FHA Fixed. FICO <580 Requirements: (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 ( FICO) FF30580SG FF15580SG
|
|
- Harriet Tate
- 8 years ago
- Views:
Transcription
1 NOTES Primary Residence Units Minimum Credit Score SERIES G Max Loan Amount Continental US PURCHASE LTV CLTV Max Debt-to- Income Ratio (e) Varies by County (a) 90% (e) 90% (e) 31/43% (e) Varies by County (a) 96.5% 105% (b) Per AUS (d) RATE AND TERM REFINANCE (e) Varies by County (a) 90% 90% 31/43% (e) a b c d e Maximum Loan Amount varies by county. Go to FHA Loan Limits Link - Click Here If Secondary financing is provided by a Government Institution or a Government Agency, the CLTV is permitted to exceed 100%, but cannot exceed total acquisition cost (purchase price + closing costs + prepaids). If Secondary Financing is provided by any other source, the maximum CLTV is 96.5%. If AUS Refers loan, max ratio is 31%/43% at the underwriter s discretion. Max cash back to borrower on FHA rate and term refi is $500 FICO <580 Requirements: (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Manual underwriting is required CASH OUT REFINANCE (e) Varies by County (a) 75% (e) 75% (e) 31/43% (e) Varies by County (a) 85% 85% Per AUS (d) Minimum FICO 560 Fixed rate only 3-4 units not permitted Purchase & Rate/Term Refinance max 90% LTV/ CLTV Cashout transactions max 75% LTV/CLTV High Balance programs are not available. Product Code Sub 580 ( FICO) Mortgage or VOR required confirming 0x30x12 month payment history (Borrowers living rent free are ineligible) FF30SG FF15SG FF30HBSG FF15HBSG FF30580SG FF15580SG Payment shock in excess of 25% ineligible Ratios in excess of 31%/43% are ineligible. Paying off revolving debt to qualify not permitted. Minimum 580 FICO Paying down installment debt to less than 10 months not allowed. Refer to page 2 for a complete requirements HUD link - Click Here 4506T transcript required. Minimum 580 FICO for High Balance programs. Page 1
2 Product Programs and Properties SERIES G - FCMC Eligible Properties in Hawaii Escrow Holdback REO and/or weather related only Credit qualifying streamline and non-credit qualifying streamline refinances (4155.1, CPT 3 & 6, Section C) FHA condos must have FHA HRAP or DELRAP approval per FHA Connection Ineligible 203K ML Back to Work EEM mortgages CHDAP Approved DPA s Approved Community seconds Approved grant programs FHA Neighbor Next Door FHA REO $100 Down Program Manufactured housing Section 184 (Public Indian Housing) Property Flipping is not permitted as of January 1, T Requirements 4506T to be fully completed and signed/dated by all applicants 4506T validation to be completed for the most current 2 tax years. FCMC Guidelines for Sub 580 FHA Transactions Min FICO 560 Max 90% LTV on Purchase and Rate/Term Refinance transaction Cashout transactions >75% ineligible Fixed only High Balance not allowed Multi unit dwellings 3-4 are ineligible Manual underwriting is required Ratios in excess of 31%/43% are ineligible 1 year employment and earnings history required. Schooling in lieu of employment, re-entering the job market and borrowers with job gap greater than 30 days not acceptable GAP report required for all loans with FICO s <580 at time of final approval evidencing consumer debt activity and update of ratios Mortgage or VOR required confirming 0x30x12 month payment history (Borrowers living rent free are ineligible) Paying off revolving debt to qualify not permitted Paying down installment debt to less than 10 months not allowed Payment shock in excess of 25% ineligible Page 2
