Mortgage Guidelines
Credit Score: Minimum 620 for owner occupied & 680 for 2nd homes and N/O/O.
· DU Findings: Approve/Eligible and EA level I only.
· Max LTV: 105%
· Max CLTV: Unlimited
· Max DTI: based on our current DTI matrix
· Income Doc: per DU, however a minimum of 1 year income (W2 or 1040s) and most recent 30 day paystub must be provided. 4506 and transcripts to confirm the income will be required on every loan.
· Mortgage History: 0 x 30 in the last 12 months. Any lates in the last 60…TBD.
· BK seasoning: 48 months since discharge. Multiple BKs in the last 84 months are not allowed.
· FC seasoning: 84 months.
· Appraisal requirements: per Fannie. This would allow the “Property Field Work Waiver” which is similar to a PIW. There is a $75 fee and DU will determine when this is allowed. We may have to consider eliminating this option in certain markets, but that is TBD.
· State Restrictions: Texas. Need to get more details on this.
· Property Restrictions: no properties listed in the last 6 months.
· Mortgage Insurance: As of today, we will only be offering DU Refi Plus to borrowers that do not currently have MI on their loans. This includes loans that were at 80% or below or loans that were closed with no MI or the MI policy has been canceled.
Also find more information on Bank of America’s underwater mortgage program HERE!