GETTING STARTED WITH Southern Home Loans A Division of Goldwater Bank NMLS#

Size: px
Start display at page:

Download "GETTING STARTED WITH Southern Home Loans A Division of Goldwater Bank NMLS# 452955"

Transcription

1 2016 GETTING STARTED WITH Southern Home Loans A Division of Goldwater Bank NMLS# YOUR PLAY-BY-PLAY GUIDE TO RESPONSIBLE NON-PRIME LENDING Highlights No Seasoning on Foreclosure, BK or Short Sale Bank statement program for self employed borrowers No income for investment property purchase-dscr- Debt service coverage ratio Close in an LLC or Corporation Brandon Crysler NMLS# Branch Manager O: C

2 Non-Prime s Value and Benefit to the Borrower Prospective Borrowers don t qualify for conventional financing because they: Were negatively impacted by the housing crisis or life events NO seasoning required for housing defaults Are still limited by past consumer credit problems lower FICOs due to past consumer lates, bankruptcies, and open collections OK! Qualify with alternative income documentation Bank Statements OK! Are outside agency investor guidelines prior defaults, 10+ properties, LLC ownership, foreign nationals, and non-warrantable condos OK!

3 Rent vs. Buy Detailed Analysis If a borrower is paying $2,000 a month to live in a $200,000 house, that s approximately 12% a year for a comparable loan payment. The economics of buying get even better for the borrower in a housing recovery and offer further upside in the event your borrower can refinance once their credit recovers. The non-economic benefits of homeownership can be substantial too; the ability to reestablish credit, and in choosing the right long-term neighborhood for their family now.

4 Compare Program Waiting Periods With Goldwater Bank, you can get deserving borrowers back into homes right away!

5 Goldwater Bank Products: What You Need to Know Product Roadmap Here s how to think about which of our 4 products to start with, given your borrower s situation NON-PRIME ARM NON-PRIME RECENT HOUSING EVENT INVESTMENT PROPERTY INVESTOR ADVANTAGE Start here for all owner-occupied borrowers at least 2 years from a housing event or bankruptcy seeking an ARM loan. Start here for all owner-occupied borrowers at least 2 years past their housing default. Start here for all owner-occupied borrowers with a housing default in the last 2 years. Start here for all investor properties, foreign nationals, and multi-unit properties. Start here for all business purpose investment loans. No DSCR applies.

6 1. NON-PRIME ARM No Prepayment Penalty Provides lending opportunities to borrowers seeking an ARM product who may have consumer credit challenges but whose housing history is more consistent. The typical borrower is at least two years removed from a housing event or bankruptcy, but may have more recent consumer delinquencies that disqualify him/her from financing. The program also helps self-employed borrowers who may not qualify using Appendix Q underwriting standards. Foreclosure 24 Months Bankruptcy Seasoning 24 Months Qualifying FICO Score As low as 620 LTV/CLTV 90% DTI 50% Minimum Loan Amount $150,000 Loan Amounts Up To $2,000,000 Alternative Income Documentation Bank Statements up to 640 FICO Cash Out Up to $500,000 Full Doc Bank Statements Max LTV's FICO Purchase Rate/Term % 80% 80% % 80% 75% % 75% 70% % 70% 65% % 80% 75% % 80% 70% % 75% 70% Second Homes Additional Program Requirements Cash Out Program LTV FICO Reserves Jumbo Loan Size $1,000,000+ 5% Reduction - 12mo Jumbo Loan Size $1,500, % Reduction 5% Reduction 75% Max - 12mo - 6mo Cash Out > $200,000+ See Below - -

