posted Dec 18, 2012, 11:08 AM by Massey Kouhssari
| | | GNMA Portfolio Matrix | Standard Balance | Loan Purpose | Minimum FICO | Maximum LTV | Maximum CLTV | Purchase | 620 | 96.50% | 100% | Streamlines | 620 | 97.75% | 125%* | Refi - No Cashout | 620 | 97.75% | 100% | Refi - Cashout | 620 | 75.00% | 75% |
*must have 24 mos mortgage history with no lates
Program Highlights
- Chapter 7 - 2yrs discharged
- Chapter 7 - 1yr discharged with extenuating circumstances
- Chapter 13 - 1yr discharged
- Chapter 13 - Discharge through closing (considered Cashout)
- 0x30 on Bankruptcy and no other derogs since
- Tradeline requirements determined by DU Findings
- Disputed Accounts referred to DE Underwriter unless:
- account has zero balance;
- account is marked as "paid in full" or "resolved" OR;
- account has both balance < $500 and date of dispute > 24mos
| - No seasoning required if last 12 months payments paid on time; AND
- Installment debt payments paid on time during same period
- Max 45% with non-occupant co-borrower
- Max 50% when gift funds are used
- Max 50% when payment shock exceeds 65% of current housing expense
- Max 50% for FTHB with no housing history & LTV > 80%
- Max 50% for High Balance
- Minimum FICO 620
- 2nd Appraisal ordered through and paid by Nations Direct
- Property Inspection paid through closing
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Contact Me Today 877-410-6663 |
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