3 MORTGAGE INSURANCE Series G See investor guidelines for full requirements. FHA Upfront and Annual Mortgage Insurance Premiums Effective with case number assignments on April 9, June 10, 2012 Loan-to-Value / Loan Term Purchase and Refinance Streamline Refinance > 95% Greater than 15-yrs 1.75% / 1.25% 1.75% / 1.25% 95% Greater than 15-yrs 1.75% / 1.20% 1.75% / 1.20% > 90% Less than or equal to 15-yrs 90% Less than or equal to 15-yrs 1.75% /.60% 1.75% /.60% 1.75% /.35% 1.75% /.35% CASE NUMBERS ASSIGNED ON OR AFTER JUNE 11, 2012 AND PRIOR TO APRIL 1, 2013 EXCLUDING STREAMLINES OF LOANS EN- DORSED PRIOR TO JUNE 1, 2009 Loan Term > 15 Years Base Loan Amount LTV Up-Front MIP Annual (Monthly) MIP <= $625,500 <= 95% 1.75% 1.20% * <= $625,500 > 95% 1.75% 1.25% * > $625,500 <= 95% 1.75% 1.45% * > $625,500 > 95% 1.75% 1.50% * Loan Term <= 15 Years <= $625,500 > 78% - 90% 1.75%.35% ** <= $625,500 > 90% 1.75%.60% ** > $625,500 > 78% - 90% 1.75%.60% ** > $625,500 > 90% 1.75%.85% ** *Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, provide the brwr has paid the premium at least 5 years. **Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, even if the brwr has been paying the premium less than 5 years. Page 3
4 MORTGAGE INSURANCE Series G All new MIP amounts set forth are affective CASE NUMBERS ASSIGNED ON OR AFTER January 26, 2015 Loan Term > 15 Years Base Loan Amount LTV Up-Front MIP New Annual (Monthly) MIP <= $625,500 <= 95% 1.75%.80% * <= $625,500 > 95% 1.75%.85% * > $625,500 <= 95% 1.75% 1.00% * > $625,500 > 95% 1.75% 1.05% * Loan Term <= 15 Years <= $625,500 <=78%- 90% 1.75%.45% ** <= $625,500 > 90% 1.75%.70% ** > $625,500 > 78% - 90% 1.75%.70% ** > $625,500 > 90% 1.75%.95% ** *Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, provide the brwr has paid the premium at least 5 years. **Cancellation of the annual (monthly) premium will occur when the LTV reaches 78% of the original Appraised value, even if the brwr has been paying the premium less than 5 years. IN ADDITION TO CHANGES ABOVE EFFECTIVE APRIL 1, THE BELOW CHANGES WILL BE EFFECTIVE WITH CASE NUMBERS AS- SIGNED ON OR AFTER JUNE 3, 2013 Duration of Annual MIP by amortization term and LTV Term Loan-to-Value Previous Term New Terms for all case numbers assigned on or after June 3,2013 <= 15 yrs <= 78% No annual MIP 11 years <= 15 yrs > % Cancelled at 78% LTV 11 years <= 15 yrs > 90.00% Cancelled at 78% LTV Loan Term > 15 yrs <= 78% 5 years 11 years > 15 yrs > % Cancelled at 78% LTV 11 years > 15 yrs > 90.00% Cancelled at 78% LTV Loan Term New effective annual MIP for loans with an LTV of less than or equal to 78% and with term <= 15 years Base LoanAmount Loan-to-Value Up-Front MIP New MIP (for all case numbers assigned on of after June 3,2013 Any Amount <= 78% 1.75%.45% Page 4
5 Together we prosper. FHA Amendatory Clause Requirements: Q&A (1/30/2015) Q What is the purpose of the FHA Amendatory Clause? A The education of homebuyers to the involvement of the Department of Housing and Urban Development in the home buying transaction represents a continual need which is partially addressed by the Statement of Appraised Value, Form FHA , which HUD requires that each homebuyer receive. There are instances, however, where the homebuyer does not receive the Statement prior to the sales contract being signed. In such cases, the information on the Statement relating to the purpose of HUD's appraisal and the limit of the Department's authority when making insured mortgage financing available has not been provided the homebuyer at a point in the home buying process when such information can be useful. For this reason, on June 12 th, 1978, FHA announced the requirement for buyer and seller acknowledgement of the borrowers right to renegotiate, or terminate the contract, without penalty in the event that the sales price was not supported by the appraised value. Q - When is the Amendatory Clause required? A - An amendatory clause must be included in the sales contract when the borrower has not been informed of the appraised value by receiving a copy of Form HUD B, Conditional Commitment/DE Statement of Appraised Value or VA-CRV before signing the sales contract. In these situations the initial 92900a #3 is Q Are there circumstances in which the Amendatory Clause is not required? A The Amendatory Clause is not required on: Transferred Appraisal - The Amendatory Clause is NOT required in circumstances in which the borrower is purchasing a property in which the HUD Appraisal was completed for a sale fail transaction involving a different purchaser and the borrower is made aware of the value: i. Prior to or at the same time as entering into the contract to purchase - Box 3(a) of the initial HUD 92900a must be completed. ii. After entering into the contract - Box 3(b) of the initial HUD 92900a must be completed confirming the borrower was not aware of the appraised value at the time of entering into the contract but was notified at the time of loan application and intends to move forward with the transaction. HUD REO sales Page 1
