#ManufacturedHomeLoans: In house underwriting of FHA and Conventional Manufactured HOMES!!!! Call me with any questions but here’s the skinny: 1. There is a MAX Debt ratio - 45%, no exceptions 2. Gift funds must be from relative or employer - Not future relative or 4th cousins twice removed. 3. Files with a gift of funds, payment shock cannot exceed 2 times documented current housing for credit scores between 620 and 640. 4. Gift funds require 2 months bank statements from the donor. 5. Written verification of employment required on all files 6. Borrower cell phone and two references of next of kin with their cell phone numbers required. 7. High Balance loans are an exception and require prior exception approval before submitted to underwriting – rate may be adjusted. 8. All file musts be submitted to the investors for a second review after our underwriter has approved the loan for docs. Turn time is 48 to 72 hours and may result in additional requirements. No docs will be drawn until the review is completed and cleared for docs. 9. No Conventional flips and they will follow FHA rules of 91 days from ownership to contract. 10. Foreclosure and short sale date is the RECORDED date the property passed to the new owner. I’ll keep you posted on the success of this program! Let me know what questions you have.
Posted on: Fri, 23 Aug 2013 00:13:42 +0000
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