FHA Streamline (Full Credit and Non-Credit Qualifying)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "FHA Streamline (Full Credit and Non-Credit Qualifying)"

Transcription

1 . 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 with FHA requirements. *NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended. If a topic is not mentioned, refer to FHA guidelines. These Guidelines are subject to change. Program Qualifications: Existing Endorsed FHA Fixed Rate Existing Endorsed FHA ARM At time of loan application borrower must have made 6 months consecutive payment on the FHA-insured mortgage being refinanced. Eligibility Matrix Loan Amount & LTV Limitations FHA Streamline (both full credit and non-credit qualifying) The Base Loan Amount may not exceed the current statutory loan limits, see Streamline Worksheet. The new FHA-insured mortgage may not have a term of more than 12 years in excess of the unexpired term of the existing FHA-insured mortgage. The loan must provide a net tangible benefit to the borrower. A reduction in the loan term without a net tangible benefit must be processed, underwritten and closed as a credit qualifying rate/ term refinance. Maximum 100% LTV Statutory County Limits: ( Secondary financing Existing 2 nd mortgage can be subordinated but no new secondary financing is allowed Refer to Section Calculating the Mortgage FHA maximum Mortgage Calculation Worksheet to be completed reviewed and signed by the DE Underwriter Refer to Section Geographic Locations/Restrictions for additional state specific restrictions or requirements. Product Description: Fixed Rate 15, 20, 25 and 30 year term; fully amortized Product Codes: FHA FHA 15 Years Streamline FHA 20 Years Streamline FHA 25 Years Streamline FHA 30 Years Streamline Product Code FHA15FS FHA20FS FHA25FS FHA30FS Eligibility Requirements: Application Appraisal Requirements Appraiser Requirements The Borrower s application must indicate their income source; however, the income is not required to be listed on the application, just the source of the income. The following sections of the loan application are not required to be completed. Section IV (only the Monthly Income questions) Section V, VI (must complete assets if funds are required to close) An appraisal is not required If an appraisal is used the Appraiser must be a 2055 appraisal and the appraisal company must adhere to the Appraiser Independent Requirements (AIR) Page 1

2 Assets Borrowers Calculating the New Mortgage Amount If assets are needed to close, verification of the assets is required regardless of the amount needed to close. Documentation required is as follows. Verification of Deposit or Most recent bank statement Large Deposits Any large non-payroll deposits may, at the underwriter s discretion, need to be sourced if they are determined to affect the funds to close. Borrowers may be deleted from the title on a streamlined refinance in the situations other than death. Property was transferred as a result of a divorce decree, Assumption or quit claim of interest occurred more than 6 months previously, and Remaining owner-occupant can demonstrate that he/she has made the mortgage payments (and was not delinquent) during this time; The borrower remaining must have been an original borrower on the Note and Title. This must be done as a Full- Qualifying Streamline Refinance; no exception. MAXIMUM MORTGAGE CALCULATION WORKSHEETS Refer to Section Geographic Locations/Restrictions for additional state specific restrictions or requirements The maximum base mortgage cannot exceed the lower of the county loan limits or: Unpaid principal balance (includes 30 days interest charged by servicing lender for the current month) Plus the interest charged by the servicing lender when the payoff will not be received on the first day of the month, but may not include delinquent interest, late charges or escrow shortages. MINUS Unearned UFMIP (from FHA refinance Authorization or appropriate MIP Refund Schedule) PLUS New UFMIP Closing costs, pre-paid expenses and discount points, late changes and escrow shortages may not be financed into the new loan. Principal Curtailment limited to maximum $2,000 at closing and must be on the HUD-1. If the amount exceeds $2,000 then the loan must be recalculated and reapproved with new documents drawn and signed by the borrower. The principal curtailment may not be done after closing. Additional Requirements Owner Occupied properties only LTV calculation is required only to determine if annual MIP is required on loans with 15-year term or less. The original appraised value is used to make this determination and is obtained using the Case Query Screen in FHA Connection Term of new mortgage is the lesser of 30 years or the un-expired term of the current mortgage plus 12 years. (This is particularly important when the term of the original loan was 15 years) New secondary financing is ineligible. No cash back to borrower permitted (incidental minor adjustment at closing not exceeding $ cash back is eligible). Refinance Authorization information must be obtained at Case Number Assignment directly from FHA Connection Non-Owner Occupied Properties Borrower is allowed to finance the current principal balance and the new upfront MIP. Borrower must bring closing costs to closing. Premium pricing is eligible Non-credit qualifying loan, Fidelity to Fidelity, the following is required. 620 minimum credit score required Primary residence only Employment is verified but no income is required to be stated For self-employed borrowers must verify business through CPA or Secretary of State, or similar 3 rd party verification Non-credit qualifying loan, Non-Fidelity to Fidelity, the following is required. 640 minimum credit score required A Streamline, tri-merge report with Mortgage only account credit rating Mortgage payments must have been made within the month due Page 2

