Monday, November 11, 2013

FHA and VA USDA CONFORMING FANNIE MAE HOMEPATH MAKING HOME AFFORDABLE PROGRAM (HARP 2.0)

FHA and VA

• FHA Streamlines – without AVM 660 min score required – with AVM 640 min score required
• VA IRRL’S allowed
640 Minimum fico on FHA / VA loans full refinance and purchase loans
• HUD REO $100 down purchase program with escrows held for repairs allowed
• 1 Day off Market allowed

USDA

• 620 Min score (No score borrowers are also allowed)
•  GUS findings on 640 score and above
• Manual underwrites allowed
• Purchases, Streamline Refinances & Pilot program allowed (streamlines and Pilot program can be done with or without appraisal.

CONFORMING

• 620 minimum score required for LTV’s up to 80%
660 minimum fico score for LTV’s between 80% – 95% Owner occupied properties purchase and rate term refinance.
• 680 Minimum fico score for LTV’s to 97%
• DTI – Use findings on LTV’s 80% and below – Max 45% DTI on LTV’s >80% (50% DTI on exception base only determined by MI company)
• Condos up to 95% LTV with HOA Cert and 75% with Streamline Review
• CASH OUT Allowed – 85% LTV with 720 plus score – 80% max LTV with 620 plus scores
• 1 Day off market allowed

FANNIE MAE HOMEPATH PURCHASE PROGRAM

• Up to 97% LTV (LTV’s above 80% require min score of 660)
• No Appraisal
• No MI
• Second homes and Investment properties allowed up to 90% LTV
• Condo allowed, No additional questionnaires needed etc.
• Properties listed on HomePath website are eligible for HomePath mortgage financing (www.homepath.com) (Home Path renovation program NOT allowed)

MAKING HOME AFFORDABLE PROGRAM (HARP 2.0)

 620 Min Credit Score requirement.


JUMBO

• 660 Credit Score for LTV’s up to 75% | 700 Score for LTV’s up to 80% | 720 Score for up to 90%


-- 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

kentuckyloan@gmail.com