Lending Guide Investor Rehab Loan Program

Size: px
Start display at page:

Download "Lending Guide Investor Rehab Loan Program"

Transcription

1 Program Description The Rehab loan program is an asset-based financing option designed for borrowers who wish to acquire, rehabilitate, and sell residential real estate. This program is well suited for investors who are actively seeking bank owned real estate and/or who have experience buying and selling distressed properties. The program provides closing funds to acquire residential real estate and disbursement resources to fund rehabilitation costs. Products 12 Month fixed rate interest only loan, determined on the fully disbursed amount, payable in full upon completion and earlier of maturity or sale of property. Maturity Extensions ExpressLoan allows up to one 90 day extension. Loan Amounts Minimum Loan Amount: $30,000 Maximum Loan Amount: $500,000 Maximum Loan Amount The Maximum Loan is the lesser of: Up to 65% of purchase price or appraised value (refinance) plus 100% of the rehabilitation costs, or 75% of Hard Costs (purchase price plus improvement cost) as long as that does not exceed 65% of the after rehab appraised value. (In no event shall the loan amount exceed 65% of Future or After Repaired Value.) Appraisal Requirements Uniform Residential Appraisal Report (URAR-FNMA 1004 for SFR, FNMA 1025 with 1004MC for 2-4 units) required at time of submission. Appraiser must include: As-Is valuation After Rehab valuation Eligible Appraisers Contact ExpressLoan as we have specific appraisers that are authorized under this program. Eligible Borrowers Eligible Borrowers Include: US Citizens and Permanent Resident Aliens Corporations, LLCs and/or Partnerships Purpose Purchase, Rehabilitation and Resale of Residential Properties Occupancy Type Investment and Speculative properties, No owner occupant loans. Property Type SFRs PUDs 2-4 Units and more upon special approval. Note: Leaseholds are not permitted

2 Documentation Type Full Documentation and Limited Documentation (No Income or Employment, but Verified liquid assets and credit) Subordinate Financing Not Allowed Prepayment Penalty None Debt to Income Ratio Not required. Borrower s intent is to rehabilitate and sell property at completion. Program State Restrictions California Properties only Rehab Period 90 to 120 days Builder/Site Supervisor Not Required / Permits May Be Required on a case by case basis Loans to One Borrower No more than 4 loans to one borrower at any given time. The total aggregate outstanding balance financed cannot exceed $1,000,000 Reserve Requirements 6 months of interest payments from unencumbered liquid assets Interest Reserves Interest payments required monthly. May require 4-6 upfront payment if borrower is inexperienced. Insurance Requirements Hazard insurance coverage is required and must include replacement cost based on future or after repaired value. For permitted projects and/or projects that require structural improvements, the following coverage is required: Course of Construction Casualty Typically in the form of a hazard insurance policy this covers replacement cost. Workers Compensation This is provided by the GC. General Liability If provided by the borrower, a minimum of $300K per occurrence is required Flood Insurance Flood insurance is required if the subject property is located in a Special Flood Hazard Area (SFHA) Loss Payee Each insurance policy must name our lender(s) as loss payee(s) and in care of: ExpressLoan.com, Inc., ISAOA 1463 Paseo De Las Flores Encinitas, CA Disbursement Administration Disbursements are made on a reimbursement basis, subject to completion of work. Borrowers or contractors are required to advance funds to the project. Disbursements occur over a period of time based upon the percentage of work completed, as determined by us.