3 Employment / Income Full-credit qualifying loan, Non-Fidelity to Fidelity, the following is required 620 minimum credit score required (see chart below for ) A tri-merge credit report Mortgage account rating with 0x30 in the last 12 months Non-traditional credit is ineligible For Non-Fidelity to Fidelity full-credit qualifying loans with credit scores between , the borrower(s) must meet ALL of the following. AUS Approval Analysis DTI Maximum DTI 45% Housing Payment History Verification Reserves Serious N/A. No AUS is required Payment History No active revolving, installment or mortgage account may be presently past due and must be 0x30 in the last 12 months on all credit Medical collections are excluded. Tradeline Requirement Minimum of two traditional tradelines each reporting the Tri-Merge Report with at least 12 months of acceptable payment history. At least one tradeline must be open with date of last activity within the last 24 months. Authorized User Accounts and Deferred Student Loans with no payment history do not meet this criterion. 0x30 in the last 12 months Not required if Borrower has been living on a military base prior to loan application. If the Borrower(s) rent, a VOR is required regardless of AUS Findings If the landlord is a private individual, twelve (12) months of cancelled checks are required If the borrower(s) has no verifiable housing payment history, then the maximum DTI ratios are 31%/43%. Minimum of two months of reserves Must be from Borrower s own funds Borrowers with Single Major : DEROGATORY TYPE FHA for DTI>50% to <=55%) exception, OR FHA FICO 620 to 639 exception* Bankruptcy 13 2 years Bankruptcy 7 3 years Deed-in-Lieu of Foreclosure, 4 years Short Sale, or Charge-off of Mortgage Account Foreclosure 4 years NOTE: Borrowers with Multiple Major Derogatories have additional credit requirements. Refer to the Serious Seasoning Requirements section below. Non- qualifying loans Verification of Employment Salaried Verbal Verification of Employment Self-employed Verification of business through third party source Retirement and/or Social Security Award letter Income The Borrower s application must indicate their income source; however, the income is not required to be listed on the application. Form 4506-T is not required Escrow Holdback Escrow Waivers Financing Types Full-credit qualifying loans Standard 2 years of income documentation required Form 4506-T is required Ineligible Ineligible Properties listed for sale in the last 6 months are eligible as follows. Property has been taken off the market on or before the application date. Borrower provides written confirmation of the intent to occupy if a primary residence Page 3

4 Geographic Locations/ Restrictions, as applicable Internet Links Mortgage Insurance Multiple Major Events Occupancy Prepayment Penalty Processing Property Types Refer to the Fidelity Bank Out of State Lending Matrix document To access Mortgagee Letters, National HOC Reference Guide, HOC Letters, Handbooks, go to: HUD Forms, Handbook & Mortgagee Letters Mortgage Insurance is required on all loans. Refer to the Fidelity Bank FHA Mortgage Insurance Matrix for details on UPMIP and monthly MIP) The section of the Act under which the loan will be insured determines the mortgage insurance to be used. Sections 203b, and 234c (Condos) Up Front MIP (UFMIP) is required Monthly MIP is required Borrowers reflecting multiple major derogatory events are subject to additional credit requirements. See Serious Seasoning section below. Primary Residence A borrower who has re-occupied an investment or second home within 12 months from the application date is ineligible. Investment Property allowed provided the Borrower(s) meet the following requirements: Minimum 660 FICO 6 months reserves Do not own more than two investment properties Maximum DTI is 45% Allowed as a full credit qualifying Streamline only (without appraisal) Not permitted. However, if refinancing and the payoff check for the existing loan is not received by the servicing lender by the first day of the month, the lender may collect interest on the existing loan through the end of the month. Streamline Eligible 1 unit only o PUDs o Modular Pre-Cut/Panelized housing o Condos (including site condos) do not require condominium project approval Ineligible 2-4 units Condo Hotels Co-ops Manufactured Homes Properties located within designated Coastal Barrier Resource System (CBRS) areas Page 4