7 2. NON-PRIME 30-Year Fixed Rate, No Prepayment Penalty Provides lending opportunities to borrowers who may have consumer credit challenges, but whose housing history is more consistent. Typical borrower is at least two years removed from a housing event or bankruptcy, but may have more recent consumer delinquencies that disqualify him/her from conventional financing. Also helps self-employed borrowers who may not qualify using Appendix Q underwriting standards. Foreclosure 24 Months Bankruptcy Seasoning 12 Months (Chapter 7), 1 Day (Chapter 13) Qualifying FICO Score As low as 580 LTV/CLTV 80%/90% (Institutional seconds allowed) DTI 50% Loan Amounts Up To $2,000,000 Alternative Income Documentation Bank Statements up to 580 FICO Consumer Credit Lates + Open Collections Allowed Cash Out Up to $500, Month Mortgage History 1x30 (no rolling lates) 0x60 Max LTVs FICO Purchase Rate/Term Cash Out Program % 80% 80% Jumbo Loan Size $417, mo % 80% 75% Jumbo Loan Size $750,000+ 5% Reduction - 9 mo Jumbo Loan Size $1,000, % Reduction - 12 mo % 80% 75% First Time Home Buyers Minimum 6 mo % 75% 75% Bank Statement Documentation Minimum 6 mo 580% 80% 70% 70% Second Homes 5% Reduction 580 Minimum 6 mo Nonperm-US Credit mo 0x % 75% 70% LTV Nonperm-Non-US Credit Qualify at 620 FICO 12 mo Cash Out > $100,000 Additional Program Requirements FIC O See Below Reserves

8 3. RECENT HOUSING EVENT 30-Year Fixed Rate, No Prepayment Penalty Provides borrowing opportunities for consumers who have generally been good users of credit and have limited delinquencies, but who have been negatively impacted by the housing crisis (e.g., foreclosure or bankruptcy) The typical borrower does not qualify for conventional or government financing due to the recent foreclosure and, possibly, a related bankruptcy. There is no seasoning required for housing defaults. Foreclosure No Seasoning Bankruptcy Seasoning 12 Months (Chapter 7), 1 Day (Chapter 13) Qualifying FICO Score As low as 580 LTV/CLTV 80%/90% (Institutional seconds allowed) DTI 50% Loan Amounts Up To $2,000,000 Alternative Income Documentation Bank Statements up to 580 FICO Cash Out Up to $500,000 Max LTV's Additional Program Requirements FICO Purchase Rate /Term Cash Out Program LTV FICO Reserve s % 80% 75% Jumbo Loan Size $417, mo % 80% 70% Jumbo Loan Size $750,000+ 5% Reduction - 9 mo Jumbo Loan Size $1,000, % Reduction - 12 mo Bank Statement Documentation minimum 6 mo Second Home 5% Reduction 580 minimum 6 mo Nonperm-US Credit mo Nonperm-Non-US Credit Qualify at 620 FICO 12 mo Cash Out > $100,000 See Below

9 4. INVESTMENT PROPERTY 30-Year Fixed Rate, 2-Year Prepayment Penalty Provides lending opportunities to investors who have been negatively impacted by the housing crisis. There is no seasoning requirement for a prior housing default. Also available to foreign nationals and borrowers who have up to 20 financed properties (5 financed properties to Goldwater Bank), or property ownership in an LLC. The specific eligibility criteria and underwriting guidelines for each program are available on our website. Foreclosure No Seasoning Bankruptcy Seasoning 24 Months Qualifying FICO Score As low as 580 LTV/CLTV 80% DTI 50% Loan Amounts Up To $750,000 Alternative Income Documentation Bank Statements up to 620 FICO Consumer Credit Lates + Open Collections Allowed Cash Out Up to $300,000 FICO Purchase Rate/Term Cash Out Program LTV FICO Reserves % 75% 75% Jumbo Loan Size $417,000+ 5% Reduction % 75% 70% Bank Statement Documentation 65% Max 620 Minimum 12 mo % 75% 65% Foreign Nationals 75% Max Rate at mo Nonperm-US Credit mo Nonperm-Non-US Credit Qualify at 620 Fico 12 mo Cash Out > $100,000 See Below

