VA Quick Reference Guides

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "VA Quick Reference Guides"

Transcription

1 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 allowed V15, V20, V25, V30, V15HB, V30HB, V15IRRRL, V20IRRRL, V25IRRRL, V30IRRRL, V15HBIRRRL, V30HBIRRRL, V15NAIRRRL, V30NAIRRRL Loan Amounts < = $417,000 Loan Amounts $417,000 to $700,000 Max LTV/CLTV Min FICO Subject Required Reserves Max LTV/CLTV Min FICO Subject Required Reserves Purchase 100% % 660 IRRRL 100% % 660 Rate & Term 100% % 660 Cash-Out 90% % 680 Age of Documents Appraisal: 120 days Assets: 120 days Credit report: 120 days before the note date Income: 120 days Revised: August 21, 2015 Page 1

2 Underwriting Method AUS: All VA loans must be submitted through DU or LP or comply with Manual Underwriting criteria noted below: VA Jumbo loans must receive an LP Accept or DU Approve/Eligible. Manual Underwriting is ineligible for these loans. Manual Underwriting: AUS REFER: Loan must meet manual underwriting guidelines. IRRRLs: All IRRRLs must be manually underwritten. Do not run through AUS. Manual Downgrade: A manual downgrade from an approved decision to a REFER/Manual Underwriting decision is required if additional information affects the overall insurability or eligibility of the mortgage. Borrower Eligibility Eligible: U.S. citizens Permanent resident aliens, with proof of lawful permanent residence Non-permanent resident alien immigrants with proof of lawful permanent residence Inter vivos revocable trusts Non-occupancy co-borrowers (are allowed with restrictions) Ineligible: Partnerships Corporations Non-Revocable Inter Vivos Trust Foreign Nationals Condominiums Must be FHA approved Revised: August 21, 2015 Page 2

3 Credit All borrowers must have a minimum of one credit score. Non-traditional credit is not allowed. Minimum qualifying credit score required is 620 purchase. Minimum qualifying credit score required is 640 for Cash-Out (rate/term) refinance. Minimum qualifying credit score required is 640 for IRRRL. Minimum qualifying credit score required is 660 for loan amounts over $417,000 Derogatory Credit Down Payment 2 years elapsed since the discharge of Chapter 7, Chapter 13 Bankruptcy or Deed in Lieu/Short Sales when the borrower was not delinquent at transfer 2 years elapsed since completion of Foreclosure, Deed in Lieu/Short Sale. If the borrower has any mortgage lates within the 12 months prior to the short sale, the waiting period is three years. All judgments must be paid in full or subject to a repayment plan with a history of timely payments. Down payment: no minimum down payment or cash investment required unless veteran's available entitlement is less than 25% of the total loan amount, including funding fee OR co-borrower is not a veteran or the spouse of the veteran borrower. Gift Funds: are allowed with no exception Asset Requirements: Veterans may borrower up to 100% of the reasonable value of the property as determined by VA. If the purchase price or cost is more than VA's reasonable value, the Veteran must certify he or she has paid or will pay the difference in cash from his or her own resources Eligible Mortgage Products Eligible Property Types Fixed Rate: 15, 20, 25, and 30 year terms. High Balance is only allowed on a 30 year term 1-4 units Condominiums PUDs Leaseholds Entitlement Entitlement is the amount of VA Guaranty available to a Veteran for use on a loan. The amount of entitlement will be displayed near the center of the Certificate of Eligibility. See Section 701 for Details Revised: August 21, 2015 Page 3

4 Exclusionary Lists Funding Fee All borrowers must be screened by CAIVRS to determine there have been no late payments on Federal debt obligations. The Funding Fee may be financed in the loan. The following Veterans are exempt from paying the funding fee: - Veterans receiving VA compensation for service connected disabilities - Veterans who would be entitled to receive compensation for service connected disabilities if they did not receive retirement pay - Veterans who are rated by VA as eligible to receive compensation as a result of pre-discharge disability exam and rating - Veterans entitled to receive compensation, but who are not presently in receipt of the compensation because they are on active duty - Surviving spouses of veterans who died in service or from service-connected disabilities, whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan. Ineligible Property Types Condotels Mixed-use properties Non-owner occupied properties Attached new construction PUDs that do not meet the 50% presale requirement not permitted Manufactured homes Modular On-Frame properties Co-operatives Native American Leasehold Estates Working farms, ranches and orchards Condominiums without Homeowner s Associations are ineligible 2-4 Unit in Illinois Properties subject to Resale Deed Restrictions, refer to Section 305, Title Insurance Requirements. Revised: August 21, 2015 Page 4

