VA INTEREST RATE REDCUTION REFINANCE PRODUCTS VA 30 Year Fixed Jumbo Full Appraisal
|
|
- Egbert Clarke
- 1 years ago
- Views:
Transcription
1 Program Overview An Interest Rate Reduction Refinancing Loan (IRRRL) is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with a lower principal and interest payment than the existing VA loan. VA loans currently serviced by Plaza Home Mortgage, Inc. or Wells Fargo do not require a new appraisal. All other VAIRRRLs require either an AVM or a full 1004 conventional appraisal ordered in compliance with AIR. The appraisal requirement will be determined by the LTV, property type and occupancy. Program Codes and Terms VA INTEREST RATE REDCUTION REFINANCE PRODUCTS VA 15 Year Fixed Full Appraisal VA 20 Year Fixed Full Appraisal VA 25 Year Fixed Full Appraisal VA 30 Year Fixed Full Appraisal VA 30 Year Fixed Jumbo Full Appraisal VA 15 Year Fixed AVM VA 20 Year Fixed AVM VA 25 Year Fixed AVM VA 30 Year Fixed AVM VA 30 Year Fixed Jumbo AVM VA 15 Year Fixed - Plaza Serviced / No Appraisal VA 20 Year Fixed - Plaza Serviced / No Appraisal VA 25 Year Fixed - Plaza Serviced / No Appraisal VA 30 Year Fixed - Plaza Serviced / No Appraisal VA 30 Year Fixed Jumbo - Plaza Serviced / No Appraisal VA 15 Year Fixed - Wells Fargo Serviced / No Appraisal VA 20 Year Fixed - Wells Fargo Serviced / No Appraisal VA 25 Year Fixed - Wells Fargo Serviced / No Appraisal VA 30 Year Fixed - Wells Fargo Serviced / No Appraisal VA 30 Year Fixed Jumbo IRRRL - Wells Fargo Serviced / No Appraisal Program Code VA150IRRRL VA200IRRRL VA250IRRRL VA300IRRRL VAJ30IRRRL VA15IRRRLA VA20IRRRLA VA25IRRRLA VA30IRRRLA VAJ30IRRLA VA15IRRRLR VA20IRRRLR VA25IRRRLR VA30IRRRLR VAJ30IRRLR VA15IRRL10 VA20IRRL10 VA25IRRL10 VA30IRRL10 VAJ30IRL10 Page 1 of 10
2 The matrix below identifies the major differences between the product options. Review the remaining guidelines for all requirements. DataTrac data input requirements can be found in the VA IRRRL Underwriter Worksheet. Product Code Appraisal Requirement Product Code Specific Highlights Max LTV/CLTV Seasoning Misc. VAIRRRL A 1004 Conventional appraisal in compliance with AIR. Max LTV 125% Unlimited CLTV for existing subordinate financing 6 regularly scheduled monthly payments must be made on the loan being refinanced. All 6 payments must be made prior to the Note Date of the new loan. Min. credit score: 620 <= 100% 640 > 100% 640 > $417,000 (> $625,500 AK & HI) VAIRRRLA AVM from Plaza approved vendor. See Appraisal section. Max LTV 105% Unlimited CLTV for existing subordinate financing 6 regularly scheduled monthly payments must be made on the loan being refinanced. All 6 payments must be made prior to the Note Date of the new loan. Min. credit score: 620 <= 95% 640 > 95% 640 > $417,000 (> $625,500 AK & HI) Primary residence only VAIRRRLR No appraisal is required Per VA 6 regularly scheduled monthly payments must be made on the loan being refinanced. All 6 payments must be made prior to the Note Date of the new loan. Must be paying off a loan currently serviced by Plaza. Min. credit score: o 620 for <=$417K o 640 for > $417K (> $625,500 AK & HI) VAIRRL10 No appraisal is required Per VA No seasoning on existing loan. Must be paying off a loan currently serviced by Wells Fargo. Min. credit score: o 620 for <=$417K o 640 for > $417K (> $625,500 AK & HI) Page 2 of 10
3 Occupancy Primary Residences Second Home Investment Property For second home and investment property transactions: VAIRRRL, VAIRRRLR, VAIRRL10 are eligible. VAIRRRLA is not eligible. Maximum 100% LTV on VAIRRRL 1 unit properties only Max loan amount $417,000 ($625,500 in Alaska and Hawaii) Documentation must be provided evidencing the veteran previously occupied the subject property as their primary residence. There can be no history of late payments on the subject property or on the borrower s primary residence. Eligible Borrowers Generally the parties obligated on the original VA loan must be the same parties on the new loan and the veteran must still own the property. However, some ownership changes may be acceptable. The following outlines when a change in mortgagors is permitted: Existing VA Loan New Loan Eligible? Unmarried Vet Veteran & new spouse Yes Unmarried Vet Spouse only (deceased Veteran) No Vet Different Veteran who has substituted their entitlement Vet & Spouse Divorced Veteran only Yes Vet & Spouse Veteran and different spouse Yes Vet & Spouse Spouse only (deceased Veteran) Yes Vet & Spouse Divorced spouse only No Vet & Spouse Different spouse only (deceased Veteran) No Vet & Non-Vet (joint obligors) Veteran Yes Vet & Non-Vet (joint obligors) Non-Veteran only No Yes For loans involving a Power of Attorney, refer to the VA Lender s Guide, Chapter 9, section 7. Page 3 of 10