5 Qualifying Rate and Ratios Qualify at Note Rate Non- Qualifying Streamline Ratios are not calculated The Borrower s application must indicate their income source; however, the income is not required to be listed on the application. Full- Qualifying Streamline Investment Property 45% maximum DTI ratio Primary Residence 43% maximum DTI ratio o 43% DTI ratio may be exceeded provided ratio does not exceed 50%, Analysis o Borrower(s) must meet ALL of the following guidelines: Payment History No active revolving, installment or mortgage account may be presently past due and must be 0x30 in the last 12 months on all credit Seasoning Serious Seasoning Requirement Score DTI Housing Payment History Verification Reserves Serious Tradeline Requirement Minimum of 3 traditional tradelines each reporting the Tri-Merge Report with at least 12 months of acceptable payment history. The tradelines may be either open or closed with date of last activity within the last 24 months. Authorized User Accounts and Deferred Student Loans with no payment history do not meet this criterion Minimum score of 660 or greater Maximum DTI allowed not to exceed 50% - no Exception If the borrower(s) rent, a VOR is required regardless of AUS Findings If the landlord is a private individual, twelve (12) months of cancelled checks are required If the borrower(s) has no verifiable housing payment history, the loan is not eligible for a DTI ratio greater than 50% Minimum of 2 months of reserves Must be from borrower s own funds Type FHA Streamline (DTI>43% <=50%) Bankruptcy 13 2 Bankruptcy 7 4 Short Sale 4 Foreclosure 4 NOTE: Refer to Serious Seasoning Requirements section for more information regarding Borrowers with Multiple Major Derogatories as they have additional seasoning and credit requirements that is different than the table above. Existing FHA Case Number must be seasoned for 210 days from the closing date of the mortgage being refinanced Borrower must have made 6 payments on the existing mortgage within the month due prior to application. Borrowers with One Serious : Type FHA Non- Qualifying Streamline Bankruptcy 13 2 years Bankruptcy 7 2 years Short Sale 3 years Foreclosure 3 years * Borrowers with multiple major derogatories are not eligible for the credit or DTI exceptions. Borrowers with Multiple Major Derogatories For borrowers that have experienced more than one serious derogatory and were not connected but rather two separate events there are additional overlays below: In addition to the required waiting period and guidelines, the loan will be reviewed to assess the overall risk and is subject to Underwriting s discretion. Minimum FICO required 660 Ratios: 33/45% for multiple major derogatories Two Months Reserves PITI Page 5

6 Special Documentation Requirements or Enhancements Special Requirements/ Restrictions Satisfactory explanation of the multiple events is required Open traditional tradelines within the last two years are required Payment History: o No more than 2 x 30 past due in the last 24 months or no more than 1 x 60 past due in the last 24 months o No history of NSF fees on the bank statement provided. o Medical collections are excluded. Examples: 1. Borrower filed Chapter 7 and included their Mortgage loans in the bankruptcy. The Discharge is completed and the borrower moves out of residence and rents another property. The lender does not complete the foreclosure until several months later. This would be treated as one event. 2. The same example above but the borrower owns multiple properties and all properties are included in the bankruptcy but again all of the lenders take several months to complete the foreclosures, this would be treated as one event. 3. The borrower files Chapter 7 and included the mortgage in bankruptcy and does not reaffirm the mortgage. However the borrower continues to reside in the property and continues to make their mortgage payment even though did not reaffirm the debt. The borrower continues to make payments on time for one year or more but then defaults and the bank then initiates and completes a foreclosure. This would be treated as separate events because the borrower chose to continue to make payments and later defaulted. 4. The borrower does a short sale on an investment property and several months or years later files bankruptcy and abandons their primary residence. This would be treated as two separate events. Multiple Bankruptcies would be treated as separate events. The Loan Application (URLA) plus the HUD Addendum 92900A must be complete and fully executed by all borrowers prior to underwriting. An abbreviated version of the URLA is not acceptable. Evidence of valid Social Security Number is required on all loans Evidence of Refinance Authorization data and New Case Number Assignment obtained from FHA Connection (print screens and place in loan file) Check current deed or title to verify at least one borrower is listed as owner Current mortgage payoff statement must be provided Good Faith Estimate Evidence mortgage is current (mortgage history) URLA and signed HUD Addendum FHA Loan Underwriting and Transmittal Summary, HUD Form LT signed by DE Underwriter FHA Maximum Mortgage Calculation Worksheet GSA and LDP, Procurement/Non-procurement lists must be checked CAIVRS check is not required Important Notice to Homebuyer (92900B) Informed Consumer Choice Disclosure Notice Flood Certificate Copy of Existing HUD-1 Determine the amount of Upfront MIP paid, if any, and verify existing FHA case number Copy of Existing Note Verify the current information from the note: Date of note, FHA case number, loan amount, interest rate, P&I amount, and loan term. Also, verify that borrowers and property are the same on current loan and on new loan application.) Net Tangible Benefit There must be a net tangible benefit as a result of the streamline refinance transaction without an appraisal. Net tangible benefit is defined as follows: 5%reduction to the P & I of the mortgage payment plus the annual MIP OR refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage The following table defines the permissible minimum thresholds to define net tangible benefit From To Fixed Rate Fixed Rate One-Year ARM Hybrid ARM During Fixed Period ( e.g. for 3/1 Hybrid ARM, first 3 years is fixed rate period) Hybrid ARM During Adjustable Period (Adjustable period is period when rate adjusts Reduction of at least 5% of P&I and Annual MIP New interest rate no greater than 2% above the current interest rate of the ARM Reduction of at least 5% of P&I and Annual MIP New interest rate no greater than 2% above the current interest rate of the ARM Page 6

