Conventional Submission Checklist
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Credit Report dated within 90 days
* Income Documentation Or Automated Income Verification
* W2 Employees
* One pay stub with YTD, 2 years W2s
* Self Employed (Most Current year per AUS)
* Business Tax Returns (Most current year per AUS)
* Social Security or Pension – Proof of monthly income
* Driver License
* Bank Statement
* Confirm VOI hit / success
* AUS Findings (Must be run through ease)
* Purchase Agreement (address matches 1003 & signed by borrower)
* Loan Estimate
* Uniform Residential Loan Application (1003) dated within 30 days of
* Electronic Delivery consent and Notice of Intent to Proceed
* Borrower’s Certification and Authorization
FHA Submission Checklist
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Credit Report dated within 90 days
* Income Documentation Or Automated Income Verification
* W2 Employees
* One pay stub with YTD, 2 years W2s
* Self Employed (Most Current year per AUS)
* Business Tax Returns (Most current year per AUS)
* Social Security or Pension – Proof of monthly income
* Driver License
* Bank Statement
* Confirm VOI hit / success
* AUS Findings
* Purchase Agreement (address matches 1003 & signed by borrower)
* Loan Estimate
* Uniform Residential Loan Application (1003) dated within 30 days of submission
* Electronic Delivery consent and Notice of Intent to Proceed
* FHA Case Number
* 92900-A (Must be signed within 3 days of the 1003)
VA Submission Checklist
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Credit Report dated within 90 days
* Income Documentation Or Automated Income Verification
* W2 Employees
* One pay stub with YTD, 2 years W2s
* Self Employed (Most Current year per AUS)
* Business Tax Returns (Most current year per AUS)
* Social Security or Pension – Proof of monthly income
* Driver License
* Bank Statement
* Confirm VOI hit / success
* AUS Findings
* Purchase Agreement (address matches 1003 & signed by borrower)
* Loan Estimate
* Uniform Residential Loan Application (1003) dated within 30 days of submission
* Electronic Delivery consent and Notice of Intent to Proceed
FHA Streamline Submission Checklist
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Credit Report or Mortgage Only Credit Report dated within 90 days (Mortgage Only Credit Report must include key factors)
* Loan Estimate
* Uniform Residential Loan Application (1003)
* Electronic Delivery consent and Notice of Intent to Proceed
* 92900-A (Must be signed within 3 days of the 1003)
USDA Submission Checklist
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Accept GUS Findings
* Income Documentation
* W2 Employees: 30 days of paystubs with YTD or one paystub with VOE, two years W2s
* Self Employed: 2 years tax returns
* Social Security or Pension: Proof of monthly income
* Purchase Agreement (address matches 1003 & signed by borrower)
* Loan Estimate
* Driver License
* Bank Statement
* Uniform Residential Loan Application (1003) dated within 30 days of submission
* Electronic Delivery consent and Notice of Intent to Proceed
* Credit Report dated within 90 days
VA IRRRL Submission Checklist
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Credit Report or Mortgage Only Credit Report dated within 90 days (Mortgage Only Credit Report must include key factors)
* Loan Estimate
* Uniform Residential Loan Application (1003) dated within 30 days of submission
* Electronic Delivery consent and Notice of Intent to Proceed
Prime Jumbo Max ARM Submission Checklist
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Uniform Residential Loan Application (1003) dated within 30 days of submission
* Loan Estimate
* Credit Report dated within 90 days
* AUS Findings
* Income Documentation Or Automated Income Verification
* W2 Employees
* One pay stub with YTD, 2 years W2s
* Self Employed (Most Current year per AUS)
* Business Tax Returns (Most current year per AUS)
* Social Security or Pension – Proof of monthly income
* Confirm VOI hit / success
* Driver License
* Bank Statement
* Purchase Agreement (address matches 1003 & signed by borrower)
* Electronic Delivery consent and Notice of Intent to Proceed
IF ANY OF THE FOLLOWING APPLY, THE BORROWER WILL NOT BE ELIGIBLE FOR A PRIME JUMBO MAX ARM LOAN:
1. The borrower has more than four financed properties
2. The borrower has had late housing payments (mortgage or rent) within the last 24 months
3. The borrower has pending lawsuits
4. The borrower is an ineligible non-permanent resident
5. The loan is a Texas 50(a)(6) loan
6. The loan is using an Escrow Holdback
7. The borrower is using assets as income
8. There are less than two credit scores reporting for any borrowers whose income is being used to qualify
9. The borrower has had a derogatory credit event in the last 7 years
10. The borrower has had more than one significant, derogatory credit event
A Recertification of Value is being used
Please note the following:
The maximum LTV will be reduced by at least 10% for any property that is determined to be located within a declining market as determined by the appraisal.
