PRODUCTS • 97% condo with 620 for BPMI and LPMI • SPM sells direct to FNMA with Sierra Direct • Condo investment purchase up to 85% • DU Refi Plus up to 120% LTV on conforming loan amounts • Five MI options: LPMI, HPMI, BPMI, Single-Financed and Single Non-Financed • VA Jumbo up to 100% with 660 score to $700,000 or county limit (including VAFF) • MI DTI no overlay with DU approval and make sense underwriting • 401K loans not included in DTI ratios - use for down payment • 620 on conventional 80% with DU approval • FHA Standard/Hi Bal with no DTI restriction assuming DU approval with compensating factors • Hi Balance with 700 score for SFR and Condo to 90% • Appraisal waivers with DU approval on owner-occupied SFR or DU Refi Plus • Financing on borrowers with more than four financed properties on Sierra Direct • VA - No flipping restrictions with make-sense property • FHA flips less than 19% increase / FNMA conforming up to 80% LTV • 90% 2nd homes with no 2nd home ADD • Cash-out with Delayed Financing on Sierra Direct • Short sale - conventional up to 90% after 24 months with DU approval and documented extenuating circumstances • Foreclosure - 7 years Conventional, 3 years FHA, 2 years VA • Non-Agency Jumbo and FHA - allows for a payoff of seasoned non-purchase 2nd, if no draws within past 12 months, as rate/term refinance
Posted on: Mon, 11 Nov 2013 20:26:13 +0000