LO Guidelines

LTVs FHA

85% + UFMIP

LTVs VA

100% + Funding Fee

LTVs Conventional

80% for single family primary residence
75% second home or investment property

DTI VA

Approve Eligible=any
Refer Eligible= 41%: 100% Residual Income
41.01%-50%: 120% Residual Income

DTI FHA

Approved Eligible=any
Refer Eligible= 580+
31/43% no compensating factors
41/47% one compensating factor
40/50% two compensating factors

DTI Conventional

Only approved eligible
50% max DTI

DTI FHA Freedom first

Approved Eligible= any
Refer Eligible=31/43%

VA credit score

550

FHA credit score

550

Conventional credit score

620

VA FF credit score

500

FHA FF credit score

500

VA MH credit score

640

FHA MH credit score

640

VA Occupancy

Owner Occupied Primary Residence

FHA Occupancy

Owner Occupied Primary Residence

Conventional Occupancy

Primary Residence/Second Home/ Investment property

VA Property Types

SFR 1-4 units/ approved PUD/ Condo/ Townhome/ Modular

FHA Property types

SFR 1-4 Units/ approved PUD/ Condo/ Townhome/ Modular

Conventional Property types

SFR 1-4 units/ approved PUD/ Condo/ Townhome

VA and FHA MH Property Types

1.) Built after 1976
2.) Double wide
3.) Permanent Foundation
4.) No Wheels
5.) Free standing deck
6.) Must own the land

VA Assumable?

Yes

FHA Assumable?

Yes

Conventional Assumable?

No

All other products besides Convt. Assumable?

Yes

VA Free and Clear?

No

FHA Free and Clear?

Yes

Conventional Free and Clear?

yes

Can only do Conventional in Texas

yes

Who can borrow for VA ?

Veteran/ Veteran and Spouse/ Surviving spouse (must be receiving DIC benefits)

Who can borrower for FHA and Convt?

Occupants

LTVs FHA

85% + UFMIP

LTVs VA

100% + Funding Fee

LTVs Conventional

80% for single family primary residence
75% second home or investment property

DTI VA

Approve Eligible=any
Refer Eligible= 41%: 100% Residual Income
41.01%-50%: 120% Residual Income

DTI FHA

Approved Eligible=any
Refer Eligible= 580+
31/43% no compensating factors
41/47% one compensating factor
40/50% two compensating factors

DTI Conventional

Only approved eligible
50% max DTI

DTI FHA Freedom first

Approved Eligible= any
Refer Eligible=31/43%

VA credit score

550

FHA credit score

550

Conventional credit score

620

VA FF credit score

500

FHA FF credit score

500

VA MH credit score

640

FHA MH credit score

640

VA Occupancy

Owner Occupied Primary Residence

FHA Occupancy

Owner Occupied Primary Residence

Conventional Occupancy

Primary Residence/Second Home/ Investment property

VA Property Types

SFR 1-4 units/ approved PUD/ Condo/ Townhome/ Modular

FHA Property types

SFR 1-4 Units/ approved PUD/ Condo/ Townhome/ Modular

Conventional Property types

SFR 1-4 units/ approved PUD/ Condo/ Townhome

VA and FHA MH Property Types

1.) Built after 1976
2.) Double wide
3.) Permanent Foundation
4.) No Wheels
5.) Free standing deck
6.) Must own the land

VA Assumable?

Yes

FHA Assumable?

Yes

Conventional Assumable?

No

All other products besides Convt. Assumable?

Yes

VA Free and Clear?

No

FHA Free and Clear?

Yes

Conventional Free and Clear?

yes

Can only do Conventional in Texas

yes

Who can borrow for VA ?

Veteran/ Veteran and Spouse/ Surviving spouse (must be receiving DIC benefits)

Who can borrower for FHA and Convt?

Occupants