysis is not required If total outstanding balance for all borrowers is $2,000 at the time of underwriting, lender must perform a capacity analysis, to include: (Continued) ProgGuideWS_FHA WS Rev. 07/29/2014 Page 3 of 10

4 Credit Derogatories (Continued) Collections (Continued) o Payment in full of collection accounts, prior to or at closing, along with documentation of acceptable source of funds, or o Borrower makes payment arrangements and provides proof of arrangement with payment included in the DTI, or o 5% of the outstanding balance of each collection account is included as monthly payment in DTI Non-borrowing spouse collection accounts ARE included in the cumulative balance C/P States only Medical collections and charge-offs are excluded Judgments Judgments must be paid prior to or at closing. An exception to the payoff of a court ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments. Provide a copy of the agreement and proof of 3 months payments prior to credit approval. Borrowers may not prepay the scheduled payments to qualify. Disputed Accounts If the cumulative outstanding balance of disputed derogatory accounts is $1,000, then the TOTAL Scorecard decision requires a manual downgrade if the disputed accounts contain derogatory information. If the cumulative outstanding balance of disputed derogatory accounts is < $1,000, manual downgrade is not required. Disputed medical accounts and disputed derogatory accounts resulting from identity theft may be excluded from the $1,000 limit; identity theft documentation must be provided. o Disputed Derogatory Accounts are defined as: Disputed charge-off accounts Disputed collection accounts Disputed accounts with late payments in the last 24 months The following disputed non-derogatory accounts are not included in the $1,000 limit: o Disputed accounts with $0 balance o Disputed accounts with late payments 24 months or older o Disputed accounts that are current and paid as agreed ProgGuideWS_FHA WS Rev. 07/29/2014 Page 4 of 10

5 Documentation Type Downpayment Assistance Tax Transcripts Required for each borrower whose income is utilized as a source of repayment Must be provided for the number of years of income used to qualify the borrower Required to support income used to qualify the borrower If only W2 income used to qualify, the lender may obtain W2 transcripts as long as tax returns are not include in the loan file Generally, when documentation used to verify income is from the same calendar year as the tax transcript, the information must match exactly; however, if income documentation is from the current calendar year and the transcript is from a prior year, there can be acceptable variances (if this variance exceeds 20%, document the rationale for using current income) If tax transcripts are not available (due to recent filing) a copy of the IRS notice showing No record of return filed is required along with documented acknowledgment receipt (such as IRS officially stamped tax returns or evidence the return was electronically received) from the IRS and the previous 2 years tax transcripts 4506-T A 4506-T, signed at application and closing, is required for all transactions. TOTAL Scorecard AUS Accept Self-employed borrowers (ML ): P&L and Balance Sheet required if more than a calendar quarter has elapsed since the date of the most recent calendar or fiscal year-end tax return was filed by the borrower no exceptions Tax Returns If income used to qualify the borrower exceeds the 2-year average of tax returns, an audited P&L or signed tax returns obtained from the IRS is required. Downpayment Assistance programs are permitted in accordance with Agency Guidelines. The source of Downpayment Assistance must be a Government Entity Non-profits and Trade Unions are not permitted ProgGuideWS_FHA WS Rev. 07/29/2014 Page 5 of 10

6 Escrow Holdbacks Financing Concessions High Balance Escrow holdbacks are only done with HUD REO REPAIR ESCROWS (additional restrictions apply). Financing concessions cannot exceed 6% of the sales price. High balance loans require a 620 credit score. High Cost/High Priced AFN will not purchase High Cost Loans AFN will purchase Higher Priced Mortgage Loans (HPML) that comply with all federal and state regulations, and AFN guidelines require: o Validation of the borrower s ability to repay through verification of income, liabilities and assets in accordance with full documentation requirements o Establishment of an escrow account for taxes and insurance premiums on any transaction secured by a principal residence Identity of Interest Transaction (ML ) Income Loan Limits For the purpose of Identity of Interest transactions, the definition of family member includes: o Spouse o Child (including son, daughter, stepson, stepdaughter, foster child placed by authorized agency) o Parent or grandparent (including step-parent or grandparent and foster parent or grandparent) As stated in handbook HUD B.2.b., identity of interest transactions may result in a reduced maximum loan-to-value Full documentation is required, to include 1040 tax transcripts. FHA mortgage limits apply for all areas: https://entp.hud.gov/idapp/html/hicostlook.cfm (Refer to rate sheet for high balance price adjustments.) ProgGuideWS_FHA WS Rev. 07/29/2014 Page 6 of 10

