Loan Programs Types Flashcards
Conventional Loan
What is the Down Payment?
Convetional Loan Down Payment
3% First Time Buyer
5 %Others
Conventional Loan
What is the late fee?
Conventional Loan Late Fee
5% P&I
Conventional Loan
What is the ratio?
Conventional Loan Ratio
Housing Expense Ratio (HER) Front End Ratio 28%
Total Debt to income ratio (TOR) Back End Ratio 36%
28/36
Conventional Loan
What is the Seller Concessions/Seller Closing Costs/Seller
Contribute on the LOWER of the APPRAISAL or
PURCHASE PRICE?
3% LTV =90%+
6% LTV 75%to 90%
9% LTV 75% & under
2% for Investment Property
FHA Loan
What is the Down Payment?
FHA Down Payment
3.5% For credit scores of 580 Credit up
10% for credit score 500- 579
FHA Loan
What is the Late Fee for a FHA Loan?
FHA Loan Late Fee
4% P&I
FHA Loan
What is the ratio?
FHA Loan Ratio
Housing Expense Ratio (HER) Front End Ratio 31%
Total Debt to income ratio (TOR) Back End Ratio 43%
31/43
Loan Programs
What are the four (4) types of Loan programs?
<strong>Conventional Loan</strong>
<strong>FHA Loan</strong>
<strong>USDA/502</strong>
<strong>VA Loan</strong>
USDA/502 Loan
What is the ratio?
USDA/502 Loan
Housing Expense Ratio (HER) Front End Ratio 29%
Total Debt to income ratio (TOR) Back End Ratio 41%
29/41
USDA/502 Loan
What is the Down Payment?
USDA/502 Loan Down Payment
6%
USDA/502 Loan
What is the Late Fee?
USDA/502 Loan Late Fee
4% P&I
VA Loan
What is the Down payment?
VA Loan Down Payment
0%
VA Loan
What is the Late fee?
VA Late Fee
4% P&I
VA Loan
What is the ratio?
VA Loan Ratio
Housing Expense Ratio (HER) Front End Ratio 0%
Total Debt to income ratio (TOR) Back End Ratio 41%
0/41
VA Loan
_What is the Seller Concessions/Seller Closing Costs/Seller
Contribute on the LOWER of the APPRAISAL or
PURCHASE PRICE?_
VA Loan Concession
4%
