Fha Streamline Matrix Carrington Correspondent-Books Download

FHA Streamline Matrix Carrington Correspondent
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Product Guidelines,FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. CREDIT QUALIFYING STANDARD HIGH BALANCE FIXED, Occupancy Maximum of Units Max Base Loan High Balance MIN Min FICO Max Ratios Mortgage History. LTV CLTV Base,1 UNIT 484 350 484 351,1 X 30 PAST 12 MONTHS. 2 UNITS 620 200 620 201 AND 0 X 30 FOR 6,Primary N A 500 31 43 MONTHS.
3 UNITS 749 650 749 651 PRIOR TO CASE,ASSIGNMENT,4 UNITS 931 600 931 601. 1 UNIT 484 350 484 351,1 X 30 PAST 12 MONTHS,2 UNITS 620 200 620 201 AND 0 X 30 FOR 6. Non Owner N A 500 31 43 MONTHS,3 UNITS 749 650 749 651 PRIOR TO CASE. ASSIGNMENT,4 UNITS 931 600 931 601,Subject to HUD maximum in area. May exceed with comp factors,Underwriting Guidelines Requirements.
MAXIMUM LOAN AMOUNT, Cannot exceed the outstanding principal balance minus the applicable refund of the UFMIP plus the new UFMIP. Outstanding Principal Balance may include up to 60 days interest charged by existing lender when the payoff is not received on the first day of the. month but may not include delinquent interest late charges or escrow shortages. The maximum loan amount must not exceed the original principal amount of the existing FHA insured mortgage For additional considerations see the. Additional Consideration for Maximum Mortgage section. The Case Number must reflect Streamline without an appraisal for inclusion of closing costs see Simple Refi. CMS Policies Procedures Page 2 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. Maximum Loan Term and Mortgage, 30 years or the remaining term of the existing Mortgage plus 12 years.
Maximum Loan Term, Investment properties may only be refinanced for the outstanding principal balance. Mortgages that meet the requirements for streamline refinance transactions without an appraisal are not. Additional Consideration for subject to the standard county loan limits. Maximum Mortgage Investment properties may only be refinanced for the outstanding principal balance and may not exceed. county limits, If existing loan being refinanced has been modified and the current balance exceeds the original principal. amount the borrower must come in with the difference at closing. Modifications Can never exceed the Original Principal Balance OPB. Note if the restructured loan being refinanced has a Servicemember s Civil Relief Act SCRA reduced interest. rate CMS must use the SCRA reduced interest rate to calculate the NTB for the Borrower. Credit Documentation Manual underwriting only do not run AUS Total Scorecard. Evidence of valid Social Security Number is required on all loans See Social Security Verification below. Evidence of Refinance Authorization data and new case number assignment must be obtained from FHA. Connection, Title Report to verify at least one borrower is listed as owner. CAIVRS is not required CMS to review all parties for LDP and GSA exclusion lists. Social Security Verification To validate a borrower s social security number CMS may complete an SSA 89 verification or the following is. Non Credit Qualifying Streamline acceptable each borrower must provide a copy of their Social Security card or another acceptable document as. Borrowers evidence of their valid Social Security Number Acceptable documentation must include the valid Social Security. Number but not include evidence of the borrower s income Alternate sources could include the borrower s IRS. 1098 Form from their current mortgage school or military records etc. CMS Policies Procedures Page 3 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR.
H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. Credit continued,Credit Report, Non Credit Qualifying A 12 month current mortgage only credit report for all mortgages on the subject property is required A FICO. score is not required but will be used for pricing purposes. Mortgage Rating On all mortgages, 1 Evidence that the loan has not had any 30 day lates in the 6 months prior to Case Assignment and. 2 No more than one 30 day late in the previous 12 months. Servicing system screen prints for example FISERV are not acceptable to use to support the mortgage. payment history, Either a credit report and or credit supplement is required. Loans with a modification pre foreclosure foreclosure or NOD on the subject property must follow the. mortgage history requirements listed above, Subject property mortgage must stay current through closing.