3 Disbursement of Funds The disbursements of funds for the completion of construction generally occur over a period of time as improvements are completed and include: Initial disbursement Made at closing to pay off all existing liens and related closing costs, and to fund the rehabilitation escrow account, less the borrower s required equity. Borrower equity is first in money. Rehabilitation funds are held in an escrow account ready for eligible disbursements. Builder overhead and management costs Disbursed based on percentage of completion. Hard Costs The costs for material and labor will be disbursed based on a percentage of completion of the approved line item budget. Deposits Payment of up to 50% of the line item may be advanced to pay for deposits on eligible materials when accompanied by an invoice. Disbursement Fund Control Brent Calver, ExpressLoan.com, Inc Paseo De Las Flores Encinitas, CA / Construction Phase/Extensions 1 90 day extension is available, subject to approval and minimum additional fee of 2.0 pts. Construction Related Documents Required The following documents are required for loan approval: Complete Line Item Cost Breakdown Complete set of plans and specs (if applicable) Contract with general contractor Copy of approved permits (if applicable) If home was purchased in past 12 months, copy of the HUD-1 settlement statement Copies of invoices and/or cancelled checks for any prepaid construction related costs Compliance We require verification of liquid assets to ensure at least 6 months of loan debt service. Truth-in-Lending Act and RESPA may also apply see below. Disclosure Requirements Truth-in-Lending Act disclosures are required if loans are made to individuals and their primary business is not to rehabilitate single family residential properties. A three-day right of rescission is not required on non-owner-occupied properties. RESPA disclosures (Good Faith Estimate, Final HUD-1) are required. Qualifying the Borrowers Underwriting the borrower s ability, capacity, and willingness to pay is the primary tool used to determine the borrowers credit qualifications. Factors used in qualifying the borrower include: Credit Assets Liabilities Employment and Income Experience in rehabilitation of existing homes

4 Income Documentation For Full Documentation Loans, a 2 year income history is required and may be verified by one of the following: Written VOE and/or a current paystub Two years federal tax returns Two years copies of W-2s Income may include the following sources: Base employment income Overtime income (so long as the employer states that overtime is typical for the borrowers type of job) Commission and/or bonus income (must be regular component of borrowers employment income and averaged over the past 2 years) Dividend/Interest income Trust or rental incomes Pension, SS, VA benefits, or public assistance Asset Documentation Asset documentation is required to verify the source of the borrower s down payment and reserves. Assets may be verified by the last months account statements. The following types of assets will be considered in determining availability and source of necessary funds: Checking, savings, money market, and CD accounts Stocks, bonds, and mutual funds 401k, IRA, or other retirement accounts, discounted by withdrawal and tax penalties Cash value of life insurance Business assets (up to the amount of verified borrower ownership) Debt to Income Ratio Calculations Debt to income ratios will not be calculated for the Investor Rehab program Reserves All Rehab loans require 6 months reserves after closing. Reserves must be liquid and verifiable. Compensating Factors Compensating Factors may be considered as part of the overall credit evaluation process. Minimum Credit Score For all Rehab loans, Standard Credit and a minimum FICO Score of 500 is required. Additionally: No bankruptcies in last 2 years No foreclosures, last 2 years Judgments or liens affecting title are required to be paid off in total at closing Collections and charge-offs may be required to be paid at our discretion Public Records No judgments or liens filed within the past 12 months, as determined by filing date through funding date. Qualifying the Project All projects must undergo a review of the construction budget (noted above). The primary tool used to determine project acceptability is the as-is and after rehab appraised values. Additionally, we will review (when necessary) a full working set of plans and specs as part of the Collateral Assessment Review.

5 Plans & Specs Documentation requirements depend upon whether the home improvement project involves structural or non-structural improvements. Structural Improvements The following are considered structural improvements: In-ground pools & Spas Patios & Decks Room Additions Roofing Siding Sunrooms French Drains Windows Garages Any major structural remodeling For projects that include structural improvements, the following documents are required: 1. Approved set of working plans 2. Contractor s line item cost breakdown 3. Statement of work 4. Builder s Statement 5. Copy of contractor s pocket license Non-Structural Improvements- The following are considered non-structural improvements: Solar Water conditioning and waterproofing General interior or exterior remodeling Landscaping For projects that include only non-structural improvements, the following documents are required: 1. Contract 2. Line item cost breakdown 3. Statement of work Appraisal Requirements All appraisals: Will be prepared with an as-is and subject to completion per plans and specifications values. Should include comments regarding the reasonableness of project costs, as compared to the appraisers estimates Should document a scope that is consistent with the plans & specs, when provided. Permitting & Licensing Permits will be required for all structural rehab and remodel projects and for non-structural projects where it is determined that permits are required All contractors hired for permitted projects must have a general contractor s license in the subject property s jurisdiction. Qualifying the Builder For all Rehab loans the borrower is responsible for selecting and approving the builder and for monitoring the builder s performance over time, independent of us. At no time will we provide a borrower with a recommendation regarding a builder.

