FHB Flashcards
What is the Reserve requirement for Subject investment purchase for FHB?
What if using rents at 75%?
6 mo’s investor props
Using rents, additional 12 mo’s
Purchase transaction:
If borrower has 12 months of PITI in reserves and it is a purchase transaction,
75% of the lesser of either appraiser’s opinion of long term market rent or existing
lease agreement (if available) can be used as income
How does FHB calc payments on Helocs if it is an i/o?
They hit for the payment :) so if i/o then only liable for i/o
What do we need to do if someone is Countersigning? And what is countersigning? Will FHB do it?
Yes FHB will allow countersigning which means clietns can sign 2 seperate sets of docs but we will need to let FHB know at registration …put on reg form that 2 sets will be needed.
if not done we would need to redisclose per linda, which is crazy as the fee can’t be more than 200.
Lot and construction loans . How much is down? what matters for down on lot loan?
How long is lot loan period and what is done during this time?
When can you lock for construction to perm? what are terms of construction/perm
CAn we do owner builder?
- 30% if water/power, 40% if no water or power.
- lot loan is 2 or 3 year i/o and during this period clients get the plans/permitting and construction bonding.
- You can’t lock construction to perm until all bonding is in place
- Construction period is i/o and usually 12 mo’s
- Perm is fully ammortized
- No we don’t have any options for owner builder
- However if a client is employed by a builder and they do his house that is fine, just can’t be his company and be owner builder.
What is max allowed Financed properties for FHB?
no max
If a mortgage is cross collateralized how many mortgages do we hit them for on max counts?
only 1, even though this is in FHB section, obviously fhb has not count limit but just should know for agency
HOw long would investor look at mortgage lates?
what about Bk’s?
cant be mortgage derogatories in last 5 years, need outside 5 years on bk’s. as well
AS of 3/1 can we use short term rental income with FHB?
Yes The lesser of 2-year history or current income is allowed as qualifying income
As of 3/1, what is the down for investment property o/o ratio of 30 or higher?
What about O/O prop if o/o ratio is lower than 30?
what about 2nd home?
25% down inv prop 30 or higher ratio
o/o 30 or lower requires 30% down
20% 2nd home up to conforming 822,375 but 822,375 to 1 mill is 25% down.
Will FHB do delayed financing? What is delayed financing?
What value would we be going off of?
if a client buys a property say cash and the wants to refinance that is delayed financing and is allowed. However it would be seen as a cashout refinance so some hits there.
-The value would be lesser of most likely
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Do we always require tax returns for candians with FHB?
yes always
How does FHB look at Forebearance?
go off fannie/freddie, must be all paid up and current,
If you have clients who are doing a loan with partners /friends etc that dont live together will we do one app or 2 and merge?
Yes 2 apps and merge
When multiple purchases are being run through fhb simultaneiously, say 3 rental properties, will they allow for you to use rents on each as long as you have rental analysis on each completed?
No you can’t use rents from each, most likely just one, we did get an exeption on Green file to do it but not something they will do.
Can you have a cosigner on a lot loan?
no