Payoff Statements Current payoff statements for all liens to be satisfied must be provided Mortgage payments must be current and. paid within the month due, Bankruptcy Active Chapter 7 Bankruptcy not permitted Bankruptcy must be discharged. Chapter 13 Bankruptcy permitted with court approval and satisfactory trustee payment history. Non Credit Qualifying, Funds Required to Close For non credit qualifying Streamlines when funds to close exceed the proposed PITI funds must be sourced. and seasoned with a statement showing the previous month s ending balance for the most recent month If the. previous month s balance is not shown CMS must obtain statement s for the most recent two months. Credit qualifying streamlines must be documented in accordance with standard manual underwriting. guidelines regardless of the amount of funds to close required. CMS Policies Procedures Page 4 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19.
Credit continued, Credit Qualifying Streamline Credit Qualifying Streamline transactions must meet the following requirements. For all mortgages on all properties with less than six 6 months of Mortgage Payment history the Borrower must. have made all payments within the month due, For all mortgages on all properties with greater than six 6 months history the Borrower must have made all. Mortgage Payments within the month due for the six 6 months prior to case number assignment and have no. more than one 30 Day late payment for the previous six 6 months for all mortgages. The Borrower must have made the payments for all Mortgages for the month prior to mortgage Disbursement. Required Documentation If the Mortgage on the subject Property is not reported in the Borrower s credit report. CMS must obtain a verification of Mortgage to evidence payment history for the previous 12 months. Credit qualifying streamlines must meet all standard FHA credit requirements per CMS guidelines. Borrower s income must be verified, Borrower s credit report must be obtained and all debts verified. It is acceptable for a borrower to have only 1 credit score or no credit score. Debt to income ratios must be computed, Requires a statement showing the previous month s ending balance for the most recent month and at least 1. month PITI reserves 1 2 Units or 3 months PITI reserves 3 4 Units If the previous month s balance is not. shown CMS must obtain statement s for the most recent two months. Must ensure that a repayment plan is in place if there is an IRS tax lien on credit or title Must include the. payment in the debt to income ratio, Credit qualifying streamline refinance must be considered when.
1 A deletion of a borrower not due to divorce legal separation or death. 2 An original borrower is being removed due to divorce legal separation or death but the remaining borrower. has not made at least 6 payments after the event and prior to FHA Case Number Assignment date. CMS Policies Procedures Page 5 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. Credit continued, Credit Qualifying Streamline Payment History for debts other than the subject property mortgage. 12 Months 24 Months,Housing and,0 x 30 2 x 30,Installment.
Revolving 2 x 60 0 x 90, Non Credit Qualifying Streamline HPML loans are not permitted on Non Credit Qualifying Streamlines. Borrower s income is not verified 1003 MUST NOT include income in Section V or the REO schedule Section. Income documentation is not required and the loan file CANNOT contain paystubs W 2 tax returns etc. In the event the initial 1003 reveals income or the loan file documentation contains evidence of the borrower s. current income the loan must be converted to a credit qualifying streamline and qualifying ratios will be. Evidence of a valid Social Security Number must be confirmed without providing income documentation. If assets are needed to close in excess of the new PITI payment funds must be verified and determined. acceptable, o A statement showing the previous month s ending balance for the most recent month is required If the. previous month s balance is not shown CMS must obtain statement s for the most recent two months. o All large deposits and or questionable deposits need to be sourced and seasoned. Closing costs may not be financed into the new mortgage on a Streamline. Neither Form 4506T Modelo SC 2907 or Tax Return Transcripts are required on non credit qualifying. streamlines, Must ensure that a repayment plan is in place if there is an IRS tax lien on credit or title Must document in file. that plan is in place,CMS Policies Procedures Page 6 of 12. Product Guidelines,FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR.
H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. Credit continued, Mortgage Payment History Credit Qualifying Streamline and Non Credit Qualifying Streamline loans. Must be 0X30 for the most recent 6 months prior to Case Number Assignment. May be no more than 1X30 in months 7 through 12 prior to Case Number Assignment. Must be 0X30 after Case Number Assignment through closing. Case Number Assignment date 11 21 17,Funding date 3 29 18. Mortgage payment history From 5 2017 to 11 2017 Must be 0 x 30 this is the most recent 6 months. prior to Case Number Assignment, Mortgage payment history From 4 2017 to 11 2016 No more than 1 x 30 this is months 7 through. 12 prior to Case Number Assignment, Mortgage payment history From 12 2017 2 2018 Must be 0X30 mortgage payments after Case.