10 5. INVESTOR ADVANTAGE PROGRAM 3/1 & 7/1 ARMs, 2-Year Prepayment Penalty Designed for experienced investors with no income requirements Business purposes loans designed for easy financing options Available to Foreign Nationals Lease Status: Currently leased (vacant or occupied) or unleased Subordinate Financing not permitted Foreclosure Bankruptcy Seasoning Qualifying FICO Score LTV/CLTV DTI Loan Amounts Up To Cash Out 24 months 24 Months As low as % 50% $2,000,000 Up to $300,000 FICO Purchase Rate/Term Cash O ut Program LTV % 75% 70% % 70% 65% Foreign National 70% 60% 60% Loan Size > $1,000,000 First Time Investors Unleased Properties (Refinance only) Loan Size < $100,000 Cash Out > $200,000 (Max of $500,000) Interest-Only 5% Reduction 5% Reduction 5% Reduction 70% Max 60% Max 70% Max 2-4 Units 70% Max

11 Investor Advantage Road Map A Personal Guarantee Form is supplied by Goldwater Bank and used for all borrowers of an LLC or a Corporation. A Business Purpose Affidavit is supplied by Goldwater Bank to be used and signed at closing All loans should be closed using standard Fannie Mae notes We require a Fannie Mae form 3170, 1-4 Family Rider (Assignment of Rents), to be signed and included on all loans. All loans should have a prepayment penalty rider to cover the appropriate prepayment penalties required. (We will accept 6 months of interest on 80% of the amount prepaid if that is the standard language on the seller s rider.) We will accept a 1003 and ask that the following sections not be completed: o Section IV employment information o Section V Monthly Income and Combined Housing Expense Information o Section VI liabilities section need not be completed o Section X Government Monitoring Information There is no need to supply the borrower(s) with a LE or a CD as these loans are not subject to TILA Credit Reports should be supplied for all borrowers and/or guarantors

12 FAQ - Qualifications Credit Score: Primary wage-earner's middle score used for Representative Loan Score Trade Lines: 3 trade lines reporting for 12+ months with activity within the last 12 months, or 2 trade lines reporting for 24+ months with activity within the last 12 months Limited Trade Lines is not allowed Late Payments: Rolling late payments are not permitted Recent late payments on all consumer debt may not exceed the following Non-mortgage history may not exceed 1X60 over prior 12 months Employment / Income: There is no employment verification or income analysis required There is not Debt-to-Income (DTI) or Debt Service Coverage Ratio (DSCR) requirement

13 FAQ Qualifications Documentation: Full asset documentation is required for purchase transactions to evidence sufficient funds to close Assets must be sourced and seasoned for 60 days For most asset types, this would include the most recent two months statements or the most recent quarterly statement Reserves: There is no reserve requirement Appraisal: Two (2) appraisals are required for loans > $1,000,000 A Clear Capital Collateral Desk Analysis (CDA) is required for all transactions Required Forms: Business Purpose and Occupancy Affidavit Personal Guaranty Family Rider (if applicable)

14 Purchase Process Summary Goldwater Bank s seamless integration with your process maximizes loan purchase eligibility Lender Process Flow Application Underwriting Quality Control Funding Loan Sale Goldwater Bank Process Flow Scenario Reviews available for exceptions File Reviews available for purchase eligibility (Lender Live) Final Purchase Eligibility Review (Lender Live) Collateral File Review Servicing Boarding 24 Hours 48 Hours 3 7 Days

15 Tips from the Scenario Desk - Credit Trade lines: 3 trade lines reporting for 12+ months or 2 trade lines reporting for 24+ months, all with activity in the last 12 months Limited Trade lines allowed on primary and secondary residence transactions only (Not available on the ARM Product) 6 months reserves required, Qualify at 580 (see guidelines for all requirements) Loans in a deferment period, collection or charged-off accounts, accounts discharged through bankruptcy, and authorized user accounts are not considered acceptable trade lines Collections and Charge offs that may remain open < 24 months old with a maximum cumulative balance of $2, months old with a maximum of $2,500 per occurrence Medical collections Collections and charge-offs that have passed beyond the statute of limitation for that state (supporting documentation required)

