FHA FHA STREAMLINE VA 203K USDA

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "FHA FHA STREAMLINE VA 203K USDA"

Transcription

1 FHA FHA STREAMLINE VA 203K USDA

2 Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/FHA: Standard and Jumbo/High Balance FHA: Standard and Jumbo/High Balance Eligibility Matrix Loan Purpose FICO Maximum LTV 1 Maximum CLTV Maximum DTI (Front/Back) > % % 2 45%/55% Purchase % 96.50% 31%/43% % 90.00% 31%/43% Rate and Term Refinance > % 97.75% 45%/55% % 97.75% 31%/43% % 90.00% 31%/43% Cash-out Refinance 3, 4 > % 85.00% 45%/55% % 85.00% 31%/43% 1 Maximum LTV for 2-4 unit properties with non-occupying co-borrower is 75% (FHA B.3.d). LTV is determined by the base loan amount, excluding any financed mortgage insurance. 2 CLTV allowed is 105% for purchases, if using a Govt. Down Payment Assistance Program. 3 A non-occupying co-borrower may not be added for qualifying purposes on cash out refinance transactions ( B.2.c). 4 Geographic restriction: Cash Out Refinance is not allowed in Texas. Eligible Properties 1-4 Unit Properties PUDs Condominium (in FHA approved projects) and site-condos Doublewide Manufactured Housing (Manufactured condos are not acceptable) Terms and Amortization Fixed Rate: 15, 20, 25 and 30 Years Adjustable Rate: 3/1 and 5/1 Occupancy Owner-occupied properties only Significant Derogatory Credit Events

3 Waiting periods applicable as per FHA/AUS. Automated Underwriting Systems DU or LP Approve/Accept DU or LP Refer eligible Manual Underwriting & Non-traditional credit AUS Refer, determined acceptable by Clear Lenders Refer to the Manual Underwriting section of the Underwriting Guide (click here) Reserves A minimum of three months of PITI reserves for 3-4 unit properties on all transactions. Gift and proceeds from loans are not acceptable source ( B.4.d). 2/1 Rate Buydowns Standard Loan Limits only Purchase Transactions only ( A.2.b) Fixed Rate 30-year only ( A.2.b) FHA Flip Waivers Eligible; must meet FHA's Flip Waiver requirements. A second appraisal is required when price increase exceeds 20%. Click here for the flip waiver requirements. Lender Insured (LI) Correspondents Clear Lenders recognizes lenders who have retained their LI status. Clear Lenders will provide greater flexibility and quicker purchase times. Non-Lender Insured (LI) Correspondents Correspondents who do not currently participate in FHA'S LI program may experience an additional 3-5 day delay while loan is being reviewed for risk factors. The Mortgage Insurance Certificate may be required when Clear Lenders determines a loan may have insuring issues. Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/FHA: 203(K) Standard and 203(K) Jumbo/High Balance Rehabilitation Loans FHA: 203(K) Standard and 203(K) Jumbo/High Balance Rehabilitation Loans Eligibility Matrix Loan Purpose FICO Maximum LTV 1,2 Maximum CLTV Maximum DTI (Front/Back) Purchase > % 96.50% 45%/55% % 96.50% 31%/43% Rate and Term Refinance > % 97.75% 45%/55% % 97.75% 31%/43%

4 1 Purchase Transactions mortgage basis, lesser of: As-is value plus rehabilitation cost or purchase price plus rehabilitation cost, OR 110% of after-improved value (100% for condominiums including site-condos) Refinance Transactions mortgage basis, lesser of: Existing debt plus rehabilitation cost plus prepaid and closing cost, OR 97.75% of as-is value plus rehabilitation costs, OR 110% of after-improved value (100% for condominiums including site-condos) 2 Maximum LTV for 2-4 unit properties with non-occupying co-borrower is 75% (FHA B.3.d) LTV is determined by the base loan amount, excluding any financed mortgage insurance. 3 Ratios exceeding the 31%/43% for manual underwritten loan are acceptable with documented compensating factors ( F.2.b and c). Eligible Properties 1-4 Unit Properties PUDs Condominium (in FHA approved projects) and site-condos Doublewide Manufactured Housing (Manufactured condos are not acceptable) Terms and Amortization Fixed Rate: 15, 30 Years Occupancy Owner-occupied properties only Automated Underwriting Systems DU or LP Approve/Accept. DU or LP Refer eligible, see Manual Underwriting Manual Underwriting AUS Refer, determined acceptable by Clear Lenders Refer to the Manual Underwriting section of the Underwriting Guide (click here) Significant Derogatory Credit Events Waiting periods applicable as per FHA/AUS. Reserves A minimum of three months of PITI reserves for 3-4 unit properties on all transactions. Gift and proceeds from loans are not acceptable source ( B.4.d) Subordinate Financing Not Allowed Additional Guidebook

