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Overlays
VA
Overlays
FHA
Overlays
USDA
Overlays
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Min
Score
DTI
Non
Traditional
TPO
ERW
640
Per
AUS
No
Accepts all HUD approved DPA's
No
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BBT
<=$484,350
660
$484,351 to $750,000
680
HUD REPO
700
Max
50%
No
FHLB DPA eligible-otherwise must be on BBT eligible program list
Yes - 2/19/09 approved / ok to use Broker's credit
<=$510,400
640
>$510,400
660
Per AUS,
DTI over 50% requires a min 670 fico
No
DPA must be on USB approved list
Max TLTV/HTLTV is 105% when using a community second
Not set up to sell TPO
USB
ERP
HNB
580
Per AUS, FICO 619 & under may not exceed 43%
Yes
No assistance <600 FICO
No
640
Per AUS
Yes- Must be UW by HNB prior to loan closing
DPAs
Allowed
No
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ERW
Min Score
640
Non
Traditional
No
Recently Listed
-
1 day for R&T and 1 day for Cash Out if under 70%, 6 month seasoning for CO above 70%
-
No Sweat Equity
-
No max on financed properties-follow FHA guidelines
-
Manual allowed
-
Subject with water purification system is ineligible
-
No streamline refinance with appraisal
-
Land contract must be recorded to be treated as a refinance, unrecorded land contract must be treated as a purchase
-
Allows Simple Refinances
-
Section 8 homeownership voucher allowed as income
-
Escrow required for taxes & insurance
-
Cash-Out: When the loan being paid off is a gov't loan, the first payment due date of the new loan cannot occur earlier than 210 days after the first payment due date of the loan being paid off. Borrower must have made at least six consecutive monthly payments on the loan being paid off, beginning with the payment made on the first due date.
-
Non-traditional forms of currency are not acceptable - i.e.-cryptocurrency, bitcoin, etc.
TPO
No
DTI
Per AUS
Down Payment
Accepts all HUD approved DPA's
Streamlines
-
If Wells Fargo does not currently service existing loan then min 680 FICO
-
Max CLTV 125%
-
Mortgage must be 0 x 30 in last 12 mos.
BBT
Min Score
<=$484,350
660
$484,351 to $750,000
680
HUD REPO
700
Non
Traditional
No
Recently Listed
-
6 mos seasoning on properties listed for sale
-
MUST BE AUS APPROVED
-
No land contracts
-
1% pricing adj when 2nd borrower has no score
-
HUD $100 down not accepted
-
Will not accept appraisal update
-
For attached PUD, HO3 policy required regardless of insurance coverage HOA offers
-
Max CLTV 105%
-
Business tax returns must be signed
-
Does not allow Simple Refinances
-
Subject with water purification system is ineligible
-
Section 8 allowed
-
Escrow required for taxes & insurance
-
Cash-Out Refinance: First payment due date may occur no earlier than 210 days after the first payment due date of the loan being refinanced
-
BBT will not accept frozen credit
-
DPA must be on BBT approved list
-
Will not accept Cryptocurrency
TPO
Yes - 2/19/09 approved / ok to use Broker's credit
DTI
50%
Down Payment
FHLB DPA eligible-otherwise must be on BBT eligible program list
Streamlines
-
Only allowed if BB&T currently services loan
-
Max 125% TLTV of the original appraised value
-
Must have 12 mo pay history on current mtg showing no 30 day lates
-
For all mtgs on other properties with less than 6 mo pay history, must be current & no lates
-
For all mtgs on other properties with greater than 6 mo pay history, no 30 day lates for six months prior to case number assign & no more than 1-30 day late for previous 6 months
-
First payment due date may occur no earlier than 210 days after the first payment due date of the loan being refinanced
USB
Min Score
<=$510,400
640
>510,400
660
Non
Traditional
No
Recently Listed
90 day seasoning on recently listed properties
-
Not delegated to UW condos or properties over 10 acres
-
Loans without AUS approval require a min of 3 tradelines evaluated for at least 12 months
-
Max principal reduction is $1000
-
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
-
Simple Refi not allowed
-
Property with well requires a water test (test must be done within 90 days)
-
HOI-Max deductible greater of $2,500 or 2.5% of the face value of the policy
-
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
-
USB limits grossing up non-taxable income to 15%
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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.
