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FHA and VA Home Loans short

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Short FHA and VA Home Loans

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FHA and VA Home Loans short

  1. 1. VA and FHA Presented by: David Johnston from Guild Mortgage
  2. 2. FHA Program Emphasis *Higher Debt Ratios * Low/No down payment 3.5%-- rumor 5% * 100% Gift money OK *BKs only 2 yrs old (FHA/VA) *Seller paid closing costs 6% *Declining Markets OK *Manufactured Housing * No HVCC for Appraisals * Beats Conventional MI MI = 41% DTI 720 FICO
  3. 3. FHA Basics * Don’t have to be 1 st Time Buyer * 3.5% Down Payment *Need Condo approval – no PUD approval *Can do ‘spot’ approvals on condos- Feb. 1, 2010 *Seller can pay all closing costs - not to exceed 6% of sales price *BKs only 2 years old *High debt ratios– FNMA does not apply *$697,500 max loan amount (see chart) *Can do Units! May require larger down payment + reserves *Owner Occupied Only * No FICO scores OK with alternative credit– 600 FICO *Cash out refi 95% to $417,000, 85% above *203K Streamline – The Renovation Loan * NO mandatory seller’s fees (except $60) * Termite clearance IS NOT mandatory
  4. 4. FHA Basics <ul><li>* Non Occupant co-borrowers are </li></ul><ul><li>allowed on FHA loans </li></ul><ul><li>100% debt ratio for primary </li></ul><ul><li>Combine all income and debt </li></ul><ul><li>OTMIP and MMI– 1.75% and .55% </li></ul><ul><ul><li>Word to rise to 2.25% </li></ul></ul><ul><li>OTMIP can be financed and MMI </li></ul><ul><li>drops off at 78% LTV </li></ul><ul><li>* Lender qualifications-- $250,000 to $1,000,000 net worth. Warrant for 3 rd party loans-- broker </li></ul><ul><li>* High Balance FHA 2 nd appraisal </li></ul><ul><li>-over $417,000 </li></ul><ul><li>-LTV =/> 95% </li></ul><ul><li>-SD/Riverside/SB Counties </li></ul><ul><li>* Be aware of FHA’s “90 Day Flipping” rule– February 1, 2010 one year waiver </li></ul>
  5. 5. FHA S.D. Loan Limits
  6. 6. FHA Riverside Loan Limits
  7. 7. FHA 203K Streamline Features
  8. 9. FHA Condo List
  9. 10. VA Basics * Zero Down payment *$ 417,000 max loan amount * High Balance VA to $437,500 – partial down payment required above $437,500 *100% gift/ loan OK for closing *Seller can pay all closing costs -VA No No max 4% of sales price * Seller can pay off buyer’s debts * No FICO minimum – alternative credit OK– 600 FICO *BK 13 – 1 year and Court approval *Veteran can re-use eligibility *VAFF – waived with perm disability *Seller Mandatory Costs *Must have termite clearance * Condos VA approved only
  10. 11. VA Condo Condo PUD– Will not accept FHA
  11. 12. Search by City and State
  12. 13. Guild Programs * FNMA HomePath 97% LTV, 90% investor No MI, No Appraisal *CALPERS, CALSTRS *Jumbo Fixed to $2.0 million Amortizing or Interest Only *High Balance FHA, FNMA 5/1 ARMs
  13. 14.       Thank You! David Johnston 619-977-6497

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