6 A credit report and/or builder business profile report and licensing verification provide us with reasonable assurance that the builder is able to manage the project. References The builder must provide at least 3 trade references and 3 former client references Builder Experience The builder must be properly licensed and have at least 3 years residential construction experience Public Records Builders cannot have any liens or judgments filed in the last 12 months Due Diligence We are responsible for underwriting all builders before the loan is approved to close. Title & Escrow Closing Protection Letter (CPL) A closing protection letter is required for every transaction ExpressLoan will require an ALTA title policy that will include 122 endorsements at each disbursement and a final mechanic s lien endorsement. Notice of Completion If applicable and where permit have been required, A Notice of Completion will be filed and recorded after which the final 10% withholding will be released to the borrower/contractor.

Purchase, Rehabilitation and Resale of Residential Properties. Investment / Speculative. No owner occupant loans.

Purchase, Rehabilitation and Resale of Residential Properties. Investment / Speculative. No owner occupant loans. General Information Program Description Products Maturity Extensions The Rehab loan program is an asset-based financing option designed for borrowers who wish to acquire, rehabilitate, and sell residential

More information

CREDIT QUALIFYING NO CASH OUT WITH AN APPRAISAL REFINANCE MORTGAGE CREDIT ANALYSIS WORKSHEET #1

CREDIT QUALIFYING NO CASH OUT WITH AN APPRAISAL REFINANCE MORTGAGE CREDIT ANALYSIS WORKSHEET #1 APPENDIX 5 CREDIT QUALIFYING NO CASH OUT WITH AN APPRAISAL REFINANCE MORTGAGE CREDIT ANALYSIS WORKSHEET #1 Use the Mortgage Credit Analysis Worksheet, HUD-53036 Fully Credit Qualifying with Appraisal The

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

Choice Jumbo Mortgage

Choice Jumbo Mortgage Finance Type Purchase/Rate and Term Refinance Property Type Primary Residence Second Home Investment Max Loan Max LTV Min FICO Max LTV Min FICO Max LTV Min FICO $1,000,000 80% 70% 80% N/A N/A SFR/PUD/

More information

VA 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

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

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

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

The Chase Guaranteed Rural Housing Refinance Program Features

The Chase Guaranteed Rural Housing Refinance Program Features PROGRAM ELIGIBILITY Borrower Eligibility In order to be eligible for a Rural Development guaranteed loan, the Borrowers adjusted household income cannot exceed the maximum allowable income limit set forth

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

Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP)

Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP) Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP) Program Description: Housing Trust Silicon Valley s Mortgage Assistance Program (MAP) is an amortizing second loan that is now available

More information

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

DEPARTMENT OF LABOR, LICENSING AND REGULATION SUBTITLE 03 - Commissioner of Financial Regulation. Chapter:

DEPARTMENT OF LABOR, LICENSING AND REGULATION SUBTITLE 03 - Commissioner of Financial Regulation. Chapter: DEPARTMENT OF LABOR, LICENSING AND REGULATION SUBTITLE 03 - Commissioner of Financial Regulation Chapter: 09.03.01 - Credit Unions Authority: Financial Institutions Article, 2-105.1, Annotated Code of

More information

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

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

More information

HUD Mortgage Insurance Program Section 232 LEAN

HUD Mortgage Insurance Program Section 232 LEAN HUD Mortgage Insurance Program Section 232 LEAN Skilled Nursing, Intermediate Care, Assisted Living, Board & Care Benefits: The LEAN program offers more efficient processing through a centralized application,

