What is the minimum dollar-amount that must be documented on large deposits? On a streamline all deposits need to be documented on a purchase anything over $200.00
Does First Mortgage require a stove to be installed? Some lenders have this overlay and want to be sure Yes.
Since it’s the first time working with your company, what is the next step going forward? Your loan will be disclosed and assigned to a processor. See attached.
Can you refinance a conventional or 203b FHA to a 203K refinance – to do renovation? No we suspended that program for now. Sorry!!
What are the deal-breakers? Open collections or charge offs are deal breakers. See attached.
Do Charged Off accounts need to be paid if they show an unpaid balance? When can a charge be left unpaid? Its always underwriters discretion. If they think at some point it will become a lien on the house they will ask for it to be paid.
I have a daughter and father borrower wanting to do a Streamline. The father does not live in the subject property anymore.
Will that make a difference in terms of qualification? On the 1003 for the father, do I use his current address or subject property? Totally fine! You will use his current address.
Do you the VA loan with 500 score with 10% Down? Yes
Do you have the VA loan with 580 score? We do however I would like to see the credit first because we have some pretty stiff credit guidelines on a VA loan.
Just want to confirm I will NOT need these items on an FHA Streamline Refinanace:
- No Income Documentation ( paystubs, W2, Income Taxes ) Correct
- No Credit Report ( mortgage rating only ) Correct Mortgage only
- No Assets ( not required unless borrower is paying for closing cost ) Correct only if they are short to close
- No Appraisal Correct we only need an AVM when doing a Manufactured home.
1. The income limit is based on BORROWERS or HOUSEHOLD income? Borrowers
2. If a wife will go on title, but not on the loan. Does her income get excluded from the restriction? Yes
Do you do Coop. loans, I saw it in you your Fannie Mae eligibility matrix?No