Number Assignment, IRS Lien Subordination Not required subject to the following requirements. Borrower s must have a payment plan in place with the IRS. The payment plan will be paid off within 12 months. The payment plan must show at least three 3 consecutive monthly payments have been made for the month. due prepayments are not acceptable and,The borrower s must be current on their payments. Please note These requirements apply to CMS to CMS streamline refinances only No exceptions. permitted If the borrower s cannot meet the requirements as outlined above an IRS lien subordination agreement. will be required, Assuming borrower Borrower is eligible without credit qualifying if he she has made 6 payments since the assumption at the time of. Case number assignment and the previous borrower received a release of liability at the time of assumption. The rule applies to mortgages that do not contain restrictions limiting assumptions only to credit worthy borrowers. CMS Policies Procedures Page 7 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR.
H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. Credit continued, Adding borrower Individuals may be added to the loan without credit qualifying. Deleting borrower A Borrower is eligible for a Streamline Refinance without credit qualification if all Borrowers on the existing. Mortgage remain as Borrowers on the new Mortgage Mortgages that have been assumed are eligible provided the. previous Borrower was released from liability, A Borrower on the Mortgage to be paid may be removed from title and new Mortgage in cases of divorce legal. separation or death when, The divorce decree or legal separation agreement awarded the Property and responsibility for payment to the. remaining Borrower if applicable and, The remaining Borrower can demonstrate that they have made the Mortgage Payments for a minimum of six.
months prior to case number assignment,Net Tangible Benefit. Net Tangible Benefit Net Tangible Benefit NTB must be met Refer to the CMS FHA Guidelines for detailed NTB requirements. Note For the streamline refinance of a restructured loan that has a Servicemember s Civil Relief Act SCRA. reduced interest rate CMS must use the SCRA reduced interest rate to calculate the NTB for the Borrower. Appraisal Requirements Not required Receipt or possession of an appraisal does not affect the maximum mortgage amount. Loan Types An existing 203 k rehabilitation mortgage may be refinanced into a 203 b after all work is complete and the. previous lender has completed the 203 k closeout process in FHAC. 203 B ONLY,CMS Policies Procedures Page 8 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. General continued, Maximum Cash Out Principal Minor Adjustment at closing not to exceed 500 cash back Principal curtailments are not permitted on Borrower.
Curtailments Paid Transactions If cash back exceeds the maximum 500 the excess funds will be applied to principal only if re. pricing the loan would require the borrower to pay closing costs out of pocket and the borrower rejects option to. reduce the loan amount and redraw loan documents CMS does not permit the borrower to receive cash back from. excess lender credit, Occupancy Investment or secondary residences may be only made without an appraisal. Investment properties may only be refinanced for the outstanding principal balance and may not exceed. county limits, One recent utility bill to document occupancy on an owner occupied streamline refinance. Verifying occupancy using Employer Documentation CMS permits employer documentation to verify the. borrower s current address This can be done by written VOE with the borrower s address in the comment section. or a letter from the employer on letterhead, Note if any mention of income is reflected the loan must be underwritten as credit qualifying. Seasoning GNMA seasoning requirements for all Streamlines and Cash Out Refinances. At least 6 full monthly payments must have been made AND. 210 Days must have elapsed between the first payment DUE date of the original loan and the first payment. DUE date of the new loan, FHA Streamlines have additional HUD seasoning requirements based on the date of FHA Case Number. Assignment, The borrower must have made at least six payments on the FHA insured mortgage being refinanced.
At least 6 full months must have passed since the first payment due date of the refinanced mortgage and. 210 Days must have passed from the closing date of the original mortgage that is being refinanced. If assumed borrower must have made 6 payments since the assumption. CMS Policies Procedures Page 9 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. General continued, Streamlines with PACE HERO Liens Streamlines with PACE HERO liens must be converted to a rate term or cash out refinance The PACE HERO. liens can no longer be subordinated, ML 17 18 no longer permits FHA refinances with PACE HERO liens.