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Detached structures in a flood zone require flood insurance if the loan amount and the RCV are both greater than the flood dwelling coverage of $250,000.
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No flipped properties, must be seasoned 180 days.
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If public water/sewer are available, when cost to connect is <=2% of the sales price or appraised value, connection is required.
TPO
Not set up to sell TPO
DTI
Per AUS
DTI over 50% requires 670 FICO
Down Payment
-
DPA must be on USB approved list
-
Max TLTV/HTLTV is 105% when using a community second
Streamlines
-
If not USB serviced, requires 680 FICO, Owner Occupancy only and 0 x 30 in last 12 mos and no BK/FC/Short Sale in last 7 years.
ERP
Min Score
580
Non
Traditional
Yes
-
NO NSF's on bank statements
-
Approved FHA condos only, Condos NOT eligible in FL.
-
No new subordinate financing allowed on refis
-
New builds-Must provide RE tax amount estimate with county based on purchase price OR must use ERP State Property Tax Matrix
-
Manufactured home properties must be deeded as real estate prior to closing
-
Will accept FHA REO $100 Down Program - 100% LTV
-
Will accept Good Neighbor Next Door (GNND) Program
-
Cash-out Refinance: When the loan being paid off is a government loan, a six month consecutive payment history is required
-
Will not accept DACA or H-1B Visa
DTI
Per AUS - FICO
Max 50% if 3-4 unit and ANY borrower is a first-time homebuyer, regardless of geographic area
619 & under 43% max
Down Payment
No assistance <600 FICO
Streamlines
-
Full CB and Mortgage only CB required
-
NO AUS ALLOWED
-
Max LTV/CLTV:W/out appraisal: 100%/125%, With appraisal: 97.75%/125%
-
A six month consecutive payment history is required for the loan being paid off
FICO 620-639
-
No NSF's
600-619 Score
-
2 months PITI reserves of borrowers own funds
-
Gifts eligible when borrowers has 2 months reserves of their own funds
-
No cosigners or non-occupant coborrowers
-
Max DTI 43%
580-599 Score
-
No gift funds allowed for downpayment
-
Reserves: minimum 4 month PITI reserves of borrowers own funds,
-
No cosigners or non-occupant coborrowers & no down payment assistance allowed
-
Max DTI 43%
HNB
Min Score
640
Non
TraditionalYes- Must be UW by HNB prior to loan closing
Recently Listed
-
Rate/Term Refi: listing agreement must be cancelled at least 1 day prior to the date the application for refinance is taken.
-
CashOut Refi: listing agreements on the subject property must be cancelled six (6) mo prior to the app date or the loan is subject to a maximum LTV of 70%.
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In all cases the listing agreement must be cancelled prior to the date of the loan application.
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AUS approval required
-
*NO HUD REO'S
-
No sweat equity
-
Will accept an appraisal update
-
Title commitment cannot be dated more than 60 days from closing
-
Subject property cannot be in a flood zone
-
Water purification systems must have service contract for ongoing maintenance, approved by local/state health authority & an escrow acct
-
Escrow required for taxes & insurance
-
DPA must be HNB approved
-
Foreign Borrower: DACA not accepted
-
Assets for income is not allowed
TPO
No
DTI
Per AUS
Down Payment
DPA'S allowed
Streamlines
-
LTV/CLTV: 97.75% / 125%
-
Streamline Refinance transactions are NOT to be run through a DU/DO/LP
-
Minimum FICO 640, minimum FICO 620 for the following states: OH, PA, IN, KY, MI & WV