Program Chart

Question 1

DTI limits: Conventional conforming

Answer 1

28/36%
45% w/ substantial assets

Question 2

DTI: FHA

Answer 2

31/43%

Question 3

DTI: VA

Answer 3

41% back-end +
residual income

Question 4

DTI: USDA

Answer 4

29/41%

Question 5

Prohibited fees: Conventional conforming

Answer 5

BLANK

Question 6

Prohibited fees: FHA

Answer 6

expediting fees
processing fees

Question 7

Prohibited fees: VA

Answer 7

mortgage broker fees
attorney fees

Question 8

Prohibited fees: USDA

Answer 8

BLANK

Question 9

Insurance/guarantees: Conventional conforming

Answer 9

PMI
if LTV >80% at closing
request cancel at 80%
auto cancel 78% (conf)
or 77% (non-conf)

Question 10

Insurance/guarantees: FHA

Answer 10

UFMIP 1.75% at closing
(2% HECM)

MIP 11 yrs if dp 10%+
MIP loan term if dp is
<10%

Question 11

Insurance/guarantees: VA

Answer 11

entitlement/guaranty:
$36,000 = loans
$144,000 or less
25% = loans > $144,000
funding fee: 0.5-3.3%

Question 12

Insurance/guarantees: USDA

Answer 12

guarantee fee = 1% at
closing

annual fee = 0.35% on
remaining bal starting12 months after closing

Question 13

Seller concessions: Conventional conforming

Answer 13

dp 25%+ = 9%
dp 10-24.99% = 6%
dp < 10% = 3%
investment pty = 2%

Question 14

Seller concessions: FHA

Answer 14

6%

Question 15

Seller concessions: VA

Answer 15

4%

Question 16

Seller concessions: USDA

Answer 16

unlimited, but if > 6% a
note is required from
appraiser as to why

Question 17

Late payment fee: Conventional conforming

Answer 17

0-5% based on principal/interest amount after grace period

Question 18

Late payment fee: FHA

Answer 18

4% based on principal/interest amount after grace period

Question 19

Late payment fee: VA

Answer 19

4% based on
principal/interest
amount after grace
period

Question 20

Late payment fee: USDA

Answer 20

4% based on principal/interest amount after grace period