4 Loan Amounts and LTV Limits All references to Loan Amount refer to the Total Loan Amount including the VA Funding Fee. The new loan amount may include the existing VA loan balance plus the following: Any late payments* and late charges Allowable fees and charges (includes up to two discount points) The cost of any energy efficiency improvements The VA funding fee Always use VA Form , IRRRL Worksheet, to calculate the maximum loan amount. *Any IRRRL that includes delinquent payments in the loan amount must be submitted for prior approval, even when a lender has automatic authority. Maximum Loan Amount by Program Program Units Continental US Alaska and Hawaii Conforming/non-Jumbo 1-4 $417,000 $625,500 Jumbo 1-4 $1,000,000 $1,000,000 Maximum LTV by Program Program Max LTV VAIRRRL / VAJIRRRL 125% VAIRRRLA / VAJIRRLA 105% VAIRRRLR / VAJIRRLR NA VAIRRL10 / VAJIRL10 NA Page 4 of 10
5 Appraisal Requirement When an appraisal is required, a full conventional appraisal must be ordered in compliance with AIR. Appraisals must not be ordered through WebLGY. When an AVM is used, the LTV is based off of the actual AVM value. There is no allowance for a value tolerance when using the AVM to determine the LTV. Program VAIRRRL / VAJIRRRL VAIRRRLA / VAJIRRLA VAIRRRLR / VAJIRRLR VAIRRL10 / VAJIRL10 Appraisal Requirement One full appraisal is required One AVM, from a Plaza approved AVM company, is required. RELS, RES Direct - Wells Fargo SiteX, Advantage Cascade - LPS Collateral Expert - PlatinumData Fraudguard - Interthinx RealQuest - CoreLogic HVE - Freddie Mac ValueComp - StreetLinks No appraisal is required No appraisal required Loan Guaranty The 25% minimum VA guaranty/entitlement is considered satisfied for IRRRLs regardless of the dollar amount of guaranty being transferred from the previous loan. Special Restrictions/Requirements Term Increase: The term of the new loan may not exceed the original term by more than 10 years, subject to the maximum term of 30 years and 32 days. Interest Rate Decrease: The interest rate of the new loan must be less than the interest rate of the existing VA loan unless refinancing an ARM to a Fixed Rate. Payment Increase: The P&I payment must be less than that of the existing VA loan unless: o Refinancing an ARM to a Fixed Rate; OR o The term of the new loan is less than the term of the existing VA loan. o IF the PITI increases 20% or more, refer to the income section for additional requirements. Page 5 of 10
6 Cash Out is not allowed An IRRRL cannot be used to take equity out of the property or pay off debts, other than the VA loan being refinanced. Loan proceeds may only be applied to paying off the existing VA loan and to costs of obtaining or closing the IRRRL. Therefore, the general rule is that the borrower cannot receive any cash proceeds from the loan. If necessary, the refinancing loan amount must be rounded down to avoid payments of cash to the veteran. In a limited number of situations, like computational errors and changes in final pay-off figures, the borrower may receive a maximum of $500. In Texas, there may be absolutely no cash to the borrower. Energy Efficient Mortgages are eligible. An EEM can be utilized and will allow the borrower to roll the cost of certain energy saving improvements into the refinance transaction. The EEM can cover up to $3000 of improvements based solely on documented costs, or up to $6,000 provided the increase in monthly mortgage payment does not exceed the likely reduction in monthly utility costs. EEM improvements are limited to <= $6000 on any Plaza IRRRL program. If the cost of the improvements causes the new loan payment (PITI) to be 20 percent or more higher than the payment on the loan being refinanced, then the underwriter must include the lender s certification that the veteran qualified for the higher payment. ARMs are not eligible. Online Status Inquiry in Lieu of COE The Prior Loan Validation (PLV) or Certificate of Eligibility (COE) is not required on an IRRRL transaction. Lenders still have the ability to obtain a PLV even when WebLGY automatically determines an active loan exists for a particular IRRRL case. Eligible Properties Attached/Detached SFR Attached/Detached PUD Condos 2-4 Units Properties must not be listed for sale at the time of application. Page 6 of 10