16 Income Bank Statement Program General Requirements 24 months complete bank statements Profit and loss (P&L) statement for the most recent year and year to date (Un-audited allowed) Initial signed 1003 with monthly income disclosed Income Calculation for Bank Statements Personal accounts: 100% of deposits, averaged over 24 months Multiple bank accounts, either personal and/or business, may be used Statements must be consecutive and reflect the most recent months available Transfers between personal accounts should be excluded Transfers from a business account into a personal account are acceptable Unusual deposits must be documented Business accounts: 100% gross deposits minus withdrawals, averaged over 24 months (personal bank accounts that serve as business accounts must be underwritten as business accounts) Income from bank statements used to qualify may not exceed the following Gross profit derived from P&L Statement Dollar amount listed on 1003

17 Tips from the Scenario desk - Down Payment and Assets Minimum Borrower Contribution Borrowers must contribute a minimum of 5% of their own funds toward the down payment on purchase transactions 10% contribution required for the following: no housing history, 2nd home and investment property transactions, loans amount > $417,000, and limited trade lines Gift Funds Gift funds are allowed after the borrower has made the minimum required borrower contribution towards the down payment PITIA Reserves All transactions require a minimum of 3 months reserves (owner occupied) or 6 months (investment property and ARM) 6-12 month reserves are required for certain transactions. Refer to the specific matrix and guidelines Retirement Accounts Vested funds from retirement accounts (IRA/Keogh and 401(k) accounts) are acceptable for down payment, closing costs, and reserves 70% of the vested amount may be Retirement accounts that do not allow any type of withdrawal may not be considered

18 We look Forward to working with you! Brandon Crysler Branch Manager NMLS# O: C:

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

CalStar Mortgage Inc. For All Your Financing Needs

CalStar Mortgage Inc. For All Your Financing Needs CalStar Mortgage Inc. For All Your Financing Needs Jasmen Vartanian Tel: 818-952-2701 Email: Jasmen@calstarinc.com www.calstarmortgage.com Excellent Service since 1987 1033 Foothill Blvd. La Canada Flintridge,

More 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

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

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

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

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

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

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

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

FHA Streamline (Full Credit and Non-Credit Qualifying)

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

More information

Portfolio 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

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

CONVENTIONAL - DU FANNIE MAE

CONVENTIONAL - DU FANNIE MAE PRODUCT DESCRIPTION * Fully-Amortized Fixed Rate and ARMs * DU Approve/Eligible required. No manual underwriting (Updated 03/16/2015) * Minimum Credit Score is 620 * Electronic Fraud Detection required

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 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

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

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS

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

More information

FHA 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

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

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

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

Lending Guide. Section 604.02 Underwriwting Eligiblity Transactions

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

More information

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

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

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

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

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

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

Sierra Lending Group LLC Document Check List

Sierra Lending Group LLC Document Check List Sierra Lending Group LLC Document Check List The following documents will be needed for full credit approval: Application 1. Fully completed and signed initial 1003. Please make sure to provide all assets

More information

910 17 th Street, NW 5 th Floor Washington, DC 20006. Tel: 202.349.1860 / Fax: 202.289.9009 www.self-help.org

910 17 th Street, NW 5 th Floor Washington, DC 20006. Tel: 202.349.1860 / Fax: 202.289.9009 www.self-help.org Dangerous lending practices and loose underwriting in the subprime mortgage market have left more than 2.2 million families in danger of losing their homes to foreclosure over the next few years. Self-

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

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

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

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

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

Conventional Financing

Conventional Financing Chapter 6 Conventional Financing 1 Chapter Objectives Identify the characteristics of a conventional loan. Define amortization. Identify different types of conventional loans. Discuss the use of private

More information

2010 NSP FIRST Mortgage Loan Program Summary Approved by THDA 05/07/2010

2010 NSP FIRST Mortgage Loan Program Summary Approved by THDA 05/07/2010 Description: Eligible Applicants: Maximum Household Interest Rate: Loan Term/ Type: Pre-Payment Penalty Subject to Recapture: Required Reserves: Down Payment Minimum Investment: Maximum Loan Amount: Homebuyer

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

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

What s s New With FHA?