7 Loan Purpose Mortgage Products, Eligible Mortgage Products, Ineligible Non Arm s Length Transaction Occupancy, Payment Shock Purchase Limited cash-out/rate and term refinance Proceeds can be used to: o Pay off a 1 st mortgage, regardless of age o Pay off any junior liens related to the purchase of the subject property, or that are seasoned at least 12 months o Pay related closing costs and prepaid items o Disburse cash to the borrower, not to exceed $500 Cash-out o LTV is based on purchase price if property owned less than 12 months o Borrower must be 0x30x12 on the subject mortgage history o Non-occupant co-borrowers are not permitted Loans with < 6 months seasoning: Ineligible due to manual downgrade to TOTAL decision per TOTAL Scorecard User Guide Fixed Rate 10, 15, 20, 25 & 30 year terms (FHA High Balance only allowed on 25 & 30 yr terms) Section 203(b) Basic with ADP code 703 Section 234(c) Condominiums with ADP code 734 Streamline Refinance Refer to FHA Streamline Refinance Product Profile Any FHA program/mortgage type identified in the FHA handbook that are not specifically allowed in the Mortgage Products, Eligible above. Maximum 85% LTV/CLTV Owner-occupied Residences Only Payment Shock: o First-time Homebuyers (FTHB) = 100% o First-time Homebuyers (FTHB) with gift funds = 50% o Non-FTHB with gift funds = 100% If borrower is currently living RENT FREE loan is ineligible for I-15 ProgGuideWS_FHA WS Rev. 07/29/2014 Page 7 of 10

8 Property Types - Eligible Property Types - Ineligible Single Family Residence (attached or detached) PUDs Low-rise and High-rise condominiums (must be FHA eligible) 203k or Incomplete/Undistributed 203K Transaction 3 4 Unit Property Condotel/Hotel Condominium Cooperative Geodesic Dome Hawaii Lava Zone 1&2 Hawaiian Homeland HOPE Homeowners Program HUD 184 Indian Home Loan Guarantee Program Illinois Land Trust Leasehold Life Estates Loan to Non-profit Organization Manufactured Home (see FHA Manufactured Home Product Profile) MCC Military Impact Area Loans Mobile Home Property > 25 Acres Property in designated Coastal Barrier Property in Litigation Refinance of loans in Negative Equity Position (ML ) Reverse Mortgage Section 8 Housing Temporary Buydown Texas 50 (a)(6) Timeshare Unimproved Land Working Farm/Ranch ProgGuideWS_FHA WS Rev. 07/29/2014 Page 8 of 10

9 Property Flipping Policy (Property Sold Within 90 Days of Purchase) Qualifying Ratios A property flipping transaction is assessed using the 90-day timeline rule which is established by seller s date of acquisition as the date of settlement on the seller s purchase of that property and the execution of a sales contract to another party, restriction on re-sales occurring 90 days or less after acquisition HUD Prohibition on Property Flipping. The name of the owner on the title report must match the seller s name on the purchase contract If the seller is an entity (LLC, Trust, etc.), documentation showing legal registration of the entity such as articles of incorporation with the seal or business license is required o o The borrower(s) can have no affiliation with the entity of any kind The correspondent does not need to provide evidence to meet this requirement; AFN will investigate through a public records search and other resources The property cannot have been sold in the 12 months prior to the transaction in which the seller acquired the property The subject transaction cannot include a transfer of personal property or other special arrangement between buyer and seller The property must have been fairly and openly marketed through MLS, an auction or as a For Sale By Owner (FSBO) offering in a newspaper or other publication If property not listed on MLS, documentation such as the auction roster or FSBO advertisement must be included in the loan package If property value has increased from the prior sale by more than 20%, a second full appraisal is needed, along with a property inspection that is to be provided to the borrower prior to closing; the property inspector must have no interest in the property or relationship with the seller (refer to Federal Register 75 FR for details) Non arms-length transactions are prohibited Must contain a representative credit score of at least 680 Fixed Rate Qualify at the Note Rate 5/1 & 7/1 ARMS Qualify at the Note Rate Maximum 31%/43% ratio ProgGuideWS_FHA WS Rev. 07/29/2014 Page 9 of 10

10 Recently Listed Property States Restrictions Upfront Mortgage Insurance Premium (UFMIP) No Cash-out Transaction Allowed when the property is listed for sale; the property and the borrower must be eligible and qualified for refinance Cash-out Transaction The listing must have expired or been withdrawn prior to the application date NOTE: If the property was listed in the prior 30 days to the application date, the Early EPO provision will be extended to one year. Texas 50(a)(6) Refinance Mortgages are prohibited. A copy of the FHA Connection Case Query evidencing receipt of the UFMIP must be included in the loan file at the time of delivery. ProgGuideWS_FHA WS Rev. 07/29/2014 Page 10 of 10

FHA FIXED RATE & ARM PROGRAM

FHA FIXED RATE & ARM PROGRAM FHA FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple

More information

VA Product Profile 05.01.2014

VA Product Profile 05.01.2014 Maximum LTV / CLTV and FICO Requirements Purchase VA IRRRL / Rate & Term Cash-out Refinance Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 100% 640