7 Ineligible Properties Commercial Property Condotels Cooperatives Geothermal Homes Manufactured Housing or Mobile Homes Timeshares Working Farms, Ranches, Orchards Geographic Restrictions State or geographic restrictions are identified here. At this time Plaza may not be lending in all states listed. Properties are limited to those states where Plaza is currently authorized to originate loans. Hawaii: Properties in Lava Flow Zones 1 or 2 are not allowed. Iowa: An attorney s opinion of title is acceptable in lieu of a title policy, or a title policy may be ordered through the Title Guaranty Division (TGD) of the Iowa Financial Authority. Kansas: The tax assessor s statement of value or AVM is required to establish value. If the loan amount exceeds the tax assessor s statement of value or AVM value, a minimum of an exterior appraisal must be provided. Written notice to the consumer must be provided regarding High LTV mortgages and the availability of credit counseling. The borrower must receive a free copy of the appraisal. Plaza form KS is required to be delivered to the borrower at least 3 days prior to closing and will be included in the Plaza initial disclosures and closing documents. Mississippi: Not eligible. Montana: Lot size of the property may not exceed 40 acres. Texas: If the fist mortgage is subject to Texas 50(a)(6), VA financing is not permitted. If an existing second lien is subject to Texas 50(a)(6), VA financing is not permitted. The title policy will reference Texas Section 50(a)(6) or Article XVI of the Texas Constitution When VA financing is permitted, underwriting must condition and closing instructions must indicate No cash back to borrower is permitted (not even one dollar is permitted) West Virginia: Not eligible. Page 7 of 10
8 Underwriting Method All loans must be manually underwritten. Automated underwriting is not allowed. VAJIRL10 transactions greater than $700K require investor prior approval. Underwriters must complete the. VA IRRRL Underwriter Checklist. The state specific or multi state net tangible benefit test must be satisfied in order to be eligible. The borrower must recoup closing costs not covered by YSP within 48 months or meet one of the other benefits per the NTB form. DataTrac data input requirements can be found in the VA IRRRL Underwriter Checklist. Credit Credit Scores A tri-merged credit report is required For a credit score to be considered valid, the score must be generated from a minimum of 3 traditional trade lines evaluated for at least 12 months The qualifying score is the lower of 2 or the middle of 3 scores and must be reviewed for each borrower The lowest qualifying score of all applicants is used to qualify Each borrower must have at least one credit score Borrowers with non-traditional credit or without enough traditional established credit to generate at least one valid and qualifying credit score are not eligible Credit Score Requirements by Program x& LTV Program LTV Loan Amount / Credit Score <=$417,000 (<= $625,500 AK & HI) > $417,000 (> $625,500 AK & HI) VAIRRRL 100% % VAIRRRLA 95% % VAIRRRLR NA VAIRRL10 NA In addition to the minimum credit score requirement, the underwriter will review the borrower s credit for multiple late payments, collection accounts and/or other derogatory credit any of which may result in a decline. Open bankruptcies are not eligible under any circumstance. Housing Payment History 0 x 30 mortgage payment history is required. For loans that are seasoned less than 12 months, the existing loan may not have any mortgage lates of 30 days or greater since the inception of the loan and, there may be no 30 day or greater lates on any mortgage loan associated with the borrower or property in the most recent 12 months. Page 8 of 10