5 Clear Lenders Mortgage 203(K) Reference Loan Amount Limitations Non-Streamline 203(K): Repairs allowed up to 50% of the loan amount. (For repair amount constituting more than 40% of loan amount, max. LTV will be 100% calculated at after improved value.) Streamline 203(K): The maximum rehab amount is $35,000 and will include at least 2 Inspection Fee draws, 2 title updates, and a 15% contingency reserve. FICO Restrictions 680 FICO Score if either: rehabilitation amount is greater than 40% of loan amount calculated at after improved value, or rehabilitation includes additions and utility replacement and/or reconditioning. Types of Repairs that are eligible for a 203(K) loan Non-Streamline 203(K): Roof replacement, health and safety hazard mitigation, landscaping required to mitigate drainage or erosion issues, aesthetic landscaping when appraiser verifies that the value increases the dollar-fordollar cost, sidewalk/driveway repair necessary for home access, major repair of termite damage, drywall/insulation replacement, most repairs which require permits, finishing basements. Egress window wells for basements will be admissible. Structural and Foundation work will be permitted as long as the Contractors insurance coverage is sufficient (normally general liability insurance coverage of 1,000,000/each occurrence will be acceptable). Streamline 203(K): Cosmetic Repairs such as financing purchase/installation of new appliances; patching holes; replacing doors; painting; lead paint abatement; new counters, cabinets, windows, carpet (subfloor repair requires Non-Streamline 203(K); repair/installation of HVAC; weatherization; minor repair of termite damage. The property should be inhabitable at the time of loan closing. Note: For Doublewide Manufactured Housing, only non-structural repairs or additions are allowed. Requirement of Home Inspection A complete home inspection is required for all REO and vacant properties and for properties with repair amounts exceeding $15,000. REO and vacant properties are eligible under streamline 203(K); however, underwriter may advise about requirement of consultant depending on the scope of work. Home inspectors may not be an interested party, including the 203(K) consultant. The Inspector must be approved by The American Society of Home Inspectors ( or National Association of Home Inspectors, Inc. ( Home inspections are not required for transactions using the services of RenovationReady ( 203(K) Consultant & Contractors Clear Lenders must approve the use of all parties involved, including the consultant and contractor as applicable. 203(K) Self-Help Not allowed.

6 Exclusions on a 203(K) loan Streamline 203(K): Upfront draws are only available for documented material costs (with receipts or invoices). If the contractor is bonded, documenting material cost is not required to obtain an upfront material draw. Draws may not exceed 50% of the total rehabilitation amount. If no draw is required, contractor must provide certification that no initial draw is necessary and that he/she has available funds to complete the cost of rehabilitation. Geographic Restrictions: Clear Lenders currently does not offer FHA 203(K) in the state of TX. Supplemental Origination Fee 1.5% of Rehabilitation Amount or $350, whichever is greater, must be charged. Additional Forms and Work Exhibits Requirements Consultant, if applicable Specification of Repairs and Work Write-up exhibits must itemize material and labor costs. Consultant's Identity of Interest Master Draw Request (HUD-9746a) Contractor Work Write-up exhibits must itemize material and labor costs. Completed IRS-W9 License, E&O and/or Liability Insurance valid until rehabilitation is completed Contractor Profile Form Information for Contractors form Homeowner and Contractor Agreement Evidence of Assets or Sufficient Lines of Credit (VOD, Bank Statements, Credit lines etc.) to reasonably cover cost of material for rehabilitation. Draw request time line is taken into consideration. Not required when initial draw is provided on 203(K) streamline, see Exclusion on 203(K) loan section above. Borrower Borrower Identity of Interest Certification must be signed and dated by borrower(s), Consul 203(K) Borrower Acknowledgement must be signed, dated and completed by borrower(s). Conference call with borrower to be completed by Clear Lenders. Additional Guidelines LandSafe Title is not acceptable as the title company FHA Flips are not acceptable with the 203(K) loan 2/1 Rate Buydown Standard Loans Limits only Purchase Transactions only ( A.2.b) Fixed Rate 30-year only ( A.2.b) Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/FHA: Streamline Refinance Standard and Jumbo/High Balance FHA: Streamline Refinance Standard and Jumbo/High Balance

