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VA

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FHA

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USDA

Overlays

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Min

Score

UW

Non

Traditional

IRRRL

ERW

620

Manual Allowed

No

  • No 30 day or greater mtg lates in last 6 months

  • Appraisal no longer required

More

 <=$484,350

Min FICO is 620

(if IRRRL then 640)

 

$484,351 to $750,000

Min FICO is 660


NOO IRRRL

Min FICO is 700

Loan must be AUS approved, unless IRRRL

No

  • Appraisal no longer required

  • NOO is only allowed if currently serviced by BB&T

  • An IRRRL with BB&T as current servicer has 620 min FICO

BBT

 <=$750,000

640

 

$750,001 to $1M

680


>$1M to $2M

700

Manual 

Allowed

  • NOO and 2nd homes are not allowed

No

USB

ERP

580

Manual 

Allowed

Yes

  • An AVM or appraisal is required on all VA IRRRL's with a FICO less than 680 or an LTV greater than 90%, except for Pacific Union to Pacific Union transactions

  • IRRRL loans without appraisals the min score is 640.

  • IRRRL with Appraisal does not require credit score.

HNB

620

Loan must be AUS approved or file will need to be UW by HNB prior to closing

No

Not Offered

 

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ERW

Min Score

620

​

UW

Manual Allowed

Non

Traditional
No

IRRRL

  • No 30 day or greater mtg lates in last 6 months

  • Escrow required for taxes & insurance 

  • Specific flood policy required, non-residential detached structures valued $10k or greater must be covered and private policy requires additional info to meet requirements.

  • The veteran may not have been more than 30 days past due during the six months preceding the new loan's Closing date.

  • Max LTV for Cash Out is 90%

  • Escrow required for taxes & insurance 

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

High-Balance Purchase Max LTV

$510,401 to County Loan Limit

620 = 100% LTV

​

>County Loan Limit to <=$1 M

640 = 85% LTV

700 = 90% LTV

720 = 95% LTV

​

>$1M to <=$1.5 M

700 = 90% LTV

720 = 95% LTV

​

IRRRL

>Conforming Limit to <=$1M

Min 620 FICO

​

>$1M to <=$1.5 M

Min 700 FICO

​

Cash-Out

Up to County Loan Limit

640 = 90% LTV

​

>County Loan Limit to <=$1.5 M

700 = 90%

 

BBT

Min Score

UW

Loan must be AUS approved, unless IRRRL

Non

Traditional
No

IRRRL

  • Appraisal no longer required

  • NOO is only allowed if currently serviced by BB&T

  • When discount points are charged to the Veteran, an Exterior-Only inspection must be completed in order to meet the following LTV restrictions:                    -≤ 1 discount point -100%  ->1 discount point -90%

 

  • Max loan amount $750,000 excluding Funding Fee

  • No land contracts

  • No EEM

  • Section 8 allowed

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

  • Business tax returns must be signed

  • Will not allow frozen credit

  • Will not accept Cryptocurrency

  • Seller seasoning

    • Seller must have held title at least 10 days prior to closing​

    • Sales contract cannot reflect buyer as 'to be determined' or reference an assignment of contract

    • If sales price is 25% or more than the sellers acquisition price, we must document/justify the increase

 <=$484,350

Min FICO is 620

(if IRRRL then 640)

$484,351 to $750,000

Min FICO is 660

NOO IRRRL

Min FICO is 700

A IRRRL with BB&T as current servicer has 620 min FICO

 

USB

Min Score

Non

Traditional
No

IRRRL

  • NOO and 2nd homes are not allowed​

  • Max IRRRL Loan Amount = ​$750,000​

  • Min 640 FICO for USB to USB

  • Min 660 FICO for  non-USB to USB

​

  • 90 day seasoning on recently listed properties

  • Do not allow Co-Signors

  • 30% Guaranty required if loan over $650,000

  • Loans without AUS approval require a min of 3 tradelines evaluated for at least 12 months

  • Not delegated for condos or properties over 10 acres 

  • 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

  • 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%

  • Credit with collections requires a downgrade and a manual underwrite

  • All judgments are required to be paid off

  • 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.

  • 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.

  • No flipped properties, must be seasoned 180 days.

<=$750,000

640

$750,001 to $1M

680

>$1M to $2M

700

Max LTV Based On Loan Amount For Purchases

Up to $1M = 95%

>$1M to $2M = 90%

DTI

For loans >$750,000 DTI is limited to 50%

Authorized User Tradelines

Must prove 1 of following

  • 1. Another Borrower on the Mortgage owns the trade lines in question

  • 2. The trade line is owned by the Borrower’s spouse

  • 3.The Borrower has been making the payments on the account for the last 12 months OR credit must be analyzed to see if auth user trades impact credit

 

ERP

Min Score

580

UW

Manual Allowed

Non

Traditional
Yes

IRRRL

  • An AVM or appraisal is required on all VA IRRRL's with a FICO less than 680 or an LTV greater than 90%, except for Pacific Union to Pacific Union transactions

  • On IRRRL loans without appraisals the min score is 640

  • IRRRL with appraisal does not require credit score

  • Loan being refinanced must be current at time of application

  • Max DTI of 45% if FICO less than 620, max is 50% for all other FICO.  

  • 4 months reserves if score under 600, 2 months reserves if score under 620.

  • No new subordinate financing allowed on refis

  • New build-must provide RE tax amount with county based on purchase price OR must use ERP State Property Tax Matrix

  • Max 45% DTI if Refer/Eligible, manually underwritten

  • Manufactured home properties must be deeded as real estate prior to closing

  • Maximum loan amount - $1.2M

 

HNB

Min Score

620

UW

Loan must be AUS approved or file will need to be UW by HNB prior to closing

Non

Traditional
No

IRRRL

Product Not Offered

  • Max DTI-Per AUS approval 

  • Subject property cannot be in a flood zone

  • DPA must be HNB approved 

  • Assets for income is not allowed

Converting Existing Homes to Rentals

If a veteran is converting a current principal residence to an investment property upon purchase of a new principal residence, the following requirements apply: 

  • Both the current and proposed monthly housing expenses must be used to qualify the borrower

  • *Rental income may not be used to offset the mortgage payment

  • *Evidence of cash reserves totaling 6 months PITI for both properties must be provided. 

The following exceptions allow the veteran to qualify using 75% of the gross rental income to offset the mortgage payment and the reserve requirement may be waived

 

  • The veteran is relocating with a new employer, or is transferred by the current employer to an area not within a reasonable and locally recognized commuting distance 

 

*OR*

 

  • The veteran has documented equity of at least 30% on the existing property as determined by either a current (no more than six months old) residential appraisal (exterior acceptable) or by comparing the unpaid principal balance to the original sales price of the property.