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

More information

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

Cooperative Housing/ Share Loan Financing. Larry Mathe Chris Goettke National Cooperative Bank

Cooperative Housing/ Share Loan Financing. Larry Mathe Chris Goettke National Cooperative Bank Cooperative Housing/ Share Loan Financing Larry Mathe Chris Goettke National Cooperative Bank The NCB Story NCB delivers banking and financial services to cooperative organizations complemented by a special

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

Share Loan and Underlying Mortgage Financing. Jeremy Morgan, NCB Larry Mathe, NCB

Share Loan and Underlying Mortgage Financing. Jeremy Morgan, NCB Larry Mathe, NCB Share Loan and Underlying Mortgage Financing Jeremy Morgan, NCB Larry Mathe, NCB About NCB NCB is the premier lender to housing cooperatives nationwide. NCB has financed over $6 Billion to housing cooperatives

More information

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department Home Finance Seminar Presented by Commonwealth Credit Union Mortgage Department Times have changed Then Any employee could provide mortgage loan information 100% financing was an option The disclosure

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

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

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

Deal Maker First & Second Mortgage

Deal Maker First & Second Mortgage Click Here For PDF Version ALL PROGRAMS REQUIRE FULL DOCUMENTATION FIRST MORTGAGE Owner Occupied SINGLE FAMILY PROPERTY Purchase & Refinance Credit Score Max. LTV / CLTV Max. Loan Amount Max. Mortgage

More information

Lima One Capital Broker Program OnBoarding Presentation Welcome Package

Lima One Capital Broker Program OnBoarding Presentation Welcome Package Lima One Capital Broker Program OnBoarding Presentation Welcome Package Welcome Brokers 2 Thank you for taking the time to attend our Broker Onboarding Presentation Please type your first and last name

More information

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing.

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Quick Reference Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Specific Program Rules are attached to this reference. A reservation cannot

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

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

More information

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

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

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

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

More information

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

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

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PLANNING AND DEVELOPMENT DEPARTMENT HOUSING AND COMMUNITY DEVELOPMENT DIVISION CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PROGRAM OVERVIEW The CalHome Mortgage Assistance Program is a program funded

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

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

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

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

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

ditech BUSINESS LENDING JUMBO AA PRODUCT

ditech BUSINESS LENDING JUMBO AA PRODUCT ditech BUSINESS LENDING JUMBO AA PRODUCT See attached Client Guide Supplement: The Client Guide Supplement is to be used in conjunction with the Product Matrix and the Jumbo Chapter of the Client Guide.

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

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

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

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

***In the absence of a guideline, please refer to the Freddie Mac Sellers Guide.***

***In the absence of a guideline, please refer to the Freddie Mac Sellers Guide.*** Freddie Mac Loan Program Summary Product Types Primary Residence Loan Purpose 10Y, 15Y, 20Y, 25Y, and 30Y Fixed; 5/1 & 7/1 ARMs Conforming Balance Minimum FICO 2 Units Max LTV 1 Max CLTV 1 Purchase or

More 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

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

Announcement 08-16 June 25, 2008

Announcement 08-16 June 25, 2008 Announcement 08-16 June 25, 2008 Amends these Guides: Selling Bankruptcy, Foreclosure, and Conversion of Principal Residence Policy Changes; and Revised Property Value Representation and Warranty Requirements

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

Equity Default Insurance

Equity Default Insurance Equity Default Insurance Increase your loan volume while mitigating your risk Expand lending opportunities without the risk Eligible Loan Types Include: Closed-End Seconds Home Equity Lines of Equity Default

More information

1-866-667-6724 Where homeownership education takes flight!