7 annually) Deleting a Borrower Deleting a borrower is ineligible, except for certain circumstances and with supporting documentation. See Borrowers section. Adding a Borrower May be added Subordinate Financing Adding an Individual to Title May be added New secondary financing is not allowed An existing 2 nd mortgage/heloc can be subordinated, but cannot exceed the Max CLTV: FHA LTV and CLTV limits are calculated using base loan amount and do not include UFMIP Underwriting Streamline with an appraisal, the maximum CLTV including UFMIP is 100% of the new appraised value Streamline without an appraisal, the maximum CLTV including UFMIP is 125% of the original appraised value Loan must be manually underwritten by a DE Underwriter employed by Fidelity Loans are ineligible for submission to TOTAL Scorecard. Do not run through AUS. The DE must sign and use their CHUMS identification number on page 3 of the HUD Addendum 92900A and Page 1 of the FHA Loan Underwriting and Transmittal Summary. The Loan Application (URLA) plus the HUD Addendum 92900A must be complete and fully executed by all borrowers prior to underwriting. The following sections of the loan application are not required to be completed. Section IV (only the Monthly Income questions) Section V, VI (must complete assets if funds are required to close) Page 7

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 Standard Refinance Cash Out

FHA Standard Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

VA 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

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

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

February 2015 Guidance for the mortgage professional

February 2015 Guidance for the mortgage professional FHA Streamline Refi Guidance for the mortgage professional FHA 50 bp Annual MIP reduction! January 2015 2 FHA 50 bp Annual (MIP) Reduction! January 2015 3 FHA Prepayment Penalty-Some Confusion About Prepayment

More 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

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 REFINANCE

FHA STREAMLINE REFINANCE Table of Contents 1. Eligible Mortgage Product-Existing Loan... 2 2. Eligible Mortgage Product-New Loan... 2 3. Maximum Loan Amount... 2 4. Maximum LTV/CLTV... 2 5. MIP Requirements... 2-4 6. Assets...

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

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

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

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

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

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

FHA STREAMLINE REFINANCE GUIDELINES

FHA STREAMLINE REFINANCE GUIDELINES FHA STREAMLINE REFINANCE GUIDELINES MMI requires streamline refinance transactions to fully credit and income qualify. At this time, MMI is only offering streamlines without appraisals. Please see MMI

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

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

FHA Streamline Non-Credit Qualifying

FHA Streamline 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

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

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

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

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

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

11 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. FHA Refinance Transactions

11 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. FHA Refinance Transactions 11 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: February 14, 2011 To: All Approved Mortgagees All FHA Roster

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

FHA Streamline Non-Credit Qualifying

FHA Streamline 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

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

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

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

Numbers. on Case. Case numbers can MIP): Premium. April 18, 20111 REFINANCES. LTV Ratio >95 95 1.15% 1.10% 1.0. LTV Ratio >90 90 .50%.