More information

FHA LOAN PROGRAM Conforming and High Balance Loan Amounts

FHA LOAN PROGRAM Conforming and High Balance Loan Amounts FHA PRODUCT MATRIX Purchase Rate and Term Cash Out Units LTV/CLTV Fico* Units LTV/CLTV Fico Units LTV/CLTV Fico 1 4 96.5/105 620 1 4 97.75/97.75 620 1 4 85/85 620 FYIs: Complete HUD guidelines can be referenced

More information

FHA FIXED RATE & ARM PROGRAM

FHA FIXED RATE & ARM PROGRAM FHA FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple

More information

FHA STREAMLINE REFINANCE PRODUCT PROFILE

FHA STREAMLINE REFINANCE PRODUCT PROFILE Terms 30 Year Terms 15 Year Terms Maximum LTV/CLTV LTV/CLTV Score LTV/CLTV Score Non-Credit Qualifying N/A N/A Credit Qualifying 97.75% 97.75% Applies to Case Numbers assigned on or after January 26, 2015

More information

Product Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years. Property Type Lowest Maximum (Floor)

Product Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years. Property Type Lowest Maximum (Floor) FHA Guidelines Product Description FHA Fixed Rate 15 and 30 Year Terms Fully Amortizing Product Codes Maximum s Product Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years

More information

FHA HIGH BALANCE FIXED PROGRAM HIGHLIGHTS

FHA HIGH BALANCE FIXED PROGRAM HIGHLIGHTS Product Summary These guidelines represent underwriting requirements for FHA fixed rate and ARM mortgages with increased loan size limits with a minimum floor of greater than $417,000. These guidelines

More information

VA Quick Reference Guides

VA Quick Reference Guides Finance Type Occupancy Product Codes Purchase, Cash-Out and Rate & Term Refinance, Interest Rate Reduction Refinance Loan (IRRRL) Owner Occupied only, Second Homes not allowed, Investment properties not

More information

PennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016

PennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016 PennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016 Overlays to Fannie Mae are underlined Maximum Loan Amounts Units Contiguous States,

More information

Correspondent Lending FHA Fixed Rate Product Profile

Correspondent Lending FHA Fixed Rate Product Profile Government Occupancy Correspondent Lending ELIGIBILITY MATRIX & SUMMARY GUIDELINES 10, 15, 20, 25 & 30 YR Fixed Rates High Balance 15 & 30 YR Fixed Rates Primary Residence Purchase Property Type (5) Maximum

More information

96.50% Refinance Cash-Out 620 75% 75% Purchase 620 96.50% 96.50% 45% Refinance, No Cash- 620 97.75% 97.75% 45%

96.50% Refinance Cash-Out 620 75% 75% Purchase 620 96.50% 96.50% 45% Refinance, No Cash- 620 97.75% 97.75% 45% GNMA Portfolio Program Summary Product Types Eligible Programs 30-year Fixed FHA loans 203(b) 1-4 family, 234(c) Condominiums, Standard Balance Loan Purpose Minimum FICO Maximum LTV Maximum CLTV Purchase

More information

VA PROGRAMS PRODUCT MATRIX

VA PROGRAMS PRODUCT MATRIX OCCUPANCY LTV UNITS CLTV STANDARD PORTFOLIO Purchase O/O 100% 1-4 100% 620 Cash Out O/O 100% 1-4 100% 620 O/O IRRRL 1,2 2 nd Home 3 130% 1-4 130% 4 620 N/O/O Conforming Balance: 580 FICO High Balance:

More information

GMAC BANK JUMBO FIXED RATE PRODUCT

GMAC BANK JUMBO FIXED RATE PRODUCT GMAC BANK PRODUCT 1. PRODUCT DESCRIPTION Conventional Jumbo Fixed Rate 10 to 30 years in five-year increments Fully amortizing 2. PRODUCT CODES 002 15 Yr Jumbo Fixed 004 30 Yr Jumbo Fixed 3. INDEX N/A

More information

FHA Standard, Simple, & Streamline Refinance Products

FHA Standard, Simple, & Streamline Refinance Products Topic Program Description Products AUS method Eligible States Anything not specifically addressed within, follow FHA Guidelines. Guidelines can change without notice. This is base FHA mortgage parameters

More information

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15 1. PRODUCT FHA Fixed Rate and ARM Mortgages for Rate and Term Refinance, Cash-Out Refinance and Simple Refinance Transactions DESCRIPTION Fixed Rate 5 to 30 year term in annual increments Fully amortizing

More information

E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES

E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES PRODUCT GUIDELINES 2/10/2015 504 FHA Streamlines Mortgage Eligibility Product Code Short Description Long Description Description FF15SL FHA 15 YR SL FF15SL

More information

SONYMA FHA Plus Correspondent Term Sheet

SONYMA FHA Plus Correspondent Term Sheet Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee

More information

Portfolio High Balance Fixed

Portfolio High Balance Fixed Minimum Credit Score: 620 Minimum Loan 1 unit: $417,001 2 unit: $533,851 AUS: DU Approve Eligible Maximum LTV: 90% Amount*: 3 unit: $645,301 4 unit: $801,951 Primary Residence 3 Purpose Units LTV CLTV

More information

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS PRODUCT GUIDELINES 12/8/2014 MORTGAGE ELIGIBILITY Product Description and Product Codes Code Short Description Long Description CF30RP 30 YR REFI PLUS CF30RP

More information

FHA Standard Refinance Cash Out

FHA Standard Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

WHOLESALE VA IRRRL WITH APPRAISAL

WHOLESALE VA IRRRL WITH APPRAISAL Program Code(s): WHOLESALE VA IRRRL WITH APPRAISAL Maximum LTV/CLTV and Credit Score Requirements VF30 = 30 year VF15 = 15 year VA IRRRL With Appraisal 1 Occupancy LTV/CLTV 4 Min Credit Score 5 Investor

More information

What s s New With FHA?

What s s New With FHA? What s s New With FHA? Presented By: Bill Ladewig 866.204.9733 http://www.mortgage- FHA Calculator Calculates everything needed to quote or qualify FHA loans Click to Open: http://www.themtgmentor.com/fha_mortgage_calculator.html

More information

VA FIXED RATE PROGRAM HIGHLIGHTS

VA FIXED RATE PROGRAM HIGHLIGHTS Program Summary Loan Term & Program Category Entitlement These guidelines represent underwriting requirements for VA fixed rate mortgages. Also review the VA Lender s Handbook for any guidelines not specifically

More information

WHOLESALE VA IRRRL NO APPRAISAL PRODUCT PROFILE

WHOLESALE VA IRRRL NO APPRAISAL PRODUCT PROFILE Maximum LTV/CLTV and Credit Score Requirements VA IRRRL No Appraisal 1 WHOLESALE VA IRRRL NO APPRAISAL Program Code(s): VF30IRRRLNA = 30 year VF15IRRRLNA= 15 year Occupancy LTV/CLTV 3 Min Credit Score

More information

Conventional Jumbo seven year/one year adjustable rate mortgage 30 year term Fully amortizing

Conventional Jumbo seven year/one year adjustable rate mortgage 30 year term Fully amortizing 1. PRODUCT DESCRIPTION Conventional Jumbo fixed rate mortgage 15 and 30 year terms Fully amortizing Conventional Jumbo five year/one year adjustable rate mortgage 30 year term Fully amortizing Conventional

More information

FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY

FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY To determine if the mortgage is currently owned or securitized by Freddie Mac, the following website may be used: https://ww3.freddiemac.com/corporate/

More information

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount EXPRESS JUMBO FIXED RATE AND ARM PROGRAM MATRIX: PURCHASE AND RATE TERM REFINANCE 1 Occupancy Units FICO LTV/CLTV Loan Amount 80/80 $1,500,000 Primary Residence 1 720 75/75 $1,750,000 70/70 $2,000,000

More information

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES 5. CACULATING THE MORTGAGE AMOUNT WITH A NEW APPRAISAL If the junior lien is a home equity line of credit, the maximum CLTV is based on the full credit

More information

Max LTV/CLTV. Units. Max Debt Ratio Purchase or Refinance. 700 1 70% $1,500,000 40% Rate/Term Refinance Cash-Out N/A

Max LTV/CLTV. Units. Max Debt Ratio Purchase or Refinance. 700 1 70% $1,500,000 40% Rate/Term Refinance Cash-Out N/A Jumbo Series 3 Summary Product Types Minimum Loan Amount 5/1 and 7/1 ARMs $417,001 or Fannie/Freddie loan limits 5/1 ARM qualifies at the greater of the fully indexed rate or Note rate +2%. 7/1 ARM qualifies

More information

PennyMac Correspondent Group Fannie Mae Standard and High Balance Product Profile 07.08.16

PennyMac Correspondent Group Fannie Mae Standard and High Balance Product Profile 07.08.16 PennyMac Correspondent Group Fannie Mae Standard and High Balance Product Profile 07.08.16 Overlays to Fannie Mae are underlined Agency Finance Type Occupancy Term Fannie Mae - DU Approval Purchase and

More information

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended.

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended. This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement Training: Origination Through Post-Closing/ Endorsement 1 Module 8A Programs and Products: Refinance Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination

More information

RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE

RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE Occupancy Max Loan Amount Maximum LTV Maximum CLTV Min FICO Max Ratios Minimum Cash Investments Mortgage/Rental History Reserves Primary 1 Unit $417,000 80%

More information

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY 1. PRODUCT DESCRIPTION Conventional Conforming five year/one year adjustable rate mortgage Servicing retained 30-year term Fully amortizing Non-convertible ARM Plan ID 2725 Manufactured homes not eligible

More information

Product Overview. Minimum Loan Amount $25,000. Maximum Loan Amount 1 Unit $417,000. Occupancy Owner occupied primary residence and second homes.

