By Topic Flashcards
1
Q
Chapter 7 bankruptcy: waiting periods for conventional, FHA, and USDA
A
Conventional - 4/2 years
USDA - 3/1 year(s)
VA - 2/1 year(s)
FHA - 2/1 year(s)
The lesser requirement can be applied when the BK was due to circumstances beyond the borrower’s control, and is unlikely to recur.
2
Q
Minimum credit score: Conventional, USDA, FHA, VA
A
Conventional - 620
USDA - 580 (640 for us)
FHA - none, but 500 is a practical min
VA - none
3
Q
Max LTV: 1, 2, 3 + 4 unit properties - FHA, VA, USDA, Conventional
A
FHA - 96.5% for 1-4 unit properties
USDA - only 1 unit properties are eligible
VA - 100% for 1-4 units
Conventional - 97% 1 unit, 85% 2-unit, 75% 3-4 unit
