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Which of the following is required in order to use short term disability as income?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
For the New Doctor Program, may a borrower use gift funds for down pmt & reserves on a 100% LTV loan?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
Disputed tradelines require a new credit report & score under what circumstances for a Conventional loan?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
What are the seasoning requirements for a purchase money rate/term refinance transaction?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
Based on the Exception Matrix, who is allowed to grant exception approval for use of a non-approved appraisal vendor?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
Does FNMA or FHLMC allow a borrower to have more than one primary residence simultaneously?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
Wholesale loan credit reports must be dated within what time frame from FTMC application date?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
What is the max LTV/CLTV/HLTV for a detached condo in Florida?
90% O/O and 75% 2nd home
120 days from original Note date for FHLMC, none for FNMA
AUS approval, letters from borr & employer stating return date at same job/income previously held
No one
Trick question
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
45
Yes, FNMA only for elderly parents OR mentally or physically disabled adult child
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