Product Overview. Minimum Loan Amount $25,000. Maximum Loan Amount 1 Unit $417,000. Occupancy Owner occupied primary residence and second homes. Product Overview The Federal Housing Finance Agency (FHFA) announced changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing

More information

USDA Guaranteed Rural Housing Product Profile

USDA Guaranteed Rural Housing Product Profile Appraisals LTV/CLTV 100%* Purchase Maximum LTV/FICO Requirements Min FICO Rate and Term Refinance LTV/CLTV Min FICO 620 100%* 620 *exclusive of financed guarantee fee A full appraisal (e.g. form 1004 or

More information

FMC Product and Credit Guidance for Wholesale Divisions

FMC Product and Credit Guidance for Wholesale Divisions FMC Product and Credit Guidance for Divisions Ineligible Product Programs and Properties FMC does not accept Loan Prospector AUS for Conventional, FHA or VA loans The Negative Equity FHA (MHA) loan program

More information

RETAIL VA IRRRL NO APPRAISAL PRODUCT PROFILE

RETAIL VA IRRRL NO APPRAISAL PRODUCT PROFILE Maximum LTV/CLTV and Credit Score Requirements VA IRRRL No Appraisal 1 Program Code(s): VF30IRRRLNA = 30 year VF15IRRRLNA= 15 year Occupancy LTV/CLTV 3 Min Credit Score 5 NYLX Codes O/O 1 Unit 100% 580-599

More information

E MORTGAGE MANAGEMENT LLC 501 FHA FIXED RATE

E MORTGAGE MANAGEMENT LLC 501 FHA FIXED RATE E MORTGAGE MANAGEMENT LLC 501 FHA FIXED RATE PRODUCT GUIDELINES 2/18/2015 501 FHA Fixed Rate Mortgage Eligibility Product Codes Code Short Description Long Description FF10 FHA 10 YR FF15 - FHA FIXED 10

More information

FHA Standard Refinance Cash Out

FHA Standard Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

Section 2.08 - Jumbo Solution Second Mortgage

Section 2.08 - Jumbo Solution Second Mortgage - In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 3 Loan Terms... 4 Assumptions... 4 Eligible First and Second Mortgage Products...

More information

Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview

Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 No Cash

More information

FHA Streamline (Full Credit and Non-Credit Qualifying)

FHA Streamline (Full Credit and Non-Credit Qualifying) . This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

PORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents

PORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised

More information

E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES

E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES 2/24/2015 Mortgage Eligibility Product Code Short Description Long Description Description VF31 VA 3 YR ARM VF31 - VA 3-1 ARM VF51 VA 5 YR ARM

More information

Conventional DU Refi Plus

Conventional DU Refi Plus Endeavor America Loan Services Conventional DU Refi Plus Guidelines Conventional Guidelines... 3 Matrix... 3 Overview... 3 Program Expiration... 3 Loan Purpose... 4 Maximum LTV, CLTV, and HCLTV Ratios

More information

FHA FIXED RATE PRODUCT

FHA FIXED RATE PRODUCT High Balance High Balance High Balance High Balance High Balance High Balance Max Amount (See High Bal Note) Max Amt (See Hi Bal Note) Max Amt (See Hi Bal Note) 96.50% 100.00% 97.75% 100.00% 1 97.75% 100.00%

More information

Underwriting Guideline Matrix

Underwriting Guideline Matrix Program / Product Codes: NewLeaf Wholesale VA Lender ID Number: SKYLINE FINANCIAL CORPORATION 1690780000 Subject to Change Without Notice Valid as of: 11/06/2015 Copyright 2015 Skyline Financial Corp.

More information

Page 1 of 9 Table of Contents

Page 1 of 9 Table of Contents Page 1 of 9 Table of Contents LTV MATRIX... 2 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 Conforming... 3 High Balance... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 4 ELIGIBLE PROPERTY

More information

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score PROGRAM NAME: REVISION DATE: 08/26/2015 5/1, 7/1, 10/1 Libor ARMs Jumbo OPTION I 15-Year Fixed Jumbo PRODUCT DESCRIPTION: MAXIMUM LOAN AMOUNTS: Note All loan amounts must be even dollar amount (i.e., $100,000.01

More information

A Simplified Overview of FHA Loan Origination

A Simplified Overview of FHA Loan Origination Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility

More information

ditech BUSINESS LENDING FHA STREAMLINE REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15

ditech BUSINESS LENDING FHA STREAMLINE REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15 NON- 1. PRODUCT DESCRIPTION 2. ELIGIBLE PROGRAMS 3. CURRENT FIRST MORTGAGE ELIGIBILITY FHA Fixed Rate and ARM Mortgages for Streamline Refinance Transactions Fixed Rate 5 to 30 year term in annual increments

