Manufactured Homes Reference Guide
|
|
- Briana Tucker
- 8 years ago
- Views:
Transcription
1 Manufactured Homes Reference Guide General Requirements: One unit, owner occupied primary residence only AUS Findings: o DU Only, No LP o No manual underwrites Title purging o Purchases purged at closing o Refinances purged prior to closing Title policy to include manufactured housing endorsement Minimum loan amount: $25,000 MI available o Properties that have transferred ownership w/in 90 days of application date must be underwritten by MI company: MSC is not delegated on these transactions Not available in Kansas Available Programs: FHA o 680 minimum FICO o 50% DTI max (regardless of DU Findings) o VOR/VOM with no lates within the most recent 12 months o Chapter 7 Bankruptcy > 2 years (no exceptions) o Purchase Max 96.5% LTV/ 100% CLTV o Rate and term Max LTV 97.75%/97.75% CLTV o Streamline without appraisal Unlimited LTV/max 125% CLTV (existing financing) Non-owner occupied allowed o No cash out 1
2 FHA (continued) o Property Requirements: Minimum 400 sq feet Land value may not exceed 35% of total AV Evidence that property is in the original location as placed new by the manufactured home dealer (property may never have been moved) Documentation from the assessor s office, or Appraiser may satisfy this by stating per county records property has never been moved Processor cert is not acceptable. May be waived on HUD REO properties Foundation Must be on permanent foundation Affixture Affidavit signed at closing by borrower acknowledging home has been permanently attached to the foundation Foundation cert from licensed structural engineer verifying the home meets the guidelines published in the Permanent Foundations Guide for Manufactured Housing (HUD g) dated September This may be waived on HUD REO properties or FHA streamlines without an appraisal. If existing FHA financing may get the old foundation cert and a statement from the appraiser that the foundation does not appear to have any alterations since the date of the foundation cert Appraisal desk review ordered by MSF (unless streamline without appraisal) o New Construction Construction exhibits For new construction less than one year old not previously occupied provide the following: o Ten year builder warranty by HUD approved warranty company or one year warranty with final building permit o Builders Certification of Plans (HUD 92541) o Builder s Warranty (HUD-92544) o Building Permit and Certificate of Occupancy or Compliance Inspections and 10-Year Warranty o Certificate of Occupancy if applicable in jurisdiction 2
3 FHA (continued) o Termite soils report (99a and 99b). See Termite States o Local Health Authority well water analysis or septic report, where applicable For re-sales of properties that are less than one year old construction exhibits are not required provided all of the following criteria are met: o Property is 100% complete, including all on and offsite improvements o Re-sale is an arms-length transaction FHA 203k Renovation ineligible FHA High Balance ineligible Conventional o 680 minimum FICO o 50% DTI max (regardless of DU Findings) o VOR/VOM with no lates within the most recent 12 months o Purchase or Rate and Term Max 80% LTV/80% CLTV o No cash out o Minimum 400 sq feet o Land value may not exceed 35% of total AV o Appraisal desk review ordered by MSF o New Construction Construction exhibits For new construction less than one year old not previously occupied provide the following: o Certificate of Occupancy if applicable in jurisdiction For re-sales of properties that are less than one year old construction exhibits are not required o Property is 100% complete, including all on and offsite improvements o Re-sale is an arms-length transaction Gold Program ineligible Super Conforming ineligible Conventional High Balance ineligible 3
4 DU Refi Plus Gold (Harp 2.0) o FICO minimum - determined by DU Findings o DTI maximum - determined by DU Findings o LTV/CLTV maximum - determined by DU Findings on Fixed Rates o Max 105% LTV/Unlimited CLTV on ARM s o Approve/Eligible or EA 1 III required o Rate and term only o Appraisal requirements - determined by DU Findings o Property in flood zone allowed VA o 680 minimum FICO o 50% DTI max (regardless of DU Findings) o May only payoff mortgages, no cash out above $500 o VOR/VOM with no lates within the most recent 12 months o Chapter 7 Bankruptcy > 2 years (no exceptions) o Purchase Max 100% LTV/100% CLTV o Regular Refinance (Rate and Term & Cash Out) Max 90% LTV/Unlimited CLTV (existing financing) May only pay off mortgages, not cash out above $500 o IRRRL Max 100% LTV/Unlimited CLTV Conventional appraisal required Non-owner occupied allowed o No High Balance o Minimum 400 sq feet o Land value may not exceed 35% of total AV o Appraisal desk review ordered by MSF o New Construction Construction exhibits For new construction less than one year old not previously occupied provide the following: o Builder must be VA approved o Ten year builder warranty on foundation o Warranty of Completion of Construction (VA ) o Certificate of Occupancy if applicable in jurisdiction 4