6 Together we prosper. FHA s 203(k) loan program sales in which the seller is: o Fannie Mae o Freddie Mac o the Department of Veterans Affairs (VA) o Rural Housing Services o other federal, state, and local government agencies o a lender disposing of REO assets, or o a seller at a foreclosure sale (Borrower is purchasing a property held by seller as a result of foreclosure) Q When does the Amendatory Clause have to be signed? A Because the buyer and seller must be notified before the value is established, The Amendatory Clause, if a separate disclosure from the sales contract, must be signed before the effective date of the appraisal, at the latest. Q - What defines fully executed? A All borrowers signing the Note and Deed of Trust, and the legal seller(s) of the property per county records must sign the document to be considered enforceable. Q Is the Real Estate Agent required to sign the Amendatory Clause? A No. The agents do not have to sign the Amendatory Clause to be enforceable. Q - If the Amendatory Clause verbiage is already contained in the purchase contract, is a separate disclosure required? A No, however the verbiage in the contract must match the following verbatim: A.5.e Page 2
7 Together we prosper. Q Is the Amendatory Clause required to be updated when the sales price is renegotiated? A - The actual dollar amount to be inserted in the amendatory clause is the sales price agreed upon in the initial contract. a. If the price is renegotiated and increased prior to the effective date of the appraisal, a new Amendatory Clause is required to be signed by all parties acknowledging the updated sales price. b. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is not required. c. Increasing the sales price after the effective date of the appraisal for purposes of increasing the seller contribution toward loan costs is not permitted. (Applicable to situations in which the appraised value comes in higher than the sales price) Q Is the Amendatory Clause required on a transferred appraisal? A YES and NO a. The Amendatory Clause IS required in the event that the appraisal was completed for the same borrower at another financial institution and then transferred to FCMC due to borrower withdrawal or lender denial. In the event that the Amendatory Clause was not fully executed prior to the effective date of the appraisal the loan is ineligible for FHA Financing. b. The Amendatory Clause is NOT required in circumstances in which the borrower is purchasing a property in which the HUD Appraisal was completed for a sale fail transaction involving a different purchaser and the borrower is made aware of the value: i. Prior to or at the same time as entering into the contract to purchase - Box 3(a) of the initial HUD 92900a must be completed. ii. After entering into the contract - Box 3(b) of the initial HUD 92900a must be completed confirming the borrower was not aware of the appraised value at the time of entering into the contract but was notified at the time of loan application and intends to move forward with the transaction. Q What if the borrower and / or seller did not sign the Amendatory Clause before the effective date of the appraisal? A The transaction is NOT eligible for FHA Financing. For additional information refer to HUD A.5.d.e Page 3
Conventional Fixed Rate Conforming Product Guidelines
Loan Parameters Loan Purpose Allowed Minimum Credit Score Maximum LTV/CLTV Owner Occupied & Second Home Maximum LTV/CLTV Non-Owner Occupants Max. Loan Amount Subordinate Financing Maximum Ratios Max. No.