If the loan is a refinance and the property was purchased within the last 12 months, the lower of the current appraised value or original purchase price must be used
Investor Flex 30 Year Fixed Submission Checklist
An investment property is owned but not occupied by the borrower. Investment occupancy is allowed on 1-4 family dwellings (including condominiums and PUDs).
Loans that are part of the Investor Program are calculated solely from the income of the subject property in lieu of documenting Borrower income. Borrower’s income is not required and there is no calculation for debt-to-income.
Borrowers who qualify for the Investor product are not restricted to the number of financed properties that may be owned.
Units = 1-4 Unit
Max Loan Size = $3,000,000
DSCR ≥ 1.00 ≥ 1.20
Max LTV/CLTV/HCLTV 80% Min FICO 700
Max LTV/CLTV/HCLTV 75% Min FICO 680
Max LTV/CLTV/HCLTV 70% Min FICO 660
Months of Reserves = 3
ELIGIBLE PROPERTY TYPES
Single Family Dwelling
2-4 Unit Multifamily Dwelling, subject to eligibility restrictions
Warrantable condominiums
Planned Unit Developments
INELIGIBLE PROPERTY TYPES
Non-warrantable condominiums
Manufactured homes
Co-ops
Condotels
Modular homes
Log homes
Raw land
Mixed use properties
Working or hobby farms
Corporate properties
Earth, berm, or basement homes
Properties with health and/or safety hazards
Dwellings with more than 4 units
Timeshares
Rooming/boarding houses
Unique properties
Leasehold properties
Properties greater than 10 acres
Properties less than 600 square feet
Group homes
Properties with unpermitted additions
Land trusts
Properties zoned Agricultural or with agricultural characteristics
Properties located within a lava zone
Assisted living homes
Lagoons/cesspools
THE ITEMS BELOW ARE REQUIRED FOR SUBMISSION TO UNDERWRITING:
* Uniform Residential Loan Application (1003) dated within 30 days of submission
* Loan Estimate
* Credit Report dated within 90 days
* Driver License
* AUS Findings
* A copy of the fully executed purchase contract and all attachments or addenda is required (signed by buyer and seller)
* Maximum third-party concessions (as a percentage of the purchase price) are equal to 6% for LTVs of 80% and less
* Purchase Agreement (address matches 1003 & signed by borrower)
* Property Insurance
* Asset – Third party verification of sufficient funds for down payment, closing costs and reserves.
* Three (3) months reserves are required on the subject property PITI(a).
* Income Documentation – The DSCR will be calculated based on the average actual rental income calculated over 12 months.
Long-term lease properties – The lower of the lease agreement or 100% of the market rent from the appraisal form 1007 will be utilized to determine the DSCR.
Month-to-month lease – Appraisal confirming property is tenant occupied, and Proof of the borrower receiving rental income from the subject property
Unleased properties – 100% of the market rent from the appraisal form 1007 will be used to determine the DSCR.
Short-term rental properties – Twelve (12) months evidence of receipt via service provider payment receipt history
* Proof of the security deposit and first months’ rent being paid.
* Appraisals from two different appraisers required for loans over $1.5M. Form 1007/1025 is required with the appraisal documentation.
* For purposes of calculating the LTV, the property value is defined as the lesser of the purchase price or appraised value of the mortgaged premises
* A 12-month chain of title is required
* Existing first mortgage payoff, closing costs, fees, and any prepaid items
* Any subordinate financing which was used to acquire the subject property
* Any subordinate financing that was not used to purchase the subject property provided