A home mortgage is a primary residence or second home mortgage. Borrowers applying for Primary Residence Home Mortgages often see up to 95-97% Loan to values (LTVs) and second homes are typically up to 90% LTV.
Agency rates are low, (Fannie Mae, Freddie Mac, FHA & VA) starting at 2.5% (2.75% APR) for well-qualified borrowers for 30 year fixed mortgages and 2% with 2.25% APR’s for 15-year mortgages (8.8.20 rate sheets).
There are 3 main factors for Individuals seeking to buy or refinance a home; credit, income, and liquid assets. As the industry continues to see growing numbers of Forbearances, servicers continue to take large losses, and as a result, have made stricter underwriting guidelines and reduced Service Release Premiums.
As an industry standard since COVID, a minimum credit requirement of 620 is required for FHA and VA mortgages and 640 for Fannie Mae and Freddie Mac.
Borrower’s income must be fully documented to a Debt to Income (DTI) ratio, as per the Dodd-Frank Act, of typically under 45%, but Automated Underwriting Systems (AUS) has been known to make exception up to 55% in the past, with mitigating circumstances, such as higher asset borrowers. Those exceptions are fewer today with COVID overlays. Self-employed income is more scrutinized as well. Borrowers especially in “non-essential businesses” must prove that their year to date business income is consistent and stable and supports the income level used to qualify the DTI ratio. Depreciation, Asset Depletion, and other add-backs are still accepted principles for income calculations.
Self Employed borrowers are welcome to contact us for free income calculations and income positioning strategy recommendations.
Liquid asset requirements have increased during COVID for owners of investment properties, from 6 to 12 months, for each property.
Non-Agency home mortgages are at lower LTV’s in this COVID era, approved case by case, at various Loan to value and interest rates. Alternate documentation such as bank statement are still accepted, substantially fewer non-agency lenders remain, and a dramatic reduction in non-agency volume persists.
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