More informationFMC 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 informationAffiliated Mortgage Company
Affiliated Mortgage Company Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, UG and Essent Minimum 720 credit score for LTV/CLTV/HCLTV
More informationEFFECTIVE 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 informationFHA Streamline Refi. LTV w/o Sec Fin. CLTV w/ Sec Fin. Varies by County (a) None (b) 125 (b,d) 31/43 (c)
SERIES 3 Primary Residence Units Minimum Credit Score Max Loan Amount Continental US 1-4 680 (f) Varies by County (a) 1-4 680 (f) Varies by County (a) Max Loan Amount Hawaii LTV w/o Sec Fin STREAMLINE
More informationFHA Streamline Refi. Max Loan Amount Hawaii. LTV w/o Sec Fin STREAMLINE REFINANCE WITHOUT AN APPRAISAL
Primary Residence Units Minimum Credit Score SERIES 3 Max Loan Amount Continental US Max Loan Amount Hawaii LTV w/o Sec Fin STREAMLINE REFINANCE WITHOUT AN APPRAISAL CLTV w/ Sec Fin Max Debtto-Income Ratio
More informationMAGNOLIA 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 informationNOTE: 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 informationWHOLESALE FHA 580 619 PRODUCT PROFILE
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
More informationRESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE
RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE Whether you are buying a house or refinancing an existing mortgage, this information can help you decide what type of mortgage is right for you. You
More information13 DOWNPAYMENT PROGRAMS
13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage Downpayment Assistance Program can
More informationORIGINAL 5/5 ADJUSTABLE RATE MORTGAGE LOAN 5/5 POWER PURCHASE MORTGAGE LOAN
5/5 ARM HOME LOAN RATES AND TERMS Effective October, 015 and subject to change. Get flexibility, stability and no closing costs 1 with SDCCU s 5/5 Adjustable Rate Mortgage Home Loan. Your rate can only
More informationFHA Streamline Refi. Max Loan Amount Hawaii. LTV w/o Sec Fin STREAMLINE REFINANCE WITHOUT AN APPRAISAL
Primary Residence Units Minimum Credit Score SERIES 3 Continental US Hawaii LTV w/o STREAMLINE REFINANCE WITHOUT AN APPRAISAL CLTV w/ Max Debtto-Income Ratio 1-4 700 (f) Varies by County (a) Varies by
More informationFHA FIXED RATE AND ADJUSTABLE RATE
FHA FIXED RATE AND ADJUSTABLE RATE Product Description FHA Conforming Fixed and ARM FHA15 = FHA 15 Year Fixed FHA30 = FHA 30 Year Fixed Program Numbers FHA5/1 = FHA 5/1 ARM FHASTREAM15 = FHA 15 Year Fixed
More informationMORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default
More informationWhat 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 informationComparison of SONYMA Mortgages vs. FHA
Levels of loan approval FHA self insures Lenders Direct Endorsement Underwriters approve loans 3* Levels of loan approval Lender PMI/Pool Insurer *Pre Closing SONYMA compliance review will be eliminated
More informationFHA 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 informationFHA FIXED & ADJUSTABLE RATE Series 500, 700, & 800
FIXED & ADJUSTABLE RATE Series 500, 700, & 800 Product Description Conforming Fixed Rate & ARM 15 = 15 year fixed 30 = 30 year fixed Program Numbers 5/1 = 5/1 ARM STREAM15 = 15 year fixed Refi STREAM30
More informationditech 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 informationCalStar Mortgage Inc. For All Your Financing Needs
CalStar Mortgage Inc. For All Your Financing Needs Jasmen Vartanian Tel: 818-952-2701 Email: Jasmen@calstarinc.com www.calstarmortgage.com Excellent Service since 1987 1033 Foothill Blvd. La Canada Flintridge,
More informationFHA 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 informationEnergy Efficient Mortgage Program DOYLE Loan #: 3001716496 Case #: 045-8129173-703
Date: MAY 28, 2014 U.S. Department of Housing and Urban Development Energy Efficient Mortgage Program Case #: 045-8129173-703 FHA's Energy Efficient Mortgage program (EEM) helps homebuyers or homeowners
More information1030HARP 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 informationNON 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 information96.50% 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 informationSONYMA 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`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 informationAn Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes
An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes Slide 1 An Introduction to CalSTRS, CalPERS & CHDAP Homebuyer Programs We will begin in a moment Homeownership
More informationditech 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 informationPortfolio 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 informationFebruary 2015 Guidance for the mortgage professional
FHA Streamline Refi Guidance for the mortgage professional FHA 50 bp Annual MIP reduction! January 2015 2 FHA 50 bp Annual (MIP) Reduction! January 2015 3 FHA Prepayment Penalty-Some Confusion About Prepayment
More informationMultiple 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 informationFHA 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 informationVA Refinance IRRRL. VA Refinance IRRRL
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 VA guidelines. Users are expected to know and comply
More informationCHAPTER 9 PRODUCT MATRIX
Contents CHAPTER 9 PRODUCT MATRIX Conventional Conforming Loans 2 Secondary Market Arms... 4 HARP (Fannie DU Refi Plus & Freddie Open Access)... 5 Rural Housing 5 VA Programs. 5 Jumbo Programs 5 My Community
More information2 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 informationNon-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 informationFHA Program Guide February 2015
FHA Program Guide WHY FHA? Down Payment 3.5% Up to 85% cash out refinance All funds may come from a gift Seller can pay up to 6% toward all closing costs Non-Occupant Co-Borrowers are allowed with true
More informationFHA 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 informationChapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents
HUD 4155.2 Chapter 7, Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) 1. Types of MIPs... 7-1 2. Up Front Mortgage Insurance
More informationVA 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 informationPMI-Agencies and Plans
Mortgage Insurance Premium PMI-Agencies and Plans MIP means Mortgage Insurance Premium. This is the amount a borrower pays to insure the lender against loss. This premium is totally for the benefit of
More informationA 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 informationFHA 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 informationAdjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually.