More information

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY 1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are

More information

Lending Guide. Section 604.02 Underwriwting Eligiblity Transactions

Lending Guide. Section 604.02 Underwriwting Eligiblity Transactions Continuity of Obligation A continuity of obligation is required for all refinance transactions. A continuity of obligation exists when one or more of the following occur: At least one borrower on the existing

More information

`2 TERMS AND CONDITIONS

`2 TERMS AND CONDITIONS `2 TERMS AND CONDITIONS Each House Key Program Mortgage Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional

More information

DU for Government Loans Release Notes July 2012 Release

DU for Government Loans Release Notes July 2012 Release DU for Government Loans Release Notes July 2012 Release May 15, 2012 Updated June 26, 2012 During the weekend of July 21, 2012, Desktop Underwriter (DU ) for government loans will be updated with the following

More information

E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES

E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES 4/30/2014 Mortgage Eligibility Product Code Short Description Long Description Description VF30HB 30 YR VA HB VF30HB - 30 YR VA HIGH BALANCE

More information

E MORTGAGE MANAGEMENT, LLC 701 VA FIXED PRODUCT GUIDELINES

E MORTGAGE MANAGEMENT, LLC 701 VA FIXED PRODUCT GUIDELINES E MORTGAGE MANAGEMENT, LLC 70 VA FIXED PRODUCT GUIDELINES 2/24/205 Mortgage Eligibility Product Code Short Description Long Description Description VF5 VA 5 YR VF5 - VA FIXED 5 YEAR VF20 VA 20 YR VF20

More information

Correspondent. FHA 203(b) & 234(c)

Correspondent. FHA 203(b) & 234(c) FHA 203(b) & 234(c) Introduction Eligible Products and Product Codes Maximum Loan Amount Minimum Loan Amount General Requirements This Product Guide outlines policies for Federal Housing Administration

More information

Contents. VA Credit Overlays

Contents. VA Credit Overlays Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL...

More information

Section 1: Loan Characteristics

Section 1: Loan Characteristics Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed

More information

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview Section C. Maximum Mortgage Amounts on Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 General Information on 3-C-2 2 Without an Appraisal

More information

Texas Home Equity Section 50(a)(6)

Texas Home Equity Section 50(a)(6) Texas Home Equity Section 50(a)(6) Revised 09/16/2015 rev. 16 Plaza s Underwriting Guidelines are designed to provide guidance as a standard to underwriting loans. There are cases where specific loan programs

More information

FHA Streamline Refinance Guidelines

FHA Streamline Refinance Guidelines The following guidelines apply to all DIRECTORS MORTGAGE s FHA Streamline Refinance loan program. All loans must adhere to the criteria of these guidelines or the individual loan programs. While DIRECTORS

More information

Choice Jumbo Mortgage

Choice Jumbo Mortgage Finance Type Purchase/Rate and Term Refinance Property Type Primary Residence Second Home Investment Max Loan Max LTV Min FICO Max LTV Min FICO Max LTV Min FICO $1,000,000 80% 70% 80% N/A N/A SFR/PUD/

More information

FHA 30, 15 Year Fixed Refinance Products 203b, 234c F30; F15; F30HPML Loan Amount and LTV Limitations

FHA 30, 15 Year Fixed Refinance Products 203b, 234c F30; F15; F30HPML Loan Amount and LTV Limitations Units Length of Ownership 1 1-4 Units FHA 30, 15 Year Fixed Refinance Products 203b, 234c F30; F15; F30HPML Loan Amount and LTV Limitations < 1 year prior to application and the loan is not an existing

More information

FHA Fixed. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG

FHA Fixed. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG NOTES Primary Residence Units Minimum Credit Score SERIES G Max Loan Amount Continental US PURCHASE LTV CLTV Max Debt-to- Income Ratio 1-2 560 (e) Varies by County (a) 90% (e) 90% (e) 31/43% (e) 1-4 580

More information

FHA Financing - All You Need to Know 2 Hour Continuing Education Course

FHA Financing - All You Need to Know 2 Hour Continuing Education Course FHA Financing - All You Need to Know 2 Hour Continuing Education Course Presentation by: Ashley Brint Patrick Axford Date: August 22, 2012 2012 Regions Bank. Member FDIC. Regions is a registered service

More information

EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT

EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT Appraisals Attached PUDs Automated Findings Condominiums Credit History VA: Form 2055 Appraisal dated prior to the Note Date required on IRRRLs if current VA loan is not serviced by BB&T. FHA: Property

More information

April 2010. FHA FAQs/HOT TOPICS. www.hud.gov 1-800-CALL FHA. Servicing the American Homebuyer Since 1934