5 IRRRL Eligible Properties: 1-4 Units Condo/Townhouse/PUD Credit: Minimum qualifying credit score required on a VA IRRRL is 640. IRRRLs require a tri-merged credit report; a "mortgage only" credit report is no longer accepted. Note: DO NOT RUN AUS. All VA loans must be current and can have no more than 0X30 day late payments in the past 12 months. Assets: Verification only required when borrower must bring funds to close. Employment/Income: Verbal Verification of Employment must be performed on ALL IRRRLs. VA IRRRL loans in the State of Colorado - Income must be stated on the application - No verification of income is required - No analysis of income is performed Appraisal Requirements: All VA IRRRL's require a minimum of a Conventional Form 2055 Exterior Appraisal Report along with a Market Conditions Addendum The conventional appraisal MUST support the loan amount or the Funding Fee cannot be rolled into the loan. Transaction Details: The balance of the old loan plus allowable fees, closing costs & pre-paids up to 2 discount points, and funding fee. No proceeds may be allowed to payoff secondary liens or other debts. Loan Limits VA County Loan Limits For a list of high cost counties, refer to VA County Loan Limits for High Cost Counties (see below) Maximum base loan amount cannot exceed $700, Revised: August 21, 2015 Page 5

6 Loan Purpose Occupancy Purchase Cash-out Rate & Term Refinance Interest Rate Reduction Refinance Loans (IRRRLs) Owner Occupied only Second Homes and Investment properties (IRRRLs) are not allowed Veteran is required to occupy the subject property when financed as a VA purchase or cash-out refinance transaction within 60 days of loan closing. The veteran's spouse who occupies the home satisfies the occupancy requirement when the veteran cannot occupy the home due to active-duty assignment. Active-duty veterans must occupy within 12 months of loan closing. Veterans who will retire within 12 months of loan closing satisfy occupancy requirement when the following is presented: Copy of veteran's application for retirement submitted to current employer (must indicate a retirement date within 12 months of loan closing). Evidence borrower will meet ratio and residual income requirements using post-retirement income. Maximum Number of Financed Properties Qualifying Ratios Recently Listed Properties Reserves VA does not limit the number of properties or VA loans a veteran may have. Qualifying ratios maximum of 55% - The maximum ratios for a manual underwrite are 31%/43%, but may be expanded to 50% with strong compensating factors. Subject property listed for sale must be taken off the market one day prior to the application. Required Documentation: - Letter of Intent signed by the Borrower acknowledging they do not intend to relist the property for 12 months after the note date. For investment properties: - 3 months PITI if the rental income is from a property other than the property securing the VA loan Revised: August 21, 2015 Page 6

7 Residual Income Sales Concessions State Restrictions VA has specific residual income requirements: - Residual Income is the borrower's net effective income minus monthly shelter expenses - Residual Income must be in accordance with regional table and is a required calculation in addition to DTI. See section 701 for details. Sales concessions cannot exceed 4% of the established reasonable value of the property (NOV). Does not include normal discount points and payment of the buyer's closing costs. Texas - cash-out refinances that result in cash back to the borrower are not eligible. Nevada - the VA requires that purchase transaction loans secured by properties located in Fallon, NV, and serviced by the City of Fallon Municipal Water System include a veteran signed "Purchaser Acknowledgement and Release" form. Illinois - no investment properties; no 2-4 units. Hawaii - for properties with water catchment systems, see Property Inspections Please refer to the Underwriting Guidelines for specific program details, State specific requirements and other overlays/requirements. Revised: August 21, 2015 Page 7

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

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

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 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

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

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 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

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

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

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

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

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

Magnolia Bank VA Refinance Options

Magnolia 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 information

Program Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%

Program 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 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

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

VA Refinance IRRRL. VA Refinance IRRRL

VA 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 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

Program Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%

Program 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 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

AMX / Land Home Financial Services Wholesale Lending Division

AMX / Land Home Financial Services Wholesale Lending Division SECTION: 1 PAGE: 1 of 13 VA MORTGAGE LIMITS FOR ALL AREAS: http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp Regardless of loan amount, the VA guaranty plus cash/equity must be equal to at

More information

Understand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country

Understand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country Understand the VA Loan Program Serve the mortgage lending needs of borrowers who serve our country Eligible Borrowers A veteran is eligible for VA home loan benefits if he or she served in the Army, Navy,

More information

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

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

More information

WHOLESALE FHA 580 619 PRODUCT PROFILE

WHOLESALE 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 information

VA Refinance Cash Out

VA Refinance Cash Out VA 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 VA guidelines. Users are expected

More information

E MORTGAGE MANAGEMENT, LLC 704 VA

E MORTGAGE MANAGEMENT, LLC 704 VA E MORTGAGE MANAGEMENT, LLC 704 VA IRRRLs PRODUCT GUIDELINES 1/26/2015 Mortgage Eligibility Product Code Short Long Description Description Description VF15IRL VA 15 YR IRRRL VF15IRL - VA 15 YR IRRRL VF30IRL

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

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 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

Appraisal requirements: No appraisal required. The original loan balance of the mortgage being refinanced is used as the appraised value.