More information

Reverse Mortgage Information Guide

Reverse Mortgage Information Guide Reverse Mortgage Information Guide Table of Contents FHA Reverse Mortgages 3 Common Misconceptions about Reverse Mortgages 4 How the Program Works 4 Benefits of a HECM loan 4 HECM vs. Traditional Mortgage

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

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

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

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

More information

13 DOWNPAYMENT PROGRAMS

13 DOWNPAYMENT PROGRAMS 13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage Downpayment Assistance Program can

More information

PRMI 203K Streamline Loan. FHA Renovation Loan

PRMI 203K Streamline Loan. FHA Renovation Loan PRMI 203K Streamline Loan FHA Renovation Loan Put the finishing touches on your borrowers Dream home. Purchase or Refinances Help you to sell more homes, and represent more buyers. Work with contractors

More information

FHA Streamline (K) Limited Repair Program

FHA Streamline (K) Limited Repair Program Training Mortgage Professionals FHA Streamline (K) Limited Repair Program Facilitator: XXXXXXXXX The Streamline (K) Overview General Characteristics Eligible/Ineligible Improvements Documentation Requirements

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

Mortgage Glossary. Mortgage loans under which the interest rate is periodically adjusted based upon terms agreed to at the inception of the loan.

Mortgage Glossary. Mortgage loans under which the interest rate is periodically adjusted based upon terms agreed to at the inception of the loan. Adjustable Rate Mortgage (ARM): Alternative Documentation: Amortization: Annual Percentage Rate (APR): Appraisal: Appraisal Amount or Appraised Value: Appreciation: Balloon Mortgage: Bankruptcy: Cap: Cash-out

More information

CRMS Exam Study Guide

CRMS Exam Study Guide CRMS Exam Study Guide The following five sections of this study guide provide questions similar to the ones you will encounter in the CRMS exam. The number of questions appearing below is proportional

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

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

CONSTRUCTION AND PERMANENT LOAN FINANCING TERM SHEET

CONSTRUCTION AND PERMANENT LOAN FINANCING TERM SHEET CONSTRUCTION AND PERMANENT LOAN FINANCING TERM SHEET This Term Sheet is to be utilized for disclosure of possible terms and conditions only. This is not to be construed as a commitment to lend. Terms and

More information

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate. Mortgage Glossary 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low

More information

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score PROGRAM NAME: REVISION DATE: 08/26/2015 5/1, 7/1, 10/1 Libor ARMs Jumbo OPTION I 15-Year Fixed Jumbo PRODUCT DESCRIPTION: MAXIMUM LOAN AMOUNTS: Note All loan amounts must be even dollar amount (i.e., $100,000.01

More information

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

FHA Streamlined 203(k) Loan Program

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

More information

SLIDE 1 OUT OF 42. THE BASICS: 203(k) FHA Standard 203(k) Andrew Allen COPYRIGHT 2013 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED

SLIDE 1 OUT OF 42. THE BASICS: 203(k) FHA Standard 203(k) Andrew Allen COPYRIGHT 2013 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED SLIDE 1 OUT OF 42 R THE BASICS: 203(k) FHA Standard 203(k) Andrew Allen SLIDE 2 OUT OF 42 FHA 203K Questions 203k Explained What is the FHA 203(k) Loan Program? What are the program guidelines? What types

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

Conforming Fixed RateTexas Section 50(a)(6) (Texas Cash-out)

Conforming Fixed RateTexas Section 50(a)(6) (Texas Cash-out) Minimum Credit Score: 620 Doc Type: Full Doc Maximum LTV: Maximum CLTV: 80% Maximum Loan Amount: $417,000 AUS: DU Approve/ 80% Maximum DT: 45% Standard Fixed Rate Purpose Units LTV CLTV Cash-out 1 80%

More information

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount EXPRESS JUMBO FIXED RATE AND ARM PROGRAM MATRIX: PURCHASE AND RATE TERM REFINANCE 1 Occupancy Units FICO LTV/CLTV Loan Amount 80/80 $1,500,000 Primary Residence 1 720 75/75 $1,750,000 70/70 $2,000,000

More information

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

Mortgage Terms Glossary

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

More information

Conventional 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

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined.

