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FHA, VA and USDA Program Highlights

March 4, 2014

FHA HIGHLIGHTSFHA– 580+ FICO   for PURCH, RT, C/O including Flips & High Balance!FHA– MFG   HOMES OK – 580+ FICO – 620+ FOR “SINGLE WIDE” !! FHA– No   LTV Caps!

FHA– NO   OVERLAYS!!!

FHA – YSP   Credit UNLIMITED!!!

FHA– No   DTI CAP – Follow AUS Findings!!!

FHA– NO   Minimum Credit History or Trades with AUS Approval!

FHA– No   VOR Unless Required by DU Findings!

FHA– Transfer   appraisalsfrom ANY lender/AMC OK!

FHA
Borrowers with 1 FICO OK!

FHA–   Collections – HUD Guides Apply – Medical & Charge Offs Ignored!

FHA– Mortgage   Lates OK if AUS Approved!!!

FHA–   Non-Occupant co-signers – NO MINIMUM FICO!

FHA–   ESCROW STATE – Non Purchasing Spouse derogs ignored – only affects DTI

FHA–   Borrower w/ Work Permits, Non-Resident Alien OK!

FHA– 1   Day off Market for Cashout Refi! – Must be off market before date of  loan application!

FHA–   Rental Income on 2-4 Units OK for FTHB!!!

FHA– Streamline – 580   Score for- Conforming & JUMBO! No Appraisal, No Income, No Credit   Qualifying!!!

FHA– Streamline –   Max 1×30 in past 12 mos – Cannot be late within past 90 Days!

FHA– Streamline -Investment   and 2nd Homes OK!

FHA– Streamline NO SCORE – Ignore other property

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VA HIGHLIGHTSVA– Min   580 FICO regardless of Loan Amount!VA– MFG   HOMES OK – 580+ FICO – 620+ FOR SINGLE WIDE VA– LP   or DU FINDINGS OK!!! 

VA– NO   OVERLAYS!!!

VA – YSP   Credit UNLIMITED!!!

VA– No   DTI CAP – Follow AUS Findings!!!

VA– NO   Minimum Credit History or Trades with Approved or Refer AUS Findings!

VA– No   VOR Unless Required by DU Findings!

VA–   Borrowers with 1 FICO OK!

VA– NO   COLLECTIONS paid UNLESS required by AUS!

VA– Up   to 2×30 OK on RT, Cashout, Purchase!

VA –   IRRRL 580+ W/ Appraisal 100% LTV!

VA –   IRRRL 620+ W/O Appraisal ANY LTV!

VA-IRRRL 620+ W/O Appraisal   HIGH BALANCE! 

VA– IRRRL Job   Listed on 1003 Only

VA– IRRRL No   Income OK

VA – C/O   Refi’s up to 100%!!

VA– Approved/Eligible   – Unlimited DTI!  

VA– REFER/ELIGIBLE –   43% Max Ratio

VA– 580+ –   All Purchases and all REFIs!!!

VA– No   Seller Title Seasoning!!!

VA–   Seller can pay all closing costs & Prepaids + ADDITIONAL 4%

VA– 1   Day Off MLS FOR all Refi’s including Cashout!

USDA HIGHLIGHTSUSDA– Min   580 FICOUSDA–   Order your own appraisal through any AMCUSDA– 640+   – No Overlays to GUS Findings

USDA– 640+   – No Trades/Alt Trades OK – No Collections Paid

USDA–   580-639 – Refers OK – Max 29/41 Ratio

USDA– 640+   – No Rent Verify No VOR

USDA– 640+   – No Tradeline Requirement

USDA– No   Title Seasoning

USDA– Max   Loan $417k – 102% LTV Of Appraised Value

USDA– .40%   Monthly MI, 2% Guarantee Fee

USDA– No   Asset Verification, No reserves

USDA-Gift   Funds Allowed – Max 6% Seller Concession

USDA-Ratios   to 36/48 w/ 640+ and GUS Approval w/ Comp. Factors

USDA –   File sent to RD within 24 Hours of UW Clear!

USDA – No   Rent Verif. Required Unless we need Ratio Waiver & GUS Refer

USDA –   Streamline Refi ok w/ 580+ FICO

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