9 Pay off of collection accounts Collection accounts are not required to be paid off. Tax Liens and Judgments In all cases, outstanding tax liens and judgments must be paid at or before closing. Bankruptcy / Foreclosure / Deed-in-lieu / Short Sale Loam amount <= $417,000 ($625,500 AK and HI): Must be seasoned a minimum of 2 years. Loam amount > $417,000 ($625,500 AK and HI): Must be seasoned a minimum of 7 years. Income and Employment A verbal VOE is required on all loans. Retired borrowers must provide evidence of retirement. No income documentation required, nor should the loan application reference income, except where PITI will increase 20% or more. If the PITI increases by 20% or more: Determine that the borrower has stable and reliable income to support the proposed payment along with other recurring monthly obligations with the following: o Pay stubs covering at least the most recent 30 day period. o 2 years W2s o Verbal verification of employment The underwriter must complete VA form to determine the borrower qualifies for the new loan. The maximum DTI of 41% applies. Loans with DTIs > 41% up to a max of 50% may be considered if the loan meets the compensating factor requirement per the VA Lender's Guide Chapter 4, section 10. IRS Form 4506-T 4506-T is not required unless the borrower is qualifying due to a PITI increase or 20% or more as referenced above. Page 9 of 10
10 Assets No asset verification is required. Disaster Areas For properties located in an area which has been federally declared as a disaster area within the last 90 days, refer to the Plaza s Disaster Policy in the Loan Closing Manual for requirements. Subordinate Financing Loans with existing subordinate financing are eligible. Escrow / Impound Accounts Escrow/impound accounts are required for property taxes and insurance. Maximum Financed Properties There is no maximum to the number of properties a borrower owns or has financed; however, the Schedule of Real Estate on the application must be completed with all of the properties the borrower owns per the credit report and per MERS. Maximum Loans/Maximum Exposure A maximum of 4 Plaza loans or $1,500,000 is permitted to one borrower, whichever is less. Temporary Buydowns Not eligible. Page 10 of 10
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
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
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
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
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
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
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
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
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
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...
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
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
Underwriting Guidelines VA Interest Rate Reduction Refinancing Loans (IRRRL)
VA Interest Rate Reduction Refinancing Loans (IRRRL) OVERVIEW Purpose The following document describes the responsibilities and requirements of the Carrington Mortgage Services, LLC (CMS) Underwriter (Underwriter)
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
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
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
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%
Chapter 6. Refinancing Loans
Chapter 6. Refinancing Loans VA Pamphlet 26-7, Revised Overview In this Chapter This chapter contains the following topics. Topic Topic Name See Page 1 Interest Rate Reduction Refinancing Loans (IRRRLs)
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
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
Chapter 6: Refinancing Loans
VA Pamphlet 26-7, Revised Chapter 6: Refinancing Loans Chapter 6 Refinancing Loans Overview In this Chapter This chapter contains the following topics. Topic See Page 6.01 Interest Rate Reduction Refinancing
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
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%
Appraisal requirements: No appraisal required. The original loan balance of the mortgage being refinanced is used as the appraised value.