April 2010. FHA FAQs/HOT TOPICS. www.hud.gov 1-800-CALL FHA. Servicing the American Homebuyer Since 1934 April 2010 FHA FAQs/HOT TOPICS 1 Presenters CONNIE SCHOENWALD LAURA ARUNDEL LINDA THOMPSON PAVLINA KUSNIERZ 2 AGENDA Occupancy Income/employment Credit Miscellaneous Property FHA Connection Refinances

More information

2 TERMS AND CONDITIONS

2 TERMS AND CONDITIONS 2 TERMS AND CONDITIONS Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional loans listed below may

More information

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Chapter 3, Table of Contents Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Section A. Refinance Transaction Overview Overview... 3-A-1 1. General Information on Refinance

More information

DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012

DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012 DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012 DEFINITION OF DU REFI-PUS: Loan is serviced by an Outside Lender Existing Loan is owned by Fannie Mae All loans must

More information

FHA Matrix (Wholesale) September 14, 2015

FHA Matrix (Wholesale) September 14, 2015 FHA Matrix (Wholesale) FHA CONFORMING FHA CONFORMING STREAMLINE Fixed Rate: 30yr=1000, 15yr=1001 30yr Fixed=1200, 15yr Fixed= 1201 Fixed Period ARM's: 5/1=1005 5/1 ARM= 1203 Eligible States: Purchase No

More information

FHA STREAMLINE GUIDELINES

FHA STREAMLINE GUIDELINES Table of Contents LTV MATRIX... 4 PROGRAM OVERVIEW... 4 APPRAISALS & AVM... 4 AVM or 2055 Exterior... 4 Streamline with an Appraisal (1004 full FHA Appraisal)... 5 ASSETS... 5 Sourcing of Deposits... 5

More information

FHA. 6.1- A Overview. 6.1-B General. 6.1-B1 Eligible Loan Programs. 6.1-B2 Ineligible Loan Programs/Transactions. 6.1-B3 Allowable Fees

FHA. 6.1- A Overview. 6.1-B General. 6.1-B1 Eligible Loan Programs. 6.1-B2 Ineligible Loan Programs/Transactions. 6.1-B3 Allowable Fees FHA 6.1- A Overview Note: The underwriting information contained in this chapter is intended for use in conjunction with HUD Handbook 4155.1 and subsequent applicable mortgagee letters. 6.1-B General 6.1-B1

More information

NON CREDIT QUALIFYING WITHOUT APPRAISAL, STANDARD & HIGH BALANCE, FIXED & ARM

NON CREDIT QUALIFYING WITHOUT APPRAISAL, STANDARD & HIGH BALANCE, FIXED & ARM NON CREDIT QUALIFYING WITHOUT APPRAISAL, STANDARD & HIGH BALANCE, FIXED & ARM Occupancy Maximum LTV/CLTV # of Units MAX Base Loan* High MIN Base* Min FICO Max Ratios Mortgage History** Primary 125% Non

More information

Conforming DU Refi Plus (HARP 2)

Conforming DU Refi Plus (HARP 2) Conforming DU Refi Plus (HARP 2) Investor 04 Retail Only SNMC will accept loan submissions for the Home Affordable Refinance Program - HARP 2. These loan submissions will be subject to the current FNMA

More information

Guidelines Correspondent. Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits:

Guidelines Correspondent. Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: Occupancy Investment & Non-Owner Type 1 Unit Max LTV w/o Sec Fin. PURCHASE MORTGAGES

More information

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE FIXED RATE TEXAS HOME EQUITY PRODUCT

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE FIXED RATE TEXAS HOME EQUITY PRODUCT 1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage Servicing retained 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are permitted Qualified

More information

Non-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines.

Non-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines. PRODUCT CHEAT SHEET-CA FHA $729,750 max loan amount in Orange County. If doing a loan in another county you can check max loan amount on the following link: https://entp.hud.gov/idapp/html/hicostlook.cfm

More information

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined.

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined. Assets Section 2.04 DU Refi Plus Loan Program DU Refi Plus STM to STM Transactions Asset Documentation Requirements Assets must be documented in accordance with DU Refi Plus eligible DU Findings report.

More information

Conforming Fixed RateTexas Section 50(a)(6) (Texas Cash-out)

Conforming Fixed RateTexas Section 50(a)(6) (Texas Cash-out) Minimum Credit Score: 620 Doc Type: Full Doc Maximum LTV: Maximum CLTV: 80% Maximum Loan Amount: $417,000 AUS: DU Approve/ 80% Maximum DT: 45% Standard Fixed Rate Purpose Units LTV CLTV Cash-out 1 80%

More information

Section C. Borrower Credit Analysis Overview

Section C. Borrower Credit Analysis Overview Section C. Borrower Credit Analysis Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 General Guidelines for Analyzing Borrower 4-C-2 Credit

More information

DU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations

DU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations This matrix is intended as an aid to assist in determining if a property/loan qualifies for the DU Refi Plus program. It is not intended as a replacement for the full DU Refi Plus guidelines. Users are

More information

Numbers. on Case. Case numbers can MIP): Premium. April 18, 20111 REFINANCES. LTV Ratio >95 95 1.15% 1.10% 1.0. LTV Ratio >90 90 .50%.

