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Wholesale loan credit reports must be dated within what time frame from FTMC application date?
90% O/O and 75% 2nd home
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
What are the seasoning requirements for a purchase money rate/term refinance transaction?
90% O/O and 75% 2nd home
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
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
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
Disputed tradelines require a new credit report & score under what circumstances for a Conventional loan?
90% O/O and 75% 2nd home
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
Are gift letters required for Conforming loans if the 1003 shows all the pertinent donor info?
90% O/O and 75% 2nd home
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
What is the max LTV/CLTV/HLTV for a detached condo in Florida?
90% O/O and 75% 2nd home
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
Which of the following is required in order to use short term disability as income?
90% O/O and 75% 2nd home
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
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
$0 bal, paid in full/resolved, aggregate amt outstanding is <$500 &> 24 mo old, & is not a mtg
No one
45
Trick question
AUS approval, letters from borr & employer stating return date at same job/income previously held
120 days from original Note date for FHLMC, none for FNMA
Yes
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