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined. Assets Section 2.04 DU Refi Plus Loan Program DU Refi Plus STM to STM Transactions Asset Documentation Requirements Assets must be documented in accordance with DU Refi Plus eligible DU Findings report.

More information

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

October 20, 2008 MORTGAGEE LETTER 2008-33. Home Equity Conversion Mortgage (HECM) for Purchase Program

October 20, 2008 MORTGAGEE LETTER 2008-33. Home Equity Conversion Mortgage (HECM) for Purchase Program U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER October 20, 2008 MORTGAGEE LETTER 2008-33 TO: ALL APPROVED MORTGAGEES

More information

REVERSE MORTGAGES EXPLAINED

REVERSE MORTGAGES EXPLAINED REVERSE MORTGAGES EXPLAINED Thank you for considering a reverse mortgage loan. As you may know, a reverse mortgage loan is a very special type of loan that permits borrowers to convert some of the equity

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

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

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS

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

More information

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES

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

More information

VA FIXED RATE PRODUCT

VA FIXED RATE PRODUCT Primary 1 Unit Max Loan Amount Max Loan Amount Max Loan Amount See VA County Limits LTV CLTV Min FICO Max Ratios 96.50% 96.50% 55% 600 100% 100% 50% LTV CLTV Min FICO Max Ratios Minimum Cash Investments

More information

APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS

APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS The following are instructions for completing the HUD-1 settlement statement,

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

THE BASICS: 203(k) Limited. FHA Limited 203(k) ssss. Andrew Allen Updated 10/20/15

THE BASICS: 203(k) Limited. FHA Limited 203(k) ssss. Andrew Allen Updated 10/20/15 SLIDE 1 R THE BASICS: Limited 203(k) ssss FHA Limited 203(k) Andrew Allen Updated 10/20/15 SLIDE 2 FHA Limited 203(k) Questions Limited 203(k) Explained What is the FHA Limited 203(k)s Loan Program? What

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 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

MORTGAGE BANKING TERMS

MORTGAGE BANKING TERMS MORTGAGE BANKING TERMS Acquisition cost: Add-on interest: In a HUD/FHA transaction, the price the borrower paid for the property plus any of the following costs: closing, repairs, or financing (except

More information

Appraisal Standards and Guidelines chapter

Appraisal Standards and Guidelines chapter Appraisal Standards and Guidelines chapter Union Capital requires appraisers and appraisal reports to meet USPAP and applicable Union Capital, FNMA, FHLMC, FHA and VA policies and requirements, as applicable.

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

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 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

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

Financing Options to support Energy Efficiency & Contractors

Financing Options to support Energy Efficiency & Contractors Financing Options to support Energy Efficiency & Contractors Renovation Loan Overview Renovation Loans offer a buyer the opportunity to buy a property and close as-is, financing both the purchase and repair

More information

HOMEBUYER S GUIDE. Know what it takes to buy your first home

HOMEBUYER S GUIDE. Know what it takes to buy your first home HOMEBUYER S GUIDE Know what it takes to buy your first home homebuyer s guide If you re thinking about buying a home, we say congratulations. Most likely, it s the biggest purchase decision you ve made

More information

Reverse Mortgage Is it right for you?

Reverse Mortgage Is it right for you? Reverse Mortgage Is it right for you? Reverse Mortgages are being hyped as a tremendous tool for retirement income. This type of mortgage uses part of the equity in a home as collateral. A Reverse Mortgage,

More information

Mortgage Assistance Program Down Payment Assistance

Mortgage Assistance Program Down Payment Assistance Mortgage Assistance Program Down Payment Assistance DISCLOSURE NOTICE - APPLICATION PROCESS You are applying for financial assistance to purchase a home through the City of Livermore Mortgage Assistance

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

Welcome to the world of Renovation loans

Welcome to the world of Renovation loans Welcome to the world of Renovation loans What is a 203K loan? How can a 203K loan be used? Advantages of 203K loans The process of obtaining a 203K loan Why we are the experts A 203K is FHA s Rehabilitation

More information

Steps in the Construction Loan Process

Steps in the Construction Loan Process Steps in the Construction Loan Process The following information is provided as a general guide to the construction loan process. For more specific information, please contact your lender and/or attorney.