7 Eligibility Matrix Loan Purpose Minimum FICO Maximum LTV Maximum CLTV 1 Maximum DTI Front/Back Streamline Refinance without appraisal Non-Credit Qualifying Credit- Qualifying % % N/A 31%/43% Streamline Refinance with appraisal Credit- Qualifying % % 31%/43% Streamline refinance without appraisal Maximum Loan Amount: cannot exceed the lessor the outstanding principal balance and interest due, minus applicable refund of the UFMIP, plus the new UFMIP that will be charged on the refinance or the original loan balance LTV / CLTV: LTV/CLTV for FHA Streamline Refinance is based on the original appraised value reporting in FHA Connection. Streamline refinance with appraisal Maximum loan amount: A credit qualifying streamline with appraisal may be used to increase the loan amount not to exceed 97.75%. (FHA C) LTV/CLTV: Based on new appraisal ordered in conjunction with the transaction. 1 The maximum accessible credit limits must be used when considering HELOCs (FHA C.2). 2 A credit-qualifying streamline is required when a change in the mortgage term will result in an increase in the mortgage payment of more than 20% when deletion of a borrower or borrowers will trigger the due-on-sale clause following the assumption of a mortgage that occurred less than six months previously, and does not contain restrictions (i.e. due-on-sale clause) limiting assumption only to a creditworthy borrower, or following the assumption of a mortgage that occurred less than six months previously, and did not trigger the transferability restriction (that is, the due-on-sale clause), such as in a property transfer resulting from a divorce decree or by devise or descent. 3 Ratios exceeding the 31%/43% for manual underwritten loan are acceptable with documented compensating factors ( F.2.b and c). Eligible Properties 1-4 Unit Properties PUDs Condominium and site-condos Doublewide Manufactured Housing (Manufactured condos are not acceptable)

8 Terms and Amortization Fixed Rate: 15 through 30 Years Adjustable Rate: 3/1 and 5/1 Occupancy Owner-occupied, Investment Properties and Second Homes Mortgage Late Payments Available Mortgage History Less than 12 months Requirements All mortgage payments must have been made within the month due 12 months or more No more than one 30 day late allowed in last 12 months All mortgage payments in last 3 months from the application date must have been made within the month due Note: Mortgage must remain current during application period to closing. Mortgage Only Credit Report / Verification of Mortgage Acceptable Automated Underwriting Systems AUS is not applicable on streamline refinance loans. All loans are manually underwritten. Reserves A minimum of three months of PITI reserves for 3-4 unit properties on all transactions. Gift and proceeds from loans are not acceptable source ( B.4.d) Funds Required To Close If funds are needed to close, the borrower must have the assets to be utilized in accordance with FHA's standards (e.g. 2 months of bank statements) C.3.a Maximum Term Lesser of 30 years or the remaining terms of the mortgage plus 12 years. ( C.2.b) Verbal Verification of Employment (VOE) For non-credit qualifying refinances, at least one borrower must be employed at time of closing. If a VOE cannot be obtained, alternative income documentation is acceptable to support an active source of income, such as: SSA Award letter / Pension letter 1099 or Tax Returns for other types of income Divorce Degree or Child Support Statement Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/VA: Standard and Jumbo/High Balance

