Government

Section 8 Homeownership Vouchers must go directly to the borrower. Payments to the servicer with a voucher are ineligible.

Income or Assets derived from Marijuana related businesses are not allowed (regardlessif they are used for qualifying purposes), and property cannot be used for Marijuana related activies.

Community Land Trusts/all other Land Trusts are ineligible for purchase.

Mixed-use properties are ineligible for purchase

Loans with "0" FICO Score are ineligible for purchase

On refinance transactions, when paying off a loan, the borrower must have made 6 consecutive payments on the loan being paid off and the first payment due date of the new loan must be at least 210 days after the first payment due date of the refinanced loan (Note: for modified loans the date is counted from the first payment date of the loan after modification)

Self-employed borrowers most recent 1 year personal tax transcripts as applicable when tax returns are used to qualify (Business transcripts required if income is not validated on personal returns)

Properties that are located on Indian reservations or Native American tribal lands that are also subject to tribal governance requirements are ineligible.

Water Purification Systems that require an account to be held for ongoing maintenance and managing contracts are ineligible.

FHA and VA refinance loans are not allowed when the previous loan was an F2 or A6 cash out transaction.

• 203b checked or 203b checked with escrow repair
• If 203b is checked - confirm all repairs have been completed and escrow released

Not Allowed

All VA loans require escrows, no waivers will be given.

Max DTI 65% - regardless of AUS Recommendation

Max DTI 50%
See LTV grid for minimum credit score
Must meet all VA requirements including residual income. AUS approval is required.

Value to be determined by one of the following:

• Previous full appraisal completed within 12 months of note date
• Freddie Mac HVE, Home Value Explorer, with a confidence level of "H"
• CoreLogic GeoAVM Core or Collateral Analytics AVM with an FSD not exceeding 15
• Drive-By or Full appraisal

Subject Mortgage History not to exceed: 0X30 in the most recent 6 months and a max of 1X30 in the most recent 7-12 months. Scores <700 must have max 0X30 in the most recent 12 months.

A two-year employment history is required on the residential application (1003), but income verification is not required.*

• Employed borrowers require a Verbal VOE
• Self-employed borrowers require a verification of the business through 3rd party sources.
• Borrowers of retirement age do not require a VVOE