Glossary Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually. Amortization the way a loan is paid off over time in installments, detailing
More informationDr. Debra Sherrill Central Piedmont Community College
Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. List the steps required to obtain a mortgage loan. Identify mortgage options
More informationIntroduction to Government Agency Loan Programs
Chapter 7 Introduction to Government Agency Loan Programs 1 Chapter Objectives Identify basic qualifying standards for FHA-insured loans. Define the use of upfront mortgage insurance premiums. Recognize
More informationLending 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 informationAlso in 2013 MIP Will No Longer Expire Currently MIP Expires in five years and when loan to value drops to 78%
FHA MORTGAGE INSURANCE PREMIMUM (MIP & UFMIP) FHA charges Two Mortgage Insurance fees on each loan; Up Front Mortgage Insurance Premium (UFMIP) typically financed in the loan and Annual mortgage Insurance
More informationAppraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
Mortgage Glossary 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low
More informationFHA 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 informationEndorsing a Single Family FHA Case
Endorsing a Single Family FHA Case The Direct Endorsement (DE) process allows FHA-approved lenders to submit a mortgage insurance application for a loan to a single family, low-to-moderate-income homebuyer.
More informationFHA MIP TRAINING (Mortgage Insurance Premium)
FHA MIP TRAINING (Mortgage Insurance Premium) Offered by FIRST MORTGAGE CORPORATION APRIL 10, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark
More informationGMAC 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 informationChapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP)
HUD 4155.2 Chapter 7 Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP) Introduction This topic contains information on the types of mortgage insurance premiums
More informationFinancing Residential Real Estate
Financing Residential Real Estate Chapter 1: Finance and Investment Borrowing Money to Buy a Home Investments and Returns Types of Investments Ownership Investments Debt Investments Securities Investment
More informationFannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans
Why DU Refi Plus Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans 2 Why DU Refi Plus Provides a competitively-priced, streamline refinance option to qualified borrowers
More informationMortgage Terms Glossary
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
More informationPRODUCT GUIDELINES CONVENTIONAL NON-CONFORMING FIXED 15-20-30 YEAR HEF
Several states and local municipalities have enacted legislation that define High Cost loans based on APR and fee thresholds which may or may not relate to the HOEPA thresholds. These types of loans typically
More informationTexas Home Equity Program Guide Fixed Rate
Fixed Rate Wholesale Lending July 20, 2015 Table of Contents Texas Home Equity Program Guide... 1 Fixed Rate... 1 Program Overview... 2 Employee Loan Policy... 2 Credit Philosophy... 2 Ability to Repay
More informationCalSTRS Home Loan Program Special Programs
Great Rates. Great Programs. Great Service. CalSTRS Home Loan Program Special Programs Built On Knowledge, Commitment, and Trust Since 1988 REV: 9-07-11 About CalSTRS! CalSTRS History Loan Officer Certification
More informationMortgage Terms. Accrued interest Interest that is earned but not paid, adding to the amount owed.
Mortgage Terms Accrued interest Interest that is earned but not paid, adding to the amount owed. Negative amortization A rise in the loan balance when the mortgage payment is less than the interest due.
More informationFHA Home Loans 101 An Easy Reference Guide
FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after January 26, 2015 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information
More informationSection 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 informationAssumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.
MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that
More informationFHA STREAMLINE REFINANCE GUIDELINES
Table of Contents FHA STREAMLINE REFINANCE GUIDELINES Maximum Mortgage Amount Calculations... 1 Underwriting and Eligibility Criteria... 2 Documentation Requirements... 4 Appraisal Requirements... 5 Maximum
More informationHome Affordable Refinance Program (HARP) Training
3/19/2012 Home Affordable Refinance Program (HARP) Training Moderated By: Fowler Williams, CMB President Mike Perkins, VP Underwriting and Credit Policy David Attaway, VP Secondary Marketing Crescent Mortgage
More informationConforming 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 informationConventional 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 informationFREDDIE 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 informationHUD REPOS. SecurityNational Mortgage Company
HUD REPOS SecurityNational Mortgage Company Appraisal Requirements Appraisals are ordered by the M&M contractor from an FHA appraiser. Utilities should be on at the time the appraisal is conducted. If
More informationELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationFHA 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 information1-866-667-6724 Where homeownership education takes flight!