9 VA: Standard and Jumbo/High Balance Eligibility Matrix Loan Purpose FICO Maximum LTV 1 Maximum CLTV Maximum DTI Front/Back Purchase % % 45%/55% Cash-out Refinance 2, % % 45%/55% 1 LTV is determined by the base loan amount, excluding any financed funding/guaranty fees. 2 3 Cash-out refinance is considered even with the borrower is not obtaining any cash back. Properties owned free and clear are not eligible. Geographic restriction: Cash Out Refinance is not allowed in Texas. Eligible Properties 1-4 Unit Properties PUDs Condominiums Doublewide Manufactured Housing (Manufactured condos are not acceptable) Note: Property cannot be vested in the name of irrevocable trust Terms and Amortization Fixed Rate: 15, 20, 25 and 30 Years Adjustable Rate: 3/1 and 5/1 Occupancy Owner-occupied properties only Significant Derogatory Credit Events Waiting periods applicable as per VA/AUS. Automated Underwriting Systems DU or LP Approve/Accept DU or LP Refer eligible, see Manual Underwriting Manual Underwriting & Non-traditional Credit Eligible for correspondents with net worth exceeding $5,000,000 based on most recent year financial statements Entitlement VA Guaranty plus cash/equity must be equal to at least 25% of the purchase price or Notification of Value (NOV), whichever is less. Veteran must have full entitlement available or additional down payment may be required. Note: The percentage and amount of guaranty is based on the loan amount including the funding fee portion when the fee is paid from loan proceeds.

10 2/1 Rate Buydowns Not Allowed Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/VA: IRRRL Standard and Jumbo/High Balance VA: IRRRL Standard and Jumbo/High Balance Eligibility Matrix Loan Purpose Minimum FICO Maximum LTV Maximum 2 CLTV 2 Maximum DTI (Front/Back) IRRRL 1 Non-Credit Qualifying Credit- Qualifying % N/A N/A 28%/41% 1 Maximum loan amount for a VA IRRRL is: existing VA loan balances plus late payments and late charges, plus allowable fees and charges (includes up to two discount points), plus the VA funding fee. 2 3 LTV calculation is required only for borrowers with qualifying FICO less than 580. LTV is determined by the base loan amount, excluding any financed funding/guaranty fees. For LTV purposes, a conventional appraisal or AVM may be used to determine the ratio. If an appraisal is ordered, it must be ordered via SWMC s Vendor Order website. AVMs are acceptable from RELS, CoreLogic, Veros, Freddie Mac s Home Valuation Explorer (HVE) or Interthinx. AVMS are acceptable when a value reflects a high or medium confidence rating (FSD.20 or less). 4 A credit-qualifying IRRRL is required when Loan being refinanced is 30 days past due Monthly PITI will increase 20% or more Eligible Properties 1-4 Unit Properties PUDs Condominium and site-condos Doublewide Manufactured Housing (Manufactured condos are not acceptable) Note: Property cannot be vested in the name of irrevocable trust Terms and Amortization Fixed Rate: 15, 30 Years Adjustable Rate: 3/1 and 5/1 Lesser of the original term of the VA loan being refinanced plus 10 years or 30 years (VA Pamphlet 26-7,

11 Chapter 6.1.i) Occupancy Owner-occupied only. Automated Underwriting Systems AUS is not applicable on IRRRL refinance loans. All loans are manually underwritten. Verbal Verification of Employment (VOE) For non-credit qualifying refinances, at least one borrower must be employed at time of closing. If a VOE cannot be obtained, alternative income documentation is acceptable to support a borrower has an active source of income, such as: SSA Award letter / Pension letter 1099 or Tax Returns for other types of income Divorce Degree or Child Support Statement Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/VA Mega Jumbo Loan Program VA Mega Jumbo Loan Program The client needs to be approved for this loan program. Please contact your AE for further details. Eligibility Matrix Loan Purpose Minimum FICO2 Maximum DTI (Front/Back) Purchase / Cash-Out Refinance1 $1.5 M %/40% > $1.5 M $3.0 M 780 1Geographic restriction: Cash Out Refinance is not allowed in Texas. 2Non-traditional credit is not allowed. 2If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report, then the borrower is ineligible. Eligible Properties Attached / Detached SFRs PUDs Note: Property cannot be vested in the name of irrevocable trust Terms and Amortization Fixed Rate 25 years and 30 years Adjustable Rate 5/1 (Please refer the Underwriting Guide for eligible Interest Adjustment dates on ARMs) Occupancy

