GNMA Product
Post date: Dec 18, 2012 7:8:32 PM
GNMA Portfolio Matrix
Standard Balance
*must have 24 mos mortgage history with no lates
Program Highlights
Bankruptcy
Foreclosure/Short Sale
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
No seasoning required if last 12 months payments paid on time; AND
Installment debt payments paid on time during same period
Debt Ratio
Credit Report
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
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
Flip Waiver
Minimum FICO 620
2nd Appraisal ordered through and paid by Nations Direct
Property Inspection paid through closing