More information

HUD Real Estate Owned (REO) Loan Program Guide

HUD Real Estate Owned (REO) Loan Program Guide Table of Contents HUD Real Estate Owned (REO) Loan Program Guide Wholesale Lending January 9, 2014 Program Guide... 2 Pacific Union Financial Credit Philosophy... 2 Ability to Repay and Qualified Mortgages...

More information

THE LEADER IN NON-BANKABLE, TIME-SENSITIVE BRIDGE LENDING AND STRUCTURED FINANCE NATIONWIDE INSURANCE BACKED LENDING PROGRAM

THE LEADER IN NON-BANKABLE, TIME-SENSITIVE BRIDGE LENDING AND STRUCTURED FINANCE NATIONWIDE INSURANCE BACKED LENDING PROGRAM NATIONWIDE INSURANCE BACKED LENDING PROGRAM This insurance backed lending program has been rolled out nationwide from $500,000-$25,000,000 and higher case by case. This is a simple interest loan 1.5%,

More information

APPLICATION NUMBER MSC-20 PART I: The following information is optional and is used for statistical purposes only

APPLICATION NUMBER MSC-20 PART I: The following information is optional and is used for statistical purposes only APPLICATION FOR HOME IMPROVEMENT LOAN LEELANAU COUNTY HOUSING REHABILITATION PROGRAM EQUAL HOUSING OPPORTUNITY: BUSINESS CONDUCTED IN ACCORDANCE WITH THE FEDERAL FAIR HOUSING ACT OF 1988 FOR OFFICE USE

More information

Texas Home Equity Section 50(a)(6)

Texas Home Equity Section 50(a)(6) Texas Home Equity Section 50(a)(6) Revised 09/16/2015 rev. 16 Plaza s Underwriting Guidelines are designed to provide guidance as a standard to underwriting loans. There are cases where specific loan programs

More information

VA FIXED RATE PRODUCT

VA FIXED RATE PRODUCT Primary Primary Primary Age of Documents Borrower Eligibility 1 to 4 Units 1 to 2 Units 1 Unit Max Loan See VA County Limits Max Loan See VA County Limits Max Loan See VA County Limits LTV CLTV Min FICO

More information

FHA Financing - All You Need to Know 2 Hour Continuing Education Course

FHA Financing - All You Need to Know 2 Hour Continuing Education Course FHA Financing - All You Need to Know 2 Hour Continuing Education Course Presentation by: Ashley Brint Patrick Axford Date: August 22, 2012 2012 Regions Bank. Member FDIC. Regions is a registered service

More information

Affordable Homeownership

Affordable Homeownership Housing and Human Services Division Affordable Homeownership Program Guidelines The City s Affordable Homeownership Program (also referred to as the Inclusionary Housing Program) provides homeownership

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

`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

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

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

More information

APPLICATION FOR EMERGENCY RESIDENTIAL REHABILITATION ASSISTANCE

APPLICATION FOR EMERGENCY RESIDENTIAL REHABILITATION ASSISTANCE APPLICATION FOR EMERGENCY RESIDENTIAL REHABILITATION ASSISTANCE Office of Housing and Neighborhood Development Keefe Community Center, 11 Pine Street, Hamden, Connecticut 06514-4924 Telephone (203) 776-5978

More information

FHA Sections 220, 221 (d)(4) & 221 (d)(3)

FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA-Insured Financing for the New Construction or Substantial Rehabilitation Of Multifamily Rental Housing FHA Section 220 provides mortgage insurance for housing

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

BUSINESS DEVELOPMENT FUND OF TEXAS CDC DISCLOSURE STATEMENT REGARDING SBA 504 LOAN CHARGES & REQUIREMENTS SBA SECTION 504 ASSISTANCE AGREEMENT

BUSINESS DEVELOPMENT FUND OF TEXAS CDC DISCLOSURE STATEMENT REGARDING SBA 504 LOAN CHARGES & REQUIREMENTS SBA SECTION 504 ASSISTANCE AGREEMENT BUSINESS DEVELOPMENT FUND OF TEXAS CDC DISCLOSURE STATEMENT REGARDING SBA 504 LOAN CHARGES & REQUIREMENTS SBA SECTION 504 ASSISTANCE AGREEMENT The following disclosures apply to the United States Small

More information

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins.