5 VA (continued) o CABO/MEC executed by builder o Safe Drinking Act executed by builder Termite soils report (99a or 99b): A properly completed Form NPCA-99a is required. If the soil is treated with a termiticide; a properly completed Form NPCA-99b is also required. For more information: av_approved_local_conditions.asp Not inspected Acknowledgement (with VA assistance for ten year warranty) For re-sales of properties that are less than one year old and occupied, construction exhibits are not required MSF Rural (not available with USDA) o 620 minimum FICO o 45% max DTI o Max loan amount = $417,000 o Property must be located in rural area o Purchase & Rate and Term Max 85% LTV/85% CLTV o Cash out Max 65% LTV/65% CLTV 20 year max term o Minimum 600 sq feet o Dwelling value > 35% of loan amount 5
6 Property Requirements for All Loan Programs Must have been built after June 15, 1976 No single-wide homes All comps manufactured housing Distance of comps must be reasonable (underwriter s discretion) No acreage limitations Not in a flood zone (except DU Refi Plus Gold) Must be located on all-weather accessible road Foundation o Must be on permanent foundation o Affixture Affidavit signed at closing by borrower acknowledging home has been permanently attached to the foundation Structural modifications or additions allowed: o With certification from structural engineer inspection report o With adherence to local building requirements / may require state agency approval No leasehold properties 6
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 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 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 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 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 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 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 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 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 informationVA 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 informationE 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 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 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 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 informationPRODUCT MATRIX 11/1/2011
PRODUCT MATRIX 11/1/2011 For Information on any of our products, please contact: For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at
More informationAppraisal Standards and Guidelines chapter
Appraisal Standards and Guidelines chapter Union Capital requires appraisers and appraisal reports to meet USPAP and applicable Union Capital, FNMA, FHLMC, FHA and VA policies and requirements, as applicable.
More informationConventional 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 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 informationProduct 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 informationVA 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 informationHARP 2.0. Home Affordable Refinance Program - 2012
HARP 2.0 Home Affordable Refinance Program - 2012 Home Affordable Refinance Program (HARP) On October 24, 2011,the Federal Housing Finance Agency (FHFA), with Fannie Mae and Freddie Mac, announced a series
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 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 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 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 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 informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance Government Loans Freddie Mac HFA Advantage Loans Loan Products
More informationFHA 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 informationAgency Conforming Fixed Rate Products. Agency 20 Year Fixed
Agency Conforming Fixed Rate Products Agency 30 Year Fixed Agency 20 Year Fixed APR APR Non-Escrowed Loans ***No charge for non-escrowed loans*** 3.250 1.000 3.445 State Adjustment Zone 1: 3.375 0.250
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 informationditech 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 informationHARP 2.0. 360 Mortgage Group, LLC 11305 Four Points Drive, 1-200 Austin, Tx 78726 (866)418-2997
HARP 2.0 360 Mortgage Group, LLC 11305 Four Points Drive, 1-200 Austin, Tx 78726 (866)418-2997 Effective Dates DU REFI PLUS Harp 2.0 Immediate release Application dates: 12/1/2011 DU Approve/Eligible Date:
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 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 informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2016 Guidelines - At A Glance