Numbers. on Case. Case numbers can MIP): Premium. April 18, 20111 REFINANCES. LTV Ratio >95 95 1.15% 1.10% 1.0. LTV Ratio >90 90 .50%. ANNOUNCEMEN NT... #11-07, March 11, 2011 To: All Michigan Mutual, Inc. Brokers Topics Included in this Announcement: HUD Mortgage Letter 2011-10: Annual Mortgage Insurance Premium Changes and Guidance

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

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

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

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

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

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

BankSouth Mortgage FHA Fixed Rate/Adjustable Rate FHA Streamline Refinances. Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115

BankSouth Mortgage FHA Fixed Rate/Adjustable Rate FHA Streamline Refinances. Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115 BankSouth Mortgage FHA Fixed Rate/Adjustable Rate FHA Streamline Refinances Underwriting Guidelines GFF3000/GFF2000/GFF1500 GAF3115/GAF5115 BankSouth Mortgage guidelines have been created to provide guidance

More 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

FHA Program Guide February 2015

FHA Program Guide February 2015 FHA Program Guide WHY FHA? Down Payment 3.5% Up to 85% cash out refinance All funds may come from a gift Seller can pay up to 6% toward all closing costs Non-Occupant Co-Borrowers are allowed with true

More 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

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

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

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

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

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

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents HUD 4155.2 Chapter 7, Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) 1. Types of MIPs... 7-1 2. Up Front Mortgage Insurance

More information

96.50% Refinance Cash-Out 620 75% 75% Purchase 620 96.50% 96.50% 45% Refinance, No Cash- 620 97.75% 97.75% 45%

96.50% Refinance Cash-Out 620 75% 75% Purchase 620 96.50% 96.50% 45% Refinance, No Cash- 620 97.75% 97.75% 45% GNMA Portfolio Program Summary Product Types Eligible Programs 30-year Fixed FHA loans 203(b) 1-4 family, 234(c) Condominiums, Standard Balance Loan Purpose Minimum FICO Maximum LTV Maximum CLTV Purchase

More information

VA 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

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

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

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

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 Chapter 11: Refinances 11.1 Overview 11.2 Tribal Trust Land Documentation 11.3 No Cash-Out Refinance 11.4 Cash-Out Refinance

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

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015 Topic Current FHA Guideline New FHA Guideline Assets Gift Funds as Reserves Manual Underwriting: Not allowed as reserves Manual underwriting: Not allowed as reserves TOTAL Scorecard: Not allowed as reserves

More information

FHA Streamline Training: Broker Edition. January 22, 2014

FHA Streamline Training: Broker Edition. January 22, 2014 FHA Streamline Training: Broker Edition January 22, 2014 1 Jeff Walsh President of LDWholesale 2 What Is It? FHA Streamline refinance provides existing FHA borrower s an opportunity to lower monthly payments

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

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 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 Home Loans 101 An Easy Reference Guide

FHA Home Loans 101 An Easy Reference Guide FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after June 3, 2013 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information you

More information

Making Home Affordable Program: FHA s Home Affordable Modification Loss Mitigation Option. Mortgagee Letter , page 1

Making Home Affordable Program: FHA s Home Affordable Modification Loss Mitigation Option. Mortgagee Letter , page 1 Making Home Affordable Program: FHA s Home Affordable Modification Loss Mitigation Option Mortgagee Letter 2009-23, page 1 Basic Program Guidelines FHA-Home Affordable Modification Program (FHA-HAMP) FHA-HAMP

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

Chapter 11: Refinances

Chapter 11: Refinances Chapter 11: Refinances 11.1 Overview 11.2 Trust Land Documentation 11.3 Type of Refinances 11.1 Overview The Section 184 loan can be used to refinance a single family one- to- four unit dwellings located

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

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

FHA. 6.1- A Overview. 6.1-B General. 6.1-B1 Eligible Loan Programs. 6.1-B2 Ineligible Loan Programs/Transactions. 6.1-B3 Allowable Fees

FHA. 6.1- A Overview. 6.1-B General. 6.1-B1 Eligible Loan Programs. 6.1-B2 Ineligible Loan Programs/Transactions. 6.1-B3 Allowable Fees FHA 6.1- A Overview Note: The underwriting information contained in this chapter is intended for use in conjunction with HUD Handbook 4155.1 and subsequent applicable mortgagee letters. 6.1-B General 6.1-B1

