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NMLS-SAFE Vocabulary > Programs > Flashcards

Programs Flashcards

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1
Q

Conventional Minimum Score

A

Minimum Credit Score 620

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2
Q

Conventional LTV

A

LTV 95%

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3
Q

Conventional DTI Front end

A

DTI

Front-end 28%

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4
Q

Conventional DTI Back end

A

DTI

Back-end Back-end 36/45 with high assets

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5
Q

Conventional Insurance

A

PMI if LTV greater than 80%

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6
Q

Conventional Concessions

A

Seller Concessions 6% max if 10 % down, 3% if less than 10% down; 2% regardless if investment

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7
Q

FHA

Minimum score

A

Minimum Credit Score 580 for max loan, 500-579 10% down, under 500 not qualified

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8
Q

FHA

LTV

A

LTV 96.5%

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9
Q

FHA

DTI Front end

A

DTI

Front-end 31%

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10
Q

FHA

DTI Back end

A

DTI

Back-end 43%

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11
Q

FHA

Fee

A

UFMIP – 1.75% (Can be rolled into loan)

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12
Q

FHA

Insurance

A

Insurance MIP life of term (10% dn. After 11 yrs. No MIP)

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13
Q

FHA

Concessions

A

Seller Concessions 6% max

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14
Q

VA

Minimum Score

A

Minimum Credit Score 620

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15
Q

VA

LTV

A

LTV 100%

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16
Q

VA DTI Front-end

A

n/a

17
Q

VA DTI Back-end

A

41%

18
Q

VA fee

A

@ closing or rolled into mortgage

  1. 5% - 3.6%,
    - 1st purchase w/0 dn = 2.3%
    - 2nd purchase w/0 dn = 3.6%
    - Waived if disabled
19
Q

VA

Prohibited Fees

A

Brokerage Fees

20
Q

VA

Seller Concessions

A

6% max

21
Q

VA

Guaranty

A

$36,000 on homes up to $144,000,

25% of loan amt. Up to $127,600

22
Q

USDA

Minimum Credit

A

Credit History Check only

23
Q

USDA

LTV

A

100%

24
Q

USDA

DTI Front end

A

29%

25
Q

USDA

DTI Back end

A

41%

26
Q

USDA

Fees

A

0.35% annually

27
Q

USDA

Prohibited Fees

A

None/must comply with federal regulations

28
Q

USDA

Guarantee

A

1%

29
Q

USDA

Seller Concessions

A

Unlimited; if greater than 6%, greater amount needs to be explained with comment from appraiser

NMLS-SAFE Vocabulary (7 decks)

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