Min Score

620 - Fixed

640 - ARM

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680 is required for LTV >95%

Cash Out

Will allow delayed financing on Primary and Second homes

Home Listed For Sale

• Listing must be cancelled prior to application date for R&T

• Cash out-listing must be cancelled at least 90 days prior to application date; homes listed for sale in the six months precedeing the disbursement date are limited to 70% LTV

• We are not delegated to UW condominiums

• Flip policy-If Seller acquired property 90 or fewer days prior to the date of the Sales Contract and the current sales price exceeds 10% of the seller’s acquisition a 2nd review of the appraisal must be completed by U.S. Bank Home Mortgage Collateral Review Department if the original appraisal was not completed by U.S. Bank Home Mortgage Appraisal Services.

• 120 seasoning required to refinance a purchase

• Prohibits running 2nd AUS engine if 1st engine refer

• Annuitization of Assets for income qualification not allowed

• Escrow holdback on new construction: $1k minimum escrow, max $10k or cost to complete does not exceed 10% of 'as completed' value, min 2 bids required

• Must escrow for flood insurance

• HOI-Max deductible greater of $5,000 or 5% of the face value of the policy

• FreddieMac - Manual UW is not permitted

• Will not accept Cryptocurrency

• Frozen Credit-With a valid tri-merge credit report, USB will accept one frozen repository 

• No sweat equity

• Alimony payments should be treated as a reduction to income

• All delinquent credit must be paid off at or prior to closing, including taxes, judgments, and collections, mechanics' liens, and liens that have the potential to affect lien position or borrower's equity.

• A full appraisal is required for Super-Conforming/High Balance

• No atypical properties

• At least one borrower must have a credit score

DTI

Per AUS

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ARMs Offered

LIBOR- 3yr, 5yr, 7yr, 10 yr

TREASURY - 3yr, 5 yr, 7 yr

4 Financed Properties

• On Primary or 2nd Home- allow more than 4

• On Rental only allowed 4 NOO properties OR max 49% ot total income from NOO

PMI Co's

Radian, United Guaranty, MGIC, Genworth, Essent, Arch, National MI

Seasoning for seller on a purchase

(unless Relo, FC sale, or obtained by inheritance)

*Seller acquired property 90 or fewer days prior to the date of the Sales Contract & the current sales price exceeds 10% of the seller’s acquisition a 2nd review of the appraisal must be completed by USBHM prior to loan purchase *Seller acquired property b/w 90 & 180 days prior to the date of the sales contract & current sales price exceeds 20% of the seller’s acquisition a 2nd review of the appraisal must be completed by USBHM prior to loan purchase. 

1-4 Unit Investment Property

• Rental income from the subject property may not be considered in the borrower's qualifying ratios when the borrower does not currently own a primary residence.

• On a purchase, an Operating Income Statement is required, regardless of whether or not rental income is being used. Also required, the use of the Operating Income Expenses be added to the PITI for qualifying when not using rental income.

Conforming LPMI

• Qualifying ratios will be determined by DU or LP

• Funds to close/reserves will be determined by DU or LP