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. 4. [ ] VA 5. [ ] Conv. Ins. 6. File Number 7. Loan Number

More information

Underwriting Guideline Matrix

Underwriting Guideline Matrix : Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 06/10/2014 Copyright 2015 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage

More information

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

Your home financing process checklist

Your home financing process checklist Your home financing process checklist As you prepare to purchase a home or refinance your loan, it s important to know what to expect along the way. Here, we ve outlined some of the general steps in the

More information

HARP DU REFI PLUS Training

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

More information

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

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

More information

REMN WHOLESALE HOMESTYLE RENOVATION Feb 2014

REMN WHOLESALE HOMESTYLE RENOVATION Feb 2014 Product Matrix... 2 Owner Occupied Primary Residence... 2 Second / Vacation Home... 2 Maximum Loan Limits 2014... 2 Maximum Loan Limits High Cost Areas 2014... 2 Program Overview... 2 Eligible Transactions...

More information

Borrower Fees and Charges and the VA Funding Fee

Borrower Fees and Charges and the VA Funding Fee VA Pamphlet 26-7, Revised Chapter 8: Borrower Fees and Charges and the VA Funding Fee Chapter 8 Borrower Fees and Charges and the VA Funding Fee Overview Introduction This chapter contains information

More information

SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited

SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited 4.1 Program Descriptions 4.2 Borrower Eligibility 4.3 Property Eligibility 4.4 Principal Residence Requirement 4.5 Rehabilitation Loan

More information

Fannie Mae HomeStyle: LifeStyle Home Improvement Loan 8/29/14

Fannie Mae HomeStyle: LifeStyle Home Improvement Loan 8/29/14 Fannie Mae HomeStyle: LifeStyle Home Improvement Loan 8/29/14 What is a Fannie Mae LifeStyle Home Improvement Loan? Offers a solution to help Borrowers obtain financing that covers both the acquisition

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

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

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

More information

203K Loan Parameters

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

More information

VA Product Profile 05.01.2014

VA Product Profile 05.01.2014 Maximum LTV / CLTV and FICO Requirements Purchase VA IRRRL / Rate & Term Cash-out Refinance Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 100% 640

More information

VA Borrower Fees and Charges

VA Borrower Fees and Charges VA Borrower Fees and OVERVIEW Purpose The VA home loan program involves a veteran s benefit. VA policy has evolved around the objective of helping the veteran to use his/her home loan benefit. Therefore,

More information

Tri-Valley Down Payment Assistance Program Guidelines

Tri-Valley Down Payment Assistance Program Guidelines Tri-Valley Down Payment Assistance Program Guidelines The Tri-Valley Down Payment Assistance (DPA) Program is a regional program that provides secondary down payment and closing cost assistance to income

More information

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb NORTH AMERICAN TITLE COMPANY Like Clockwork www.nat.com/cfpb UNDERSTANDING THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS American Title, we want to make sure all of our customers have the information

More information

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM). Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,

More information

Your Mortgage Guide: The Process, Meet Your

Your Mortgage Guide: The Process, Meet Your Your Mortgage Guide: The Process, Meet Your Team, Definitions, and Frequently Asked Questions Getting Started The first step begins by completing your mortgage application. You may hear this referred to

More information

Turn the equity in your home into an income you can t outlive

Turn the equity in your home into an income you can t outlive Turn the equity in your home into an income you can t outlive What Is a Reverse Mortgage? A reverse mortgage is a loan designed for senior homeowners age 62 or older, that allows them to convert some of

More information