Programs Flashcards
Conventional Minimum Score
Minimum Credit Score 620
Conventional LTV
LTV 95%
Conventional DTI Front end
DTI
Front-end 28%
Conventional DTI Back end
DTI
Back-end Back-end 36/45 with high assets
Conventional Insurance
PMI if LTV greater than 80%
Conventional Concessions
Seller Concessions 6% max if 10 % down, 3% if less than 10% down; 2% regardless if investment
FHA
Minimum score
Minimum Credit Score 580 for max loan, 500-579 10% down, under 500 not qualified
FHA
LTV
LTV 96.5%
FHA
DTI Front end
DTI
Front-end 31%
FHA
DTI Back end
DTI
Back-end 43%
FHA
Fee
UFMIP – 1.75% (Can be rolled into loan)
FHA
Insurance
Insurance MIP life of term (10% dn. After 11 yrs. No MIP)
FHA
Concessions
Seller Concessions 6% max
VA
Minimum Score
Minimum Credit Score 620
VA
LTV
LTV 100%
VA DTI Front-end
n/a
VA DTI Back-end
41%
VA fee
@ closing or rolled into mortgage
- 5% - 3.6%,
- 1st purchase w/0 dn = 2.3%
- 2nd purchase w/0 dn = 3.6%
- Waived if disabled
VA
Prohibited Fees
Brokerage Fees
VA
Seller Concessions
6% max
VA
Guaranty
$36,000 on homes up to $144,000,
25% of loan amt. Up to $127,600
USDA
Minimum Credit
Credit History Check only
USDA
LTV
100%
USDA
DTI Front end
29%
USDA
DTI Back end
41%
USDA
Fees
0.35% annually
USDA
Prohibited Fees
None/must comply with federal regulations
USDA
Guarantee
1%
USDA
Seller Concessions
Unlimited; if greater than 6%, greater amount needs to be explained with comment from appraiser