https www hud gov sites dfiles OCHCO documents 17 18ml pdf. Unacceptable Sources of Income The following income sources are not acceptable for purposes of qualifying the borrower. Any unverified source of income, Income determined to be temporary or one time in nature. Retained earnings in a company,Stock options,Trailing spouse income. VA education benefits GI Bill, Income derived from State approved marijuana dispensary. Unacceptable Sources of Assets Retained earnings in a company stock options assets derived from State approved marijuana dispensary VA. education benefits GI Bill student loans and or grant funds employer tuition reimbursements unsecured. borrowed funds cash on hand welfare benefits and Section 8 Voucher Assistance. Eligible Property Types 1 4 units,Eligible Condos PUDs. Double or triple wide Manufactured Homes permanently affixed to the foundation built on or after June 15. 1976 and meet all HUD requirements, Single wide manufactured homes must be currently serviced by CMS.
Condo ID must be completed on FHA Connection FHAC,Project approval not required. CMS Policies Procedures Page 10 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19. General continued,Ineligible Properties CO OPS,Mobile Homes.
Homes for Heroes,Commercial or Industrial Zoned, Mixed Use with residential building use less than 51. State approved medical marijuana producing properties. Working Farms, Properties located within designated Coastal Barrier Resource System CBRS. Construction to Permanent,Properties located in the area of Wrightwood CA. Properties located on Tribal Lands which include section 248 Hawaiian properties in Lava Zones 1 and 2. Section Native Hawaiian Housing Loan Guarantee Program Section 184A. Properties with sink holes, Properties with a wastewater stabilization pond lagoon aka sewage lagoon. Properties with individual water purification systems required to make the water safe for human consumption. does not include systems installed to improve the taste or softness of the water and or any other ineligible. properties as defined by HUD Handbook 4000 1, Maximum Financed Properties There is no maximum number of financed properties however the maximum number of CMS loans to one.
borrower is 4, Subordinate Secondary Financing Existing Secondary Financing Notes and Deeds are not required The subordination agreement is always. required This applies for all FHA Refinances New Secondary Financing Notes and Deeds are required No. exceptions, Refer to the CMS FHA Underwriting Guidelines for additional requirements. Non Purchasing Spouse Non purchasing spouse may be added to title on a purchase transaction or may remain on title when refinancing. No other party other than the borrower or their spouse may be permitted to have a vested interest to the property. Eligible Borrowers Permanent Resident Non Permanent Resident. CMS Policies Procedures Page 11 of 12,Product Guidelines. FHA STREAMLINE,PROGRAM CODES F30FSR F25FSR F20FSR F15FSR F10FSR. H30FSR H25FSR H20FSR H15FSR H10FSR,Version 6 2 11 06 19.
General continued, Ineligible Borrowers Loans to non profit organization borrowers individuals convicted of previous financial crimes non U S citizens. without lawful residency in the U S individuals with Deferred Action for Childhood Arrivals DACA status. borrowers with delinquent Federal non tax debt and all non individual legal entities such as Corporations General. Partnerships Limited Partnerships Real Estate Syndications Investment Trusts Trusts including Inter vivos and. Living Trusts and Limited Liability Company LLC, Vesting Documents should be drawn to match the names confirmed through FHA Connection Vesting should match what. is currently on title and Note,Qualifying Fixed Products Qualify at Note Rate. HPML Rules The Higher Priced APR Threshold calculation is the FHA Standard which is the APOR plus 1 15 plus the monthly. MI percent,Not applicable in Maine and, Oklahoma FHA credit qualifying streamline transactions that exceed the Higher Priced threshold are permitted. FHA non credit qualifying transactions that exceed the Higher Priced threshold are NOT permitted For. these transactions the rate or APR fees must be reduced to bring the APR below the threshold OR the. loan may be converted to a credit qualifying transaction Full Documentation or FHA Credit Qualifying. Prepayment Penalty Not permitted, Kansas All owner occupied properties with LTV exceeding 100 require an appraisal.
Minnesota Qualify at Note Rate, Texas If the 1st Mortgage is subject to Texas Section 50 a 6 FHA insured financing is not permitted Once cash out. always cash out, The Title Policy will reference Texas Section 50 a 6 or Article XVI of the Texas Constitution effective 01 01 1998. Underwriting conditions and closing instructions must indicate No cash back to borrower is permitted Not even. West Virginia The maximum LTV CLTV is 100 excluding UFMIP.


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