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Min

Score

DTI

Cash Out

4 Financed Properties

ERW

Per AUS

Per

AUS

Will allow FNMA delayed financing on primary residence, LTV over 80 must be UW by Wells

Now follow FNMA & FHLMC guidelines with exception of Homepath properties

BBT

620

 

55%

Regardless of LP findings,

 

50% if using DU 

BBT will not accept FNMA Student Loan Cash-out Refinance

  • On Primary-no limit

  • On 2nd home or rental-10 max

    • Fannie, no more than 6 financed props.

    • Freddie, if more than 6 fin. props., must have:

      • Accept​

      • 720 min. credit score

      • 8 mths reserves for each addt'l fin. prop.

640

45% for LTV's above 80%

Will allow delayed financing on Primary and Second homes

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

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

USB

HNB

620

(unless FNMA Welcome Home or Borrower Owns 5-10 Financed Properties)

Per

AUS

Will allow FNMA delayed financing

  • Primary: Follow FNMA rules allowing up to 10 financed properties 

  • 5-10 properties 720 min score & LTV: FRM: 75/75/75 

  • Purchase & RT Refi Only-6 mo reserves for each 2nd home/invest. Prop.

ERW

Min Score

Per AUS

DTI

Follow AUS

Cash Out

Will allow FNMA delayed financing on primary residence, LTV over 80 must be UW by Wells

Home Listed For Sale

  • Overlay removed, follow Fannie or Freddie guidelines 

4 Financed Properties

Now follow FNMA & FHLMC guidelines with exception of Homepath properties

  • Non-Arm's length requires RELS field review, OO only, letter from borrower on relationship and reason for purchase, chain of title, seller mtg history

  • Annuitization of assets is not allowed

  • Will not allow Frozen Credit 

  • Land Contracts seasoned 1 year  

  • 97% LTV Accepted-FNMA purchase and rate/term refinance transactions only

  • Will allow unexpired EAD card in lieu of Visa for proof of lawful US citizenship

  • Flood Policy-private policy requires additional info to meet requirements 

  • Non-traditional forms of currency are not acceptable - i.e.-cryptocurrency, bitcoin, etc.

ARMs Offered

LIBOR- 3yr, 5yr, 7yr, 10 yr / TREASURY - None 

PMI Co's

Radian, United Guaranty, MGIC, Essent, Arch, National MI, Genworth, No Financed PMI

Investment Property

  • Not eligible if non-arm's length

Seasoning for seller on a purchase (unless Relo, FC sale, or obtained by inheritance)

  • 12 months 

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BBT

Min Score

620

 

Home Listed For Sale

  • Limited cash out-subject must be taken off market before disbursment date of new mtg & bor must confirm intent to occupy-for pri res trans

  • Cash out-subject must be taken off market before disbursment date of new mtg 

  • No land contracts

  • Appraisal age is 120 and no update allowed

  • For attached PUD, HO3 policy required regardless of insurance coverage HOA offers

  • Business tax returns must be signed

  • DPA must be on BBT approval list

  • Debts paid off to qualify must be closed

  • BBT will not accept FNMA Student Loan Cash-out Refinance

  • Will accept W-2 transcripts in lieu of full tax transcripts, when borrower is a W-2 wage earner and receives less than 25% of their total annual employment income from commission

  • FreddieMac - Manual UW is not permitted 

  • BBT will not accept frozen credit

  • Super conforming loans: PIW is not allowed

  • Will not accept Cryptocurrency

DTI

Max 50%

4 Financed Properties

  • On Primary-no limit

  • On 2nd home or rental-10 max

    • Fannie, no more than 6 financed props.

    • Freddie, if more than 6 fin. props., must have:

      • Accept​

      • 720 min. credit score

      • 8 mths reserves for each addt'l fin. prop.

ARMs Offered

LIBOR-1yr, 3yr, 7yr, 10 yr / TREASURY - 1yr, 3 yr, 7yr, 10 yr

PMI Co's

Radian, United Guaranty, MGIC, Essent, Arch, 

Genworth National MI

Employment Contract

  • Follow Fannie or Freddie

Investment Property

  • Do not allow cash out.  

  • If subject is purchased at auction, foreclosure, deed in lieu, HUD repo, bank owned or short sale then FICO req. is 740 and must be arms length and must take 10% reduction in max LTV

Seasoning for seller on a purchase (unless Relo, FC sale, aquired by divorce, or obtained by inheritance)

  • 90 Days from property seller's recorded deed to buyers application date

 

USB

Min Score

620 - Fixed

640 - ARM

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

  • NOO max LTV 80%

DTI

Per AUS

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

 

HNB

Min Score

620

(unless FNMA Welcome Home or Borrower Owns 5-10 Financed Properties)

 

Cash Out

Will allow FNMA delayed financing

Home Listed For Sale

  • Properties must currently not be on the market at the time of application. Borrowers must confirm their intent to occupy the subject property (Rate Term Refi Only)

  • Fannie: derogatory credit waiting period is based off of disbursement date of new loan

  • 97% LTV Accepted-FNMA purchase transactions only

  • Subject property cannot be in a flood zone  

  • DPA must be HNB approved 

  • Foreign Borrower: DACA not accepted

  • Assets for income is not allowed

DTI

Per AUS

4 Financed Properties

  • Primary: Follow FNMA rules allowing up to 10 financed properties

  • 2nd Home or Investment 5-10 properties 720 min score & LTV: FRM: 75/75/75 ARM: 65/65/65 for Purchase & RT

  • Refi Only-6 mo reserves for each 2nd home/invest. Prop.

PMI Co's

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

 

No Financed MI

No Split Premium MI

Seasoning for seller on a purchase

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

No seasoning requirement, substantial increase in value must be justified

Employment Contract

  • When a borrower is unable to provide a current paystub due to a change of employment prior to closing, the borrower must have a fully executed employment contract with all pre-existing conditions met The contract must list the borrower’s position, start date and annual salary. The new position must be in a comparable field of work as the borrower’s previous job. The contract cannot be subject to terms that must be met prior to final hiring approval The borrower’s employment “start date” must begin no later than 30 days after the loan closing date. A paystub must be obtained from the borrower that provides sufficient information to support the income used to qualify the borrower

Investment Property

  • Rental income on the subject investment property must be fully documented with 1 year of tax returns.

  • Borrowers using rental income to qualify on 1-4 unit investment properties and 2-4 unit properties are required to obtain rent loss insurance coverage. The insurance covers rent losses incurred following a casualty for a minimum of six months during the rehabilitation of the property.