Appraisal requirements: No appraisal required. The original loan balance of the mortgage being refinanced is used as the appraised value. PRODUCT: E3 CODES: PCM VA IRRRL VAS15W AND VAS30W Primary Capital Mortgage guidelines have been created to provide direction and consistency in determining a credit decision. The intention of these guidelines

More information

VA Product Guidelines

VA Product Guidelines July 16, 2015 VA Product Guidelines Purchase Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 100 100 620 Rate/Term Refinance Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 90 90 620

More information

VA Product Guidelines

VA Product Guidelines August 10, 2015 VA Product Guidelines Purchase Occupancy Units LTV CLTV Primary 1-4 100 100 620 Rate/Term Refinance Occupancy Units LTV CLTV Primary 1-4 100 100 620 IRRRL Occupancy Units LTV CLTV Primary

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

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

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

VA IRRRL GUIDELINES. Table of Contents

VA 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 information

Get in the FAST LANE with WesLend Wholesale! VA Home Loan Guarantee Program Program Overview

Get 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 information

ditech BUSINESS LENDING VA PURCHASE PRODUCTS DELEGATED CLIENTS ONLY

ditech BUSINESS LENDING VA PURCHASE PRODUCTS DELEGATED CLIENTS ONLY 1. PRODUCT DESCRIPTION VA Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Servicing retained All transactions are considered Qualified Mortgage (QM) Safe Harbor loans ditech BUSINESS

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

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

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

VA RATE REDUCTION REFINANCE (VAFX)

VA 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 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

VA Lending Basic Training

VA Lending Basic Training VA Lending Basic Training Brought to you by: Quicken Loans Mortgage Services Q-University October 19, 2011 February 2014 1 What You will learn Today The Facts and Benefits Of VA Who is Eligible for VA

More information

VA FIXED RATE PRODUCT

VA 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 information

VA FIXED RATE PRODUCT

VA 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 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

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

PRODUCT MATRIX 11/1/2011

PRODUCT 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 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

VA and VA IRRRL Programs

VA 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 information

Name Account Executive. Contact Number E-Mail Address Website Address

Name Account Executive. Contact Number E-Mail Address Website Address VA Loan Information Name Account Executive Contact Number E-Mail Address Website Address Benefits of VA No Down Payment, 100% up to $417,000. No Monthly Mortgage Insurance Premiums. Leniency on Credit

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

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

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

WM VA GUARANTEED FIXED RATE WITH HIGH BALANCE OPTION

WM VA GUARANTEED FIXED RATE WITH HIGH BALANCE OPTION LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 3 ADDITIONAL CONSIDERATIONS:... 3 AGE OF DOCUMENTS:... 3 APPLICATION REQUIREMENTS:...

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

Program Matrix for VA IRRRL Black Programs:

Program 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 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

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 INTEREST RATE REDCUTION REFINANCE PRODUCTS VA 30 Year Fixed Jumbo Full Appraisal

VA INTEREST RATE REDCUTION REFINANCE PRODUCTS VA 30 Year Fixed Jumbo Full Appraisal Program Overview An Interest Rate Reduction Refinancing Loan (IRRRL) is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan,

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

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

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

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

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

Chapter 6: Refinancing Loans

Chapter 6: Refinancing Loans VA Pamphlet 26-7, Revised Chapter 6: Refinancing Loans Chapter 6 Refinancing Loans Overview In this Chapter This chapter contains the following topics. Topic See Page 6.01 Interest Rate Reduction Refinancing

More information

Conventional Fixed Rate Conforming Product Guidelines

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 information

Sponsored by: EQUITY. Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 RESOURCES, INC. mortgages

Sponsored by: EQUITY. Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 RESOURCES, INC. mortgages Sponsored by: EQUITY RESOURCES, INC. mortgages Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 Exempt from Qualified Mortgage rule/law Any Veteran can refinance their Conventional,

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

Conventional Non-Conforming Jumbo Underwriting Guidelines

Conventional Non-Conforming Jumbo Underwriting Guidelines Conventional Underwriting Guidelines Contents Conventional Underwriting Guidelines... 1 Conventional Jumbo Guidelines... 4 All conventional conforming guidelines apply unless noted in the following documentation....