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2016 Guidelines - At A Glance Government Loans Loan Products FHA, VA, USDA HFA Advantage Freddie
More informationPennyMac 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 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 informationPFI Advisory. Special Attention: PFI MPF Program Management, Origination Management, Underwriting Management, and Quality Control Management
PFI Advisory May 12, 2015 Special Attention: PFI MPF Program Management, Origination Management, Underwriting Management, and Quality Control Management Subject: Quality Mortgage Guidance Through the quality
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 informationDU 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 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 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 informationMultiple (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 informationE 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 information4145.1 REV-2 APPENDIX 11. Column A B C D E F G H I
Architectural Requirements Grid Column A B C D E F G H I Construction Plans Subdiv Insp Final Bldr Bldr 10-Year Termite Carpet Status Reqd Req Reqd Insp Cert Warr Warr Control I.D., Mfg only Warr & Ins
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 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 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 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 informationVA FIXED RATE PRODUCT
Primary 1 Unit Max Loan Amount Max Loan Amount Max Loan Amount See VA County Limits LTV CLTV Min FICO Max Ratios 96.50% 96.50% 55% 600 100% 100% 50% LTV CLTV Min FICO Max Ratios Minimum Cash Investments
More informationUSDA 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 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 informationIRRRL s Interest Rate Reduction Refinance Loans. Allow REMN to Introduce You to IRRRL
IRRRL s Interest Rate Reduction Refinance Loans Allow REMN to Introduce You to IRRRL January 2013 Agenda Welcome What is IRRRL? Sales IRRRL Highlights Q&A Webinar Questions We will be collecting questions
More informationVA and VA IRRRL Programs
VA and VA IRRRL Programs 12/12/14 VA Program Benefits VA loan programs offer exceptional financing options for active duty military personnel, veterans and their families. 100% financing on purchase and
More informationProgram Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%
Maximum DTI: 41% Maximum Loan Amount: 1 unit $417,000 2-units $533,850 DU Approve/Eligible Minimum Credit Score: 620 2 2- units $645,300 3-units $801,805 (Excluding VA IRRRL) Maximum LTVs Purchase 100%
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 informationPRODUCT MATRIX 7/25/2012
PRODUCT MATRIX 7/25/2012 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing, registration and closing
More informationAnnouncement 08-22 September 5, 2008. Miscellaneous Eligibility, Policy, and Pricing Updates
Announcement 08-22 September 5, 2008 Amends these Guides: Selling Miscellaneous Eligibility, Policy, and Pricing Updates Introduction This Announcement contains updates and clarifications to Fannie Mae
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 informationLoan Product Guide (Matrix)
Loan Product Guide (Matrix) 1 FHA Page 2 FNMA 3 USDA 4 VA 1.1 Streamline...2 1.2 Purchase 203 (B)...3 1.3 Refinance 203 (B)...4 2.1 Purchase...5 2.2 Refinance...6 3.1 Purchase...7 3.2 Refinance/Streamline...8
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 informationOaktree Funding Corporation
Freddie Mac s Relief Refinance Open Access Agenda What is Relief Refinance Mortgages Open Access? AUS and Qualifications FAQ s Questions 2 What is Relief Refinance Mortgages Open Access? The Freddie Mac
More informationVA RATE REDUCTION REFINANCE (VAFX)
ELIGIBLE MORTGAGE VA to VA Refinance PRODUCT-EXISTING LOAN ELIGIBLE MORTGAGE Fixed Rate 30 year PRODUCT-NEW LOAN MAXIMUM LOAN AMOUNT 620 FICO Maximum loan amount including VA Funding Fee (VAFF) is $417,000
More informationPRE-CLOSING AUDIT WORKSHEET
1 PRE-CLOSING AUDIT WORKSHEET Performed by: Date: BORROWER LOAN# LOAN TYPE TRANSACTION TYPE ORIGINATION DATE STAGE LOAN IS IN LOAN ORIGINATOR PROCESSOR UNDERWRITER Loan Officer Rating: Acceptable Minor
More informationnavigating premier nationwide lending locking online system Logging in...2 pipeline...2
How To... navigating premier nationwide lending locking online system Contents Logging in and pipeline...2 Logging in...2 pipeline...2 pricing and locking a loan...3 product search...3 locking or pricing
More informationVA IRRRL GUIDELINES. Table of Contents
Page 1 of 8 Table of Contents LTV MATRIX... 3 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 3 ELIGIBLE PROPERTY TYPES... 3 INELIGIBLE PROPERTY
More informationProgram Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%
Maximum DTI: 41% Maximum Loan Amount: 1-unit $417,000 2-units $533,850 DU Approve/ 3-units $645,300 4-units $801,850 Minimum Loan Amount: $75,000 Maximums LTVs Purchase 100% LTV Rate/term & Cash-out 90%