12 Owner-occupied properties only Note: Properties converted to a rental property, even temporarily while borrower is on active duty, are not considered owner-occupied. LTV/CLTV Purchase Loan Amount LTV CLTV Less than or equal to $1.0 Million 90% NA (85% / 85% for all areas except those in Market Recovery Area List) Greater than $1.0 Million but Less than or equal to $1.5 Million 85% NA (80% / 80% for all areas except those in Market Recovery Area List) Greater than $1.5 Million but Less than or equal to $2.0 Million 80% NA (75% / 75% for all areas except those in Market Recovery Area List) Greater than $2.0 Million but Less than or equal to $3.0 Million 75% NA (70% / 70% for all areas except those in Market Recovery Area List) Cash-Out Refinance Loan Amount LTV CLTV Less than or equal to $1.0 Million 85% NA (80% / 80% for all areas except those in Market Recovery Area List) Greater than $1.0 Million but Less than or equal to $1.5 Million 80% NA (75% / 75% for all areas except those in Market Recovery Area List) Greater than $1.5 Million but Less than or equal to $2.0 Million 75% NA (70% / 70% for all areas except those in Market Recovery Area List) Greater than $2.0 Million but Less than or equal to $3.0 Million 70% NA (65% / 65% for all areas except those in Market Recovery Area List) Appraisal Less than or equal to $1.5 Million: 1 Full appraisal ordered by Clear Lenders. Greater than $1.5 Million but Less than or equal to $3.0 Million 2 Full appraisals ordered by Clear Lenders. Appraiser's Condition and Quality of Construction Properties with a condition rating of C5: As is condition is not acceptable unless deficiencies that caused the rating and/or hypothetical condition are completed prior to closing. Properties with a condition rating of either C6 or Q6 are ineligible.

13 Approval Type DU Approve/Eligible or LP Accept/Eligible only. Manual underwriting is not acceptable. Self Employed Allowed Mortgage Housing Lates None in the last 36 months on any mortgage. Collection Accounts Housing-expense related collection accounts within 24 months are not allowed Housing Payment Shock Subject to Clear Lenders approval. Subordinate Financing Not allowed Loan Amount Properties Located in Minimum Base Loan Amount Maximum Base Loan Amount 48 Contiguous States $625,501 $3,000,000 Note: For Cash-Out Refinance: Funds may only be used to pay for existing liens, prepaids and closing costs Borrower is not permitted to get more than $500 as cash proceeds. Minimum VA Entitlement VA Guaranty plus cash/equity must be equal to at least 25% of the purchase price or Notification of Value (NOV), whichever is less Veteran must have full entitlement available or additional down payment may be required. Note: The percentage and amount of guaranty is based on the loan amount including the funding fee portion when the fee is paid from loan proceeds. Minimum Reserves Less than or equal to $1.5 Million: 6 months PITIA Greater than $1.5 Million but Less than or equal to $3.0 Million: 12 months PITIA Additional 3 months PITI reserves for every investment property Escrow Holdback for Minor Repairs Not allowed Market Recovery Area List CA Counties: Contra Costa, Los Angeles, San Benito, San Francisco, San Mateo, Santa Clara, Alameda, Marin, Orange

14 HI Counties: Hawaii, Honolulu, Kalawao, Kauai, Maui MD Counties: Prince George's, Calvert, Charles, Frederick, Montgomery NJ Counties: Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union NY Counties: New York, Bronx, Kings, Nassau, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester Departure Policy Refer the Underwriting Guide for details on departure policy Locks on this program are allowed upon underwriting approval only Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/USDA: Rural Housing USDA: Rural Housing Eligibility Matrix Loan Purpose FICO Maximum LTV 1 Maximum CLTV Maximum DTI 2 Purchase, Rate and Term Refinance > % % Subject to GUS Approval 1 LTV basis includes any financed guaranty fees.