1-866-667-6724 Where homeownership education takes flight! 100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

More information

Get in the FAST LANE with WesLend Wholesale! FHA Program Overview

Get in the FAST LANE with WesLend Wholesale! FHA Program Overview FHA Program Overview Program Eligibility Owner Occupied, Primary Residences only. 96.50% Maximum LTV for Purchases. 97.75% Maximum LTV for Rate & Term Refinances. 85.00% Maximum LTV for Cash Out Refinances.

More information

1-866-667-6724 Where homeownership education takes flight!

1-866-667-6724 Where homeownership education takes flight! 100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

More information

QUICK MORTGAGE GUIDE

QUICK MORTGAGE GUIDE QUICK MORTGAGE GUIDE TABLE OF CONTENTS FNMA CONVENTIONAL LOANS - Page 3 FHA LOANS - Page 7 VA LOANS - Page 11 ADJUSTABLE RATE MORTGAGES - Page 15 CONTACT INFORMATION - Page 16 FNMA CONVENTIONAL LOANS The

More information

GLOSSARY COMMONLY USED REAL ESTATE TERMS

GLOSSARY COMMONLY USED REAL ESTATE TERMS GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These

More information

Section 1: Loan Characteristics

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

More information

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

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

DU Refi Plus Matrix (Wholesale)

DU Refi Plus Matrix (Wholesale) DU Refi Plus Matrix (Wholesale) SFR/PUD Condo Conforming DURP Fixed Rate 30yr=2103, 20yr=2104, 15yr=2105 for LTV's from 105.01 to 125% 30yr=2106, 20yr=2107, 15yr=2108 for LTV's from 125.01 to 175% High

More information

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

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

An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes

An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes Slide 1 An Introduction to CalSTRS, CalPERS & CHDAP Homebuyer Programs We will begin in a moment Homeownership

More 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

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

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

Announcement 08-11 May 16, 2008. Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products

Announcement 08-11 May 16, 2008. Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products Announcement 08-11 May 16, 2008 Amends these Guides: Selling Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products Introduction Announcement 08-05, Temporary Increase to Our Conventional Loan

More information

VA Homeowners Guide PRESENTED BY. www.lowvarates.com

VA Homeowners Guide PRESENTED BY. www.lowvarates.com VA Homeowners Guide PRESENTED BY www.lowvarates.com TABLE OF CONTENTS Introduction to LowVARates Why a VA Loan? VA Loan Eligibility What is a COE? Occupancy Requirements Credit/Income Requirements VA Funding

More information

ORIGINAL 5/5 ADJUSTABLE RATE MORTGAGE LOAN 5/5 POWER PURCHASE MORTGAGE LOAN

ORIGINAL 5/5 ADJUSTABLE RATE MORTGAGE LOAN 5/5 POWER PURCHASE MORTGAGE LOAN 5/5 ARM HOME LOAN RATES AND TERMS Effective October, 015 and subject to change. Get flexibility, stability and no closing costs 1 with SDCCU s 5/5 Adjustable Rate Mortgage Home Loan. Your rate can only

More 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

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

Maximum loan amounts, LTV, CLTV & HCLTV per Desktop Underwriter (DU) or Loan Prospector (LP) guidelines

Maximum loan amounts, LTV, CLTV & HCLTV per Desktop Underwriter (DU) or Loan Prospector (LP) guidelines Section 500 Loan Products 500.01 Product Overview In general, Loans eligible for purchase by LAKE MICHIGAN FINCIAL must meet the standards and guidelines of Fannie Mae and Freddie Mac (Agencies), dependent

More information

One Underwrite DU Approve/Eligible; LP Accept/Eligible Minimum 620 FICO 3 4 unit property excluded

One Underwrite DU Approve/Eligible; LP Accept/Eligible Minimum 620 FICO 3 4 unit property excluded One Underwrite DU Approve/Eligible; LP Accept/Eligible 620 FICO 3 4 unit property excluded DTI Primary Residence; Second Home; Purchase; Rate/Term Refinance; Cash-out (Includes FNMA MyCommunityMortgage;

More information