More information

PRODUCT MATRIX 7/25/2012

PRODUCT MATRIX 7/25/2012 PRODUCT MATRIX 7/25/2012 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing, registration and closing

More information

FHA STREAMLINE Training

FHA STREAMLINE Training FHA STREAMLINE Training Offered by FIRST MORTGAGE CORPORATION March 10, 2015 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This

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

FHASecure Presented by: US Department of Housing and Urban Development (HUD)

FHASecure Presented by: US Department of Housing and Urban Development (HUD) FHASecure Presented by: US Department of Housing and Urban Development (HUD) Last Revision: 10/30/07 General Assist borrowers currently in a conventional loan Delinquent Result of the ARM reset Must meet

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

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

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 LOAN PROGRAM Conforming and High Balance Loan Amounts

FHA LOAN PROGRAM Conforming and High Balance Loan Amounts FHA PRODUCT MATRIX Purchase Rate and Term Cash Out Units LTV/CLTV Fico* Units LTV/CLTV Fico Units LTV/CLTV Fico 1 4 96.5/105 620 1 4 97.75/97.75 620 1 4 85/85 620 FYIs: Complete HUD guidelines can be referenced

More information

300 - FHA Lending Guide 12/31/2015 (Case Files prior to 9/14/15)

300 - FHA Lending Guide 12/31/2015 (Case Files prior to 9/14/15) 300 - FHA Lending Guide 12/31/2015 (Case Files prior to 9/14/15) Equal Housing Lender 2015 Ocwen Loan Servicing, LLC - 1661 Worthington Road, Suite 100 - West Palm Beach, FL 33409. (800-766- 4622)NMLS

More information

WHOLESALE FHA 580 619 PRODUCT PROFILE

WHOLESALE FHA 580 619 PRODUCT PROFILE Maximum LTV/CLTV & Minimum Credit Score Requirements LTV CLTV MIN CREDIT 2 INVESTOR CODES PURCHASE 96.50% 96.50% 580 I-12, I-15 1 NO CASH-OUT REFINANCE 97.75% 97.75% 580 I-12, I-15 1 CASH-OUT REFINANCE

More information

VA 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

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

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

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

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

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

FHA Standard, Simple, & Streamline Refinance Products

FHA Standard, Simple, & Streamline Refinance Products Topic Program Description Products AUS method Eligible States Anything not specifically addressed within, follow FHA Guidelines. Guidelines can change without notice. This is base FHA mortgage parameters

More information

VA IRRRL Offering 5/7/15

VA IRRRL Offering 5/7/15 VA IRRRL Offering 5/7/15 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

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

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

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

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 FIXED & ADJUSTABLE RATE Series 500, 700, & 800

FHA FIXED & ADJUSTABLE RATE Series 500, 700, & 800 FIXED & ADJUSTABLE RATE Series 500, 700, & 800 Product Description Conforming Fixed Rate & ARM 15 = 15 year fixed 30 = 30 year fixed Program Numbers 5/1 = 5/1 ARM STREAM15 = 15 year fixed Refi STREAM30

More information

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

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

More information

FHA-Home Affordable Modification Program

FHA-Home Affordable Modification Program These guidelines supplement requirements outlined in e Letter 2009-23 Guidance e Mortgagors FHA-Home Affordable Modification Program The Servicer of the modified FHA-HAMP mortgage must be FHA-Approved.

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

FHA Home Loans 101 An Easy Reference Guide

FHA Home Loans 101 An Easy Reference Guide FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after January 26, 2015 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information

More 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

FHA Matrix (Wholesale) September 14, 2015

FHA Matrix (Wholesale) September 14, 2015 FHA Matrix (Wholesale) FHA CONFORMING FHA CONFORMING STREAMLINE Fixed Rate: 30yr=1000, 15yr=1001 30yr Fixed=1200, 15yr Fixed= 1201 Fixed Period ARM's: 5/1=1005 5/1 ARM= 1203 Eligible States: Purchase No

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

Section 2.04 - DU Refi Plus Loan Program

Section 2.04 - DU Refi Plus Loan Program Section 2.04 - DU Refi Plus Loan Program In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 5 Existing Mortgage Eligibility Requirements...

More information

FHA FIXED RATE & ARM PROGRAM

FHA FIXED RATE & ARM PROGRAM FHA FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple

More information