15 2 Refer the following points for GUS Refer or Manual Underwriting: Maximum DTI ratios are 29/41 If credit score is 680 and at least one compensating factor can be documented then PITI ratio cannot exceed 32% and TD cannot exceed 44% Compensating Factors are as follows: The proposed housing expense is equal to or less than the applicant s current verified housing expense for the 12 month period preceding loan application. A VOR or credit report will be needed and must include the actual payment amount due and report no late payments or delinquency for the previous 12 months. Rent or mortgage payment histories from a family member will not be considered unless 12 months of canceled checks, money order receipts, or electronic payment confirmations are provided. A history of less than 12 months will not be considered an acceptable compensating factor. Accumulated savings or cash reserves available post loan closing are equal to or greater than 3 months of PITI payments. A Verification of Deposit (VOD) or two consecutive bank statements, dated within 45 days of loan application, that document the average balance held by the applicant is required. Cash on hand is not eligible for consideration as a compensating factor. The applicant(s) (all employed applicants) has been continuously employed with their current primary employer for a minimum of 2 years. Verification of Employment (VOE) (Form RD , comparable HUD/FHA/VA or Fannie Mae form, or other equivalent), or VOEs prepared by an employment verification service (The Work Number, etc.) must be provided. This compensating factor is not applicable for self-employed applicants. Eligible Properties 1-Unit Properties PUDs Condominium Doublewide Manufactured Housing (New construction only) Subject property must be in an eligible area, Click Here for USDA s property eligibility Terms and Amortization Fixed 30 year Occupancy Owner-occupied properties only Significant Derogatory Credit Events None in the last 36 months. A significant event includes bankruptcies, foreclosures (including mobile homes), deed-in-lieu of foreclosure and short sales. Automated Underwriting Systems

16 GUS Approval; Manual underwriting is acceptable when Loan Note Guarantee is provided prior to purchase. Non-traditional credit is not acceptable. Gift Funds Eligible Maximum Number of Properties Financed 1 (inclusive of subject). Non-occupying Co-borrower Not allowed Subordinate Financing Not allowed 2/1 Rate Buydowns Not Allowed

Wholesale and Hybrid Correspondent Guidelines Matrix

Wholesale and Hybrid Correspondent Guidelines Matrix Wholesale and Hybrid Correspondent Guidelines Matrix October 1, 2013 Version 1.2 For any questions, please call your Account Executive at 1 855 OK SUNWEST. FHA: STANDARD & FHA JUMBO/HIGH BALANCE Loan Purpose

More information

FHA: Standard and Jumbo/High Balance Eligibility Matrix

FHA: 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 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

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

FHA Streamline Refi. Max Loan Amount Hawaii. LTV w/o Sec Fin STREAMLINE REFINANCE WITHOUT AN APPRAISAL

FHA 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 information

Guideline Matrix Apr 1, 2013 - Version 4.6

Guideline Matrix Apr 1, 2013 - Version 4.6 Guideline Matrix Apr 1, 2013 - Version 4.6 FHA, VA and USDA - Follow Standard Agency Guidelines PLUS the Following Fast & Easy Guidelines For all Government Loan Programs FAST & EASY GUIDELINES FOR PRIME

More information

FHA Streamline Refi. LTV w/o Sec Fin. CLTV w/ Sec Fin. Varies by County (a) None (b) 125 (b,d) 31/43 (c)

FHA 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 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

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

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

Page 1 of 9 Table of Contents

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

More information

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

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

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

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

More information

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

VA Quick Reference Guides

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

More information

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

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

More information

FHA Streamline Refi. Max Loan Amount Hawaii. LTV w/o Sec Fin STREAMLINE REFINANCE WITHOUT AN APPRAISAL

FHA 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 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

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

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

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

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

More information

FHA STREAMLINE GUIDELINES

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

More information

FHA 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

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

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

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

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

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

FHA STREAMLINE REFINANCE GUIDELINES

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

More information

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

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

Guide 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 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 information

Affiliated Mortgage Company

Affiliated 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 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

