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GNMA Product

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

Bankruptcy
  • 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
Credit Report
  • 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
Foreclosure/Short Sale
  • No seasoning required if last 12 months payments paid on time; AND
  • Installment debt payments paid on time during same period
Debt Ratio
  • 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
Flip Waiver
  • Minimum FICO 620
  • 2nd Appraisal ordered through and paid by Nations Direct
  • Property Inspection paid through closing

Contact Me Today 877-410-6663

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