Loan Officer Training
Terms in this set (26)
Max LTV on Conventional Cash Out Loan?
Max LTV on FHA Cash Out Loan?
Minimum FICO on standard Conventional loan at NLC?
Max LTV on a CONV rate and term refinance?
Max LTV on a CONV cash out refinance for a Manufactured Home?
Max Term (years) on a CONV cash out refinance for a Manufactured Home?
Are FHA MIP rates higher or lower today than they were in May 2011?
Higher (in May 2011 MIP factors were 1.15% and 1.10% depending on LTV) today they are at .80% and .85%.
What would the FHA MIP rate factor be today on a 90% rate and term refinance?
What would the FHA MIP rate factor be today for a 95% rate and term refinance?
If someone has a $300,000 FHA loan (beginning balance) from May of 2013 and that was a loan for a purchase with 3.5% down at the time what are they paying monthly in MIP?
$337.50 (Take $300,000 x 0.0135 = $4,050 per year...divide by 12 for monthly = $337.50)
If someone has a $275,000 FHA loan (beginning balance) from May of 2011 and that was a loan for a purchase with 3.5% down at the time what are they paying monthly in MIP?
$263.54 (Take $275,000 x 0.0115 = $3,162.50 per year...divide by 12 for monthly = $263.54)
Max LTV on VA cash out refinance?
Max LTV on VA purchase?
Max LTV on Conventional purchase?
95% typically, 97% in some cases for first-time buyers
Max LTV on FHA purchase?
Max gift funds as part of down payment on FHA purchase?
No limitations - whole down payment can be gifted funds
Does LTV affect the cost of LPMI on Conventional loans?
Yes! Every 5% higher is more expensive (90% or less is much cheaper than 95% or less LTV)
Does term affect the cost of LPMI on Conventional loans?
Yes! 20, 15, and 10 year terms are significantly cheaper LPMI than 25 and 30 year terms.
Do I always have to included spousal debts in community property states even if the spouse isn't on the loan?
No! On Conventional loans the spousal debts don't need to be counted against the borrower if the spouse isn't on the loan.
What is residual income?
Residual income is basically a calculation the VA uses to ascertain if the veteran would have enough to live after factoring income versus housing PITI, housing maintenance cost, open debts, family size, and region of the country.
What is our minimum FICO requirement for FHA streamlines?
What is our minimum FICO requirement on VA IRRRL (streamline) loans?
If a borrower has a 580 score on an FHA loan what is their max manual underwriting front and back end ratio limit?
What is our minimum FICO on standard FHA, VA, and USDA 'full doc' purchases or refinances?
What is the max front and back end ratios for FHA loans with 620 or higher scores?
What is our max front and back end ratios for a CONV loan typically? (there are exceptions)