100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation
More information1-866-667-6724 Where homeownership education takes flight!
100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation
More informationPORTFOLIO 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 informationChapter 13: Residential and Commercial Property Financing
Chapter 13 Outline / Page 1 Chapter 13: Residential and Commercial Property Financing Understanding the Mortgage Concept - secured vs. unsecured debt - mortgage pledge of property to secure a debt (See
More informationFHA 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 informationFHA 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 informationHome Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012
Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012 The Federal Housing Finance Agency (FHFA) announced changes to the
More informationConventional Financing
Chapter 6 Conventional Financing 1 Chapter Objectives Identify the characteristics of a conventional loan. Define amortization. Identify different types of conventional loans. Discuss the use of private
More informationMax 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 informationDU 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 informationWHOLESALE 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 informationFNMA 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 informationFHA Standard and High Balance Fixed T100 30 year Fixed and T101 15 year Fixed T100 HC 30 year Fixed High Balance loans
This product guide provides Product High Lights Only. Please refer to applicable HUD Handbooks, Mortgagee Letters, Federal Register Updates and HUD Notices for specific criteria. In addition, your local
More informationVA 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 informationFinancing Glossary. A mortgage loan subject to changes in interest rates; when rates change, ARM monthly
203(b) 203(k) Adjustable Rate Mortgage (ARM) Adjustment Date Adjustment Period Amenity Amortization FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase
More informationFHA 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 informationSection 2.04 - DU Refi Plus Loan Program
Section 2.04 - DU Refi Plus Loan Program In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 5 Existing Mortgage Eligibility Requirements...
More informationWholesale Rate Sheet. Essex News. Important Information Freddie Mac Weekly Primary Mortgage Market Survey Source: Freddie Mac As of April 9, 2015
Thursday, April 09, 2015 Wholesale Rate Sheet 1100 Town and Country Road, Suite 100 Orange, California 92868 Rate Lock Desk Closes At 3:00 PM PST Essex News Program Updates 3.66% 2.93% 2.83% 2.46% 0.6
More informationThink FHA: Session 1
Think FHA: Session 1 Thank you for joining the Webinar! We will begin at 1:00 pm. Your phone will be muted, as there are hundreds of Members on the call. Don t forget to turn on your computer speakers
More informationSingle Family Bond Program Lender Training PROGRAM OVERVIEW
Single Family Bond Program Lender Training PROGRAM OVERVIEW What this program ISN T NOT A DOWN PAYMENT ASSISTANCE PROGRAM NOT FOR BUYERS WITH POOR CREDIT DOES NOT PROVIDE A SUBPRIME PRODUCT NOT FOR LOW
More informationStandard Eligibility Matrix. DU Refi Plus Matrix. Refi Plus Matrix. Desktop Underwriter Version 9.3 (P. 2 3) (P. 4) (P.
PROGRAMS: Standard Eligibility Matrix Desktop Underwriter Version 9.3 (P. 2 3) DU Refi Plus Matrix (P. 4) Refi Plus Matrix (P. 5) COMMERCE HOME MORTGAGE WHOLESALE / 2030 MAIN STREET, SUITE 500 / IRVINE,
More informationPage 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 informationWelcome to the TSAHC Lender Training
Welcome to the TSAHC Lender Training Call in #: 1 877 347 4079 Guest Code #: 6699 All callers will be in listen mode only. About Us TSAHC is a 501(c)3 nonprofit organization. Our mission is to serve the
More information***In the absence of a guideline, please refer to the Freddie Mac Sellers Guide.***
Freddie Mac Loan Program Summary Product Types Primary Residence Loan Purpose 10Y, 15Y, 20Y, 25Y, and 30Y Fixed; 5/1 & 7/1 ARMs Conforming Balance Minimum FICO 2 Units Max LTV 1 Max CLTV 1 Purchase or
More informationGuide to FHA Streamline Refinances. By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage
Guide to FHA Streamline Refinances By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage What is a streamline refinance? The FHA streamline refinance has become an increasingly attractive option
More informationVA 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