More information

CHAPTER 9 PRODUCT MATRIX

CHAPTER 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 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

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

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

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

WESLEND VA Fixed and ARM Terms

WESLEND VA Fixed and ARM Terms SECTION 1: PROGRAM CODES CODING PROGRAM CODES: VA 30 Year Fixed 6000-00 VA 25 Year Fixed 6100-00 VA 15 Year Fixed 6300-00 VA 5/1 ARM 6700-00 VA 30 Year High Balance 6033-00 VA 15 Year High Balance 6333-00

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

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

VA Home Loan Program. Wholesale Lending

VA Home Loan Program. Wholesale Lending VA Home Loan Program Wholesale Lending November, 2009 The VA Loan Guaranty program is a benefit Throughout the history of our country, it has been a priority of the government and the citizens to support

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

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

Your VA Home Benefit. Your VA Home Benefit. What We Will Cover in This Class. Basic Elements of VA Guarantee

Your VA Home Benefit. Your VA Home Benefit. What We Will Cover in This Class. Basic Elements of VA Guarantee Thank you for Joining Us We will begin Shortly A Complete Guide to What We Will Cover in This Class Basic Elements of VA Guaranteed Loan Rules for Eligibility Qualifying Basics - Getting Approved Overcoming

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

LTV CLTV Max Debt-to- Income Ratio. LTV CLTV Max Debt-to- Income Ratio. LTV CLTV Max Debt-to- Income Ratio VF30IRL580SG VF15IRL580SG

LTV CLTV Max Debt-to- Income Ratio. LTV CLTV Max Debt-to- Income Ratio. LTV CLTV Max Debt-to- Income Ratio VF30IRL580SG VF15IRL580SG Primary Residence Second Home SERIES G WITH APPRAISAL 1-2 560-579 Varies by County 1 100% 1,3 100% 2 N/A 4 1-4 580 Varies by County 1 100% 1,3 Unlimited 2 N/A 1 580 Varies by County 1 Unlimited Unlimited

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

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

VA IRRRL Offering 5/20/14

VA 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 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

BankSouth Mortgage Direct VA Fixed Rate and Adjustable Rate Guidelines

BankSouth Mortgage Direct VA Fixed Rate and Adjustable Rate Guidelines BankSouth Mortgage Direct VA Fixed Rate and Adjustable Rate Guidelines BSM Direct guidelines have been created to provide guidance and consistency in determining credit decisions. The guides are not all

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

Chapter 6. Refinancing Loans

Chapter 6. Refinancing Loans Chapter 6. Refinancing Loans VA Pamphlet 26-7, Revised Overview In this Chapter This chapter contains the following topics. Topic Topic Name See Page 1 Interest Rate Reduction Refinancing Loans (IRRRLs)

More information

Section 2.04 - DU Refi Plus Loan Program

Section 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 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

VA Loan Guaranty Program Serve the mortgage lending needs of borrowers who serve our country

VA Loan Guaranty Program Serve the mortgage lending needs of borrowers who serve our country VA Loan Guaranty Program Serve the mortgage lending needs of borrowers who serve our country Jaime A Garcia 626.768.0700 NMLS 290316 DRE 01148553 Desktop Underwriter is a registered trademark of Fannie

More information

VA Refresher April 10, 2013 Presented by Jeff Harmon

VA Refresher April 10, 2013 Presented by Jeff Harmon Contents Eligibility... 2 Borrower Eligibility... 3 Co-Borrowers... 3 Certificate of Eligibility (COE)... 3 Obtaining the COE... 3 Analyzing the COE... 4 Entitlement Code... 4 Exempt/Non-Exempt... 4 Charged

More information

Conforming Balance Primary Residence Loan Purpose Minimum FICO Units Max LTV Max CLTV 3-4 2-4

Conforming Balance Primary Residence Loan Purpose Minimum FICO Units Max LTV Max CLTV 3-4 2-4 Fannie Portfolio Program Conforming Balance to 4 Financed Properties (See 5 to 0 Financed Properties on Page 5) Summary Product Types 30-year Fixed; 5-year Fixed For Conforming Loan Amounts, view State/County

More information

VA Loan Training Overviews & Updates June 3, 2015

VA Loan Training Overviews & Updates June 3, 2015 VA Loan Training Overviews & Updates June 3, 2015 Choose one of the following audio options: TO USE YOUR COMPUTER'S AUDIO: When the webinar begins, you will be connected to audio using your computer's

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