This is a quick reference guide for investor overlays for Rebuttable Presumption loans. If the investor is not listed here, they have no additional requirements beyond the legal requirements of escrows on the loan for the first 5 years of the loan and having residual income.
Caliber – If Rebuttable Presumption, requires an AUS accept, 620 min FICO, and 120% of the residual income requirements.
CMG – All HPMLs need an AUS accept. If fixed rate, residual income must exceed $1,000. If ARM, $1,000 residual income plus the difference in payment if the rate were to reach the lifetime cap. All VA loans are ineligible if they are Rebuttable Presumption. VA loans must be Safe Harbor. Not allowed on USDA. CMG is the only one with Safe Harbor overlays
OHFA - If Rebuttable Presumption, DTI is limited to 43%. No exceptions.
Redwood – If property was acquired by seller less than 180 days prior to sale, loan will require a 2nd appraisal.
Wells Fargo
|
Rate this Topic:
|
|||
|