Numbers. on Case. Case numbers can MIP): Premium. April 18, 20111 REFINANCES. LTV Ratio >95 95 1.15% 1.10% 1.0. LTV Ratio >90 90 .50%. ANNOUNCEMEN NT... #11-07, March 11, 2011 To: All Michigan Mutual, Inc. Brokers Topics Included in this Announcement: HUD Mortgage Letter 2011-10: Annual Mortgage Insurance Premium Changes and Guidance

More information

Multiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents

Multiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property

More information

FHA Underwriting Guideline Changes Effective for Case Numbers Assigned On or After September 14, 2015

FHA Underwriting Guideline Changes Effective for Case Numbers Assigned On or After September 14, 2015 Assets Gift Funds Documenting Not clear about requiring donor s bank statement in all Requires donor s bank statement showing withdrawal of Transfer instances. funds. Earnest Money Document source of funds

More information

1030HARP DU REFI PLUS (6/8/12)

1030HARP DU REFI PLUS (6/8/12) 1030HARP DU REFI PLUS (6/8/12) DESCRIPTION REQUIRED BORROWER BENEFIT DU Refi Plus is a limited cash-out refinance program that allows for expanded eligibility criteria, as well as reduced documentation

More information

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015 Topic Current FHA Guideline New FHA Guideline Assets Gift Funds as Reserves Manual Underwriting: Not allowed as reserves Manual underwriting: Not allowed as reserves TOTAL Scorecard: Not allowed as reserves

More information

Product. Submission. Financed MI (Single Premium) SplitEdge. ExpressTrack SM. Refer with Caution, Caution

Product. Submission. Financed MI (Single Premium) SplitEdge. ExpressTrack SM. Refer with Caution, Caution s The answers contained within are specific to loan files reviewed for eligibility under Radian s standard published guidelines. A separate is available for loan files which qualify under Radian s One

More information

Freddie Mac Relief Refinance-Open Access

Freddie Mac Relief Refinance-Open Access Freddie Mac Relief Refinance-Open Access Investor 12 - Retail Only Revisions Date Revisions 5-18-15 Updated Section 4.5-A Overview 4.5-A Overview The Freddie Mac Relief Refinance Mortgage Open Access supports

More information

BankSouth Mortgage FHA Fixed Rate/Adjustable Rate FHA Streamline Refinances. Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115

BankSouth Mortgage FHA Fixed Rate/Adjustable Rate FHA Streamline Refinances. Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115 BankSouth Mortgage FHA Fixed Rate/Adjustable Rate FHA Streamline Refinances Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115 BankSouth Mortgage guidelines have been created to provide guidance

More information

FANNIE MAE FIXED 5/1 LIBOR ARM REVISED 5/25/2012

FANNIE MAE FIXED 5/1 LIBOR ARM REVISED 5/25/2012 FANNIE MAE FIXED 5/1 LIBOR ARM REVISED 5/25/2012 Transaction Type (1) Primary Residences Purchase Money Mortgage and Limited Cash-Out Refinance Cash-Out Refinance Number of Units Eligible Property Types

More information

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 Chapter 11: Refinances 11.1 Overview 11.2 Tribal Trust Land Documentation 11.3 No Cash-Out Refinance 11.4 Cash-Out Refinance

More information

Underwriting Guideline Matrix

Underwriting Guideline Matrix Program / Product Codes: NewLeaf Wholesale FHA ID Number: SKYLINE FINANCIAL CORPORATION 78601 0029 1 Subject to Change Without Notice Valid as of: 1 28 2016 Copyright 2015 Skyline Financial Corp. dba Skyline

More information

FNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed

FNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed These guidelines cover the new Temporary Increase in conforming loan limits for high-cost areas authorized by the American Recovery and Reinvestment Act (ARRA). Specifically, the ARRA permits loans originated

More information

Underwriting Guideline Matrix

Underwriting Guideline Matrix : Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 06/10/2014 Copyright 2015 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage

More information

Multiple (5-10) Financed Properties Retail and Wholesale

Multiple (5-10) Financed Properties Retail and Wholesale Multiple (5-10) Financed Properties Retail and Wholesale Revisions Date Revisions 2/3/15 Updated Sections: Overview, Subject Property is Second Home or Investment Property, Delayed Financing Exception,

More information

FHA STREAMLINE REFINANCE GUIDELINES

FHA STREAMLINE REFINANCE GUIDELINES Table of Contents FHA STREAMLINE REFINANCE GUIDELINES Maximum Mortgage Amount Calculations... 1 Streamline With Appraisal... 1 Streamline Without Appraisal... 2 Underwriting and Eligibility Criteria...

More information