List of Products
Post date: Mar 29, 2014 3:34:10 AM
New Rate Sheets available!
FHA Products
Follow AUS findings
No doc streamlines
FICO's to 620
Strict adherence to FHA guidelines with prudent underwriting
FHA High Balance
Follow AUS findings
No doc streamlines
FICO's to 620
Strict adherence to FHA guidelines with prudent underwriting
HA Products
Follow AUS findings
No doc streamlines
FICO's to 620
Strict adherence to FHA guidelines with prudent underwriting
FHA High Balance
Follow AUS findings
No doc streamlines
FICO's to 620
Strict adherence to FHA guidelines with prudent underwriting
203-K Streamline
Full 203-k
Max DTI 45%
Minimum Credit score is 660
Repairs are limited to cosmetic
Repair estimates must include supplies and labor costs
General Contractor must be used and must be licensed
Cannot use more than one contractor
Proper building permits must be acquired prior to closing
Ineligible properties: Log homes, Condotels, co-op, manufactured, homes never completed and Mixed use
Self Help is not allowed.
First draw is limited to 40% and will be distributed approximately 10 days from closing
Once loan has closed to issue the draw send bid and settlement statement to SVP of Ops
Final draw will be issued by when all work is complete
Maximum amount of repair including inspections and supplemental origination is $35,000
Max DTI 45%
Minimum Credit score is 660
Repair estimates must include supplies and labor costs
HUD Consultant is required which can be found at: https://entp.hud.gov/idapp/html/f17cnsltdata.cfm
Cannot use more than one contractor
Proper building permits must be acquired prior to closing
Ineligible properties: Log homes, Condotels, co-op, manufactured, homes never completed and Mixed use
Final draw will be issued by when all work is complete
No mortgage payments financed
203-K addendum to the purchase contract is required
Manufactured Homes VA
VA CASH OUT
Maximum LTV is 100% *Not available in Texas
Minimum FICO is 680 if max financing at 100%
AUS approval
Maximum cash out is $75,000
90% LTV allowed to a 640 - 679 FICO
USDA · Minimum Fico: 620 · USDA approval required FHA #: 2790900019 VA #:6405430000
Conventional
Minimum Fico: 620
DU & LP Accepted
Purch / R & T Refi: Up to 95% LTV/CLTV
Cash Out: Max 85% LTV,
Max 75% LTV 2nd Homes & NOO
Conventional High Balance
Minimum Fico: 620 LTV's up to 90%on O/O; 700 Max LTV's of 60%
Purch/R & T Refi: Max 90% OO Only
Cash Out: Max 60% OO Only
620 Fico Required
2nd Home/NOO: 620 Fico Required
Max 90%LTV on O/O and 60% on 2nd home and investment
Eligible Prop: SFR, PUD and condo
DU Refi Plus
Minimum Fico: 580
Terms: 10, 15, 20, 25 & 30 yr fixed;
5/1 & 7/1 LIBOR ARM
Unlimited DTI
Unlimited LTV/CLTV
Must be DU A/E
Reverse Mortgages
Strictly follow HUD guidelines
Manufactured Homes VA
VA CASH OUT
Maximum LTV is 100% *Not available in Texas
Minimum FICO is 680 if max financing at 100%
AUS approval
Maximum cash out is $75,000
90% LTV allowed to a 640 - 679 FICO
USDA · Minimum Fico: 620 · USDA approval required
Conventional
Minimum Fico: 620
DU & LP Accepted
Purch / R & T Refi: Up to 95% LTV/CLTV
Cash Out: Max 85% LTV,
Max 75% LTV 2nd Homes & NOO
Conventional High Balance
Minimum Fico: 620 LTV's up to 90%on O/O; 700 Max LTV's of 60%
Purch/R & T Refi: Max 90% OO Only
Cash Out: Max 60% OO Only
620 Fico Required
2nd Home/NOO: 620 Fico Required
Max 90%LTV on O/O and 60% on 2nd home and investment
Eligible Prop: SFR, PUD and condo
DU Refi Plus
Minimum Fico: 580
Terms: 10, 15, 20, 25 & 30 yr fixed;
5/1 & 7/1 LIBOR ARM
Unlimited DTI
Unlimited LTV/CLTV
Must be DU A/E
Reverse Mortgages
Strictly follow HUD guidelines
Stated Income - Alternative Documentation Home Loans & Mortgages
Qualified mortgages
Jumbo Stated Income loans
Credit line option
Owner Occupied & Non Owner Occupied properties
No 4506