Questions and Answers FM

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.


Access Loan

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

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