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview

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

More information

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

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

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

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

Conventional DU Refi Plus

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

More information

FHA STREAMLINE REFINANCE GUIDELINES

FHA 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 information

Product Overlay Matrix

Product Overlay Matrix Product Overlay Matrix Sun West Mortgage Company July 24, 2013 Version 5.07 SUN WEST IS ON THE RISE. COAST TO COAST. ACROSS THE NATION. Full Service Mortgage Bankers, offering a diverse range of home loan

More information

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

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

More information

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

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

FHA Streamlined 203(k) Loan Program

FHA Streamlined 203(k) Loan Program FHA Streamlined 203(k) Loan Program 8/7/14 Overview FHA Streamlined 203(k) Program Through the Federal Housing Administration s (FHA) Streamlined 203(k) program, Borrowers can purchase or refinance their

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

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

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

More information

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

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

Loan Product Guide (Matrix)

Loan 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 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

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

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

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

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

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

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

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

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

Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans

Fannie 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 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

2 TERMS AND CONDITIONS

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

More information

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

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

Standard & High Balance Loan Purpose Minimum FICO Maximum LTV Maximum CLTV Purchase % 96.50% Streamlines % 125%

Standard & High Balance Loan Purpose Minimum FICO Maximum LTV Maximum CLTV Purchase % 96.50% Streamlines % 125% Last Updated: December 23 rd, 2016 FHA Program Summary Product Types Eligible Programs 30yr, 25yr and 15yr Fixed 5/1 ARM 203(b) 1-4 family, 234(c) Condominiums, Standard & High Balance Loan Purpose Minimum

More information

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

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

More information

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

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

More information

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

HARP DU REFI PLUS Training

HARP DU REFI PLUS Training HARP DU REFI PLUS Training Offered by FIRST MORTGAGE CORPORATION JUNE 14, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This

More information

203K Loan Parameters

203K Loan Parameters Full documentation only. 203K Loan Parameters AUS approval required, no manual underwriting permitted. Maximum DTI ratios of 31%/43% regardless of AUS findings. Both purchase or rate and term refinance

More information

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

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

More information

Home Affordable Refinance Program (HARP) Training

Home 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 information

`2 TERMS AND CONDITIONS

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

More information

FNMA HomeStyle Renovation

FNMA HomeStyle Renovation Product Types 10-30 year fixed Sales Focus HomeStyle enables homebuyers and homeowners to finance either the purchase or a refinance of a house and the cost of its rehabilitation through a single mortgage.

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

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

More information

VA 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

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

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

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

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

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

More information

Underwriting Memo 1.2013

Underwriting Memo 1.2013 06/13/13 Underwriting Memo 1.2013 Attention: SNMC Underwriters Branch Managers and Quality Control Subject: FHA 203K Streamlines SNMC will no longer underwrite FHA 203K Streamlines in-house or offer the

More information

DU Refi Plus Program Guide Fixed Rate

DU Refi Plus Program Guide Fixed Rate DU Refi Plus Program Guide Fixed Rate Wholesale Lending October 19, 2015 Table of Contents DU Refi Plus Program Guide... 1 Fixed Rate... 1 Table of Contents... 1 Program Overview... 3 Highlights... 3 Credit

More information

Home 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 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 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

DU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations

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

More information

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

Comparison of SONYMA Mortgages vs. FHA

Comparison 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 information

PRODUCT GUIDELINES CONVENTIONAL NON-CONFORMING FIXED 15-20-30 YEAR HEF

PRODUCT 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 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

http://www.allregs.com/tpl/documentprint.aspx?did3=fbac4aa6751c4ea0b8e44256c659d9f...

http://www.allregs.com/tpl/documentprint.aspx?did3=fbac4aa6751c4ea0b8e44256c659d9f... Page 1 of 5 Lending Library / Correspondent Seller Guide / 500. Products / 508. HIP Full FHA 203(k) 508. HIP Full FHA 203(k) HIP Full FHA 203(k) Product Matrix/Guidelines The FHA 203(k) program (i.e. Full

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

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

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

More information

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

SONYMA FHA Plus Correspondent Term Sheet

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

More information

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

HARP 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 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 information