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 informationConforming 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 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 informationVA IRRRL Offering 5/20/14
VA IRRRL Offering 5/20/14 What is an IRRRL? IRRRL stands for Interest Rate Reduction Refinance Loan An IRRRL is a VA guaranteed loan made to refinance an existing VA guaranteed loan, generally at a lower
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 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 informationProgram Matrix for VA IRRRL Black Programs:
Program Matrix for VA IRRRL Black Programs: Primary Residence 1 to 4 Unit, Condo, PUD none** 600 Second Home* 1 Unit, Condo, PUD none** 600 Investment Property* 1 to 4 Unit, Condo, PUD none** 600 * For
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 informationMagnolia Bank VA Refinance Options
Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA
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 informationE 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 informationFreddie 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 informationIHFA follows FHA/VA/FNMA/FHLMC guidelines
BORROWERS Refer to checklists on Lender Connection / Allregs for document disclosure requirements revised June 2015 Must be a resident of Idaho Must occupy the financed property within 30 days of closing
More informationSoutheast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance
Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance Government Loans Loan Products FHA, VA, USDA HFA Advantage Freddie
More informationGet in the FAST LANE with WesLend Wholesale! VA Home Loan Guarantee Program Program Overview
VA Home Loan Guarantee Program Program Overview Eligible Borrowers All veterans are eligible for VA home loan benefits if they served in the Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves or
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 informationInformation Access Training Support Crescent
Crescent Mortgage Company DU Refi Plus & LP Open Access Question and Answer Updated 4-16-2012 Fowler Williams, President Information Access Training Support Crescent I. Mortgage Insurance II. Appraisal
More informationSection 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 informationFHA: Standard and Jumbo/High Balance Eligibility Matrix
FHA: Standard and Jumbo/High Balance Loan Purpose FICO Maximum LTV 1 Maximum CLTV Maximum DTI 3 >620 100.00% 2 45%/55% Purchase Rate and Term Refinance Cash-out Refinance 4 580-619 31%/43% 500-579 90.00%
More informationRATE/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 informationUnderwriting 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 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 informationNo cash back to borrower with the exception for reimbursement of earnest money
Mortgage Eligibility 3.2-A Purchase Transactions Purchase money transactions ( purchases ) are proceeds used to finance the acquisition of the subject property, as defined in a sale and purchase agreement
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 informationFHA and VA Manufactured Home Program Guide Wholesale Lending January 19, 2015
FHA and Manufactured Home Program Guide Wholesale Lending January 19, 2015 FHA and Manufactured Home Program Guide... 1 Definition... 3 Overview... 3 Eligible States... 3 Property Eligibility... 3 Occupancy...
More informationUnderstanding the Condo Project Review Process Understanding the Condo Project Review Reference Guide NEW PENN FINANCIAL ~ Learning & Development
Understanding the Condo Project Review Process Understanding the Condo Project Review Reference Guide NEW PENN FINANCIAL ~ Learning & Development Presented by: Kevin Machinsky, Corporate Trainer The need
More informationBankSouth 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 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 informationVA FIXED RATE PRODUCT
Primary Primary Primary Age of Documents Borrower Eligibility 1 to 4 Units 1 to 2 Units 1 Unit Max Loan See VA County Limits Max Loan See VA County Limits Max Loan See VA County Limits LTV CLTV Min FICO
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 informationPlease be sure to only initial below the description of the category of how you would like to do business with AFR.
Dear Lending Partner, It is our pleasure to introduce the different ways you can do business with American Financial Resources Wholesale and Correspondent Lending Divisions. To better serve you, you will
More informationditech 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 informationDU Refi Plus Matrix (Wholesale)
DU Refi Plus Matrix (Wholesale) SFR/PUD Condo Conforming DURP Fixed Rate 30yr=2103, 20yr=2104, 15yr=2105 for LTV's from 105.01 to 125% 30yr=2106, 20yr=2107, 15yr=2108 for LTV's from 125.01 to 175% High
More information