PRODUCT: E3 CODES: PCM VA IRRRL VAS15W AND VAS30W Primary Capital Mortgage guidelines have been created to provide direction and consistency in determining a credit decision. The intention of these guidelines
Program Matrix for VA IRRRL Black Programs:
Program Matrix for VA IRRRL Black Programs: Primary Residence 1 to 4 Unit, Condo, PUD none** 600 Second Home* 1 Unit, Condo, PUD none** 600 Investment Property* 1 to 4 Unit, Condo, PUD none** 600 * For
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:
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
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/
VA Product Profile 05.01.2014
Maximum LTV / CLTV and FICO Requirements Purchase VA IRRRL / Rate & Term Cash-out Refinance Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 100% 640
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
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
Underwriting Guideline Matrix
Program / Product Codes: NewLeaf Wholesale VA Lender ID Number: SKYLINE FINANCIAL CORPORATION 1690780000 Subject to Change Without Notice Valid as of: 11/06/2015 Copyright 2015 Skyline Financial Corp.
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
VA IRRRL. Presented by: Michelle Mottet
Presented by: Michelle Mottet 3/25/2014 1 Table of Contents Eligibility Closing Costs Maximum Loan Amount Calculation VA Funding Fee VA Form 26-8923 Appraisal Requirements Resources 3/25/2014 2 Eligibility
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
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
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
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%
AMX / Land Home Financial Services Wholesale Lending Division
SECTION: 1 PAGE: 1 of 13 VA MORTGAGE LIMITS FOR ALL AREAS: http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp Regardless of loan amount, the VA guaranty plus cash/equity must be equal to at
Understand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country
Understand the VA Loan Program Serve the mortgage lending needs of borrowers who serve our country Eligible Borrowers A veteran is eligible for VA home loan benefits if he or she served in the Army, Navy,
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
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
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
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
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
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
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/
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
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
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
6176 VA IRRRL. DW0114 Page 1 of 8
6176 VA IRRRL Interest Rate The loan must be to reduce the interest rate. If refinancing an adjustable rate mortgage (ARM) loan to a fixed rate loan, an exception is made allowing the new interest rate
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
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
FREDDIE MAC RELIEF REFINANCE PROGRAM SUMMARY
Freddie Mac Relief Refinance rev. 17 Revised 10/28/2013 Program Summary Sections (Click the hyperlink to go straight to the section) 1 Program Summary 13 Borrower Eligibility 25 Gifts/Down Payment 2 Program
Freddie Mac Relief Refinance-Open Access
Freddie Mac Relief Refinance-Open Access Investor 12 - Retail Only Revisions Date Revisions 5-18-15 Updated Section 4.5-A Overview 4.5-A Overview The Freddie Mac Relief Refinance Mortgage Open Access supports
Guidelines Correspondent. Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits:
Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: Occupancy Investment & Non-Owner Type 1 Unit Max LTV w/o Sec Fin. PURCHASE MORTGAGES
VA and VA IRRRL Programs
VA and VA IRRRL Programs 12/12/14 VA Program Benefits VA loan programs offer exceptional financing options for active duty military personnel, veterans and their families. 100% financing on purchase and
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
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
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
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
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
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
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...
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
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
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
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
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
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
Get in the FAST LANE with WesLend Wholesale! VA Home Loan Guarantee Program Program Overview
VA Home Loan Guarantee Program Program Overview Eligible Borrowers All veterans are eligible for VA home loan benefits if they served in the Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves or
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
WM VA GUARANTEED FIXED RATE WITH HIGH BALANCE OPTION
LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 3 ADDITIONAL CONSIDERATIONS:... 3 AGE OF DOCUMENTS:... 3 APPLICATION REQUIREMENTS:...
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
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
VA FIXED RATE PRODUCT
Primary 1 Unit Max Loan Amount Max Loan Amount Max Loan Amount See VA County Limits LTV CLTV Min FICO Max Ratios 96.50% 96.50% 55% 600 100% 100% 50% LTV CLTV Min FICO Max Ratios Minimum Cash Investments
DU Refi Plus Program Guide Fixed Rate
DU Refi Plus Program Guide Fixed Rate Wholesale Lending October 19, 2015 Table of Contents DU Refi Plus Program Guide... 1 Fixed Rate... 1 Table of Contents... 1 Program Overview... 3 Highlights... 3 Credit
Home Affordable Refinance Program (HARP) Training
3/19/2012 Home Affordable Refinance Program (HARP) Training Moderated By: Fowler Williams, CMB President Mike Perkins, VP Underwriting and Credit Policy David Attaway, VP Secondary Marketing Crescent Mortgage
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
Underwriting Guideline Matrix
Program / Product Codes: NewLeaf Jumbo PLUS 5/1 ARM (W603) NewLeaf Jumbo PLUS 5/1 ARM Interest Only (W604) Subject to Change Without Notice Valid as of: 3/23/2016 Copyright 2016 Skyline Financial Corp.
AMX / Land Home Financial Services Wholesale Lending Division
1 of 9 Fixed Program Codes: CRP30-000, CRP25-000, CRP20-000, CRP15-000, CRP10-000 Adjustable Program Codes: CRP51L-000, CRP71L-000 Automated Underwriting: DU Approve/Eligible Only Conforming Loan Continental
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
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...
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
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...
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
Texas Home Equity Program Guide Fixed Rate
Fixed Rate Wholesale Lending July 20, 2015 Table of Contents Texas Home Equity Program Guide... 1 Fixed Rate... 1 Program Overview... 2 Employee Loan Policy... 2 Credit Philosophy... 2 Ability to Repay
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.
Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012
Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012 The Federal Housing Finance Agency (FHFA) announced changes to the
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
LP Open Access Matrix (Wholesale)
Eligible States: AL,AR,AZ,CA,CO,CT,DC,DE,FL,GA,IA,ID,IL,IN,KS, KY,LA,MA,ME,MD,MI,MN,MO,MS,NC,NH,NJ,NM, OK,OH,OR,PA,RI,SC,TN,TX,UT,VA,VT,WA,WI,WV LP Open Access Matrix (Wholesale) September 22, 2015 Product
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
FHA FHA STREAMLINE VA 203K USDA
FHA FHA STREAMLINE VA 203K USDA Correspondent Lending Library /Forward Mortgage/Government Product Guidelines/FHA: Standard and Jumbo/High Balance FHA: Standard and Jumbo/High Balance Eligibility Matrix
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
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%
VA Fixed and ARM Program Guidelines
VA Fixed and ARM Program Guidelines Revised 5/3/16 rev. 31 (Click the link to go straight to the section) 1 Program Summary 12 Underwriting Method 23 Geographic Restrictions 2 Product Codes 13 Credit 24
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
WESLEND VA Fixed and ARM Terms
SECTION 1: PROGRAM CODES CODING PROGRAM CODES: VA 30 Year Fixed 6000-00 VA 25 Year Fixed 6100-00 VA 15 Year Fixed 6300-00 VA 5/1 ARM 6700-00 VA 30 Year High Balance 6033-00 VA 15 Year High Balance 6333-00
Section 1.26: Subordination of SunTrust Second Mortgage Loans
Section 1.26: Subordination of SunTrust Second Mortgage Loans In This Section This section contains the following topics. Overview... 2 Related Bulletins... 2 General... 2 Subordination of SunTrust Combo
VA FIXED RATE PRODUCT
Primary Primary Primary Age of Documents Borrower Eligibility 1 to 4 Units 1 to 2 Units 1 Unit Max Loan See VA County Limits Max Loan See VA County Limits Max Loan See VA County Limits LTV CLTV Min FICO