and compensating factors), often engaging in Monday morning quarterbacking by focusing on early payment defaults.
Department of Energy, EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios
CBMA offers an affordable mortgage program for LMI borrowers through the Massachusetts Association of Community Organizations for Reform Now with below-market rates, liberal qualifying ratios
, and lowdownpayment requirements.
And last year HUD announced that homes that meet MEC qualify for a 2 percent stretch on loan qualifying ratios
Calculate maximum FHA loan limits, qualifying ratios
, up-front and monthly MIP
These can include missing or incomplete verifications of employment and deposit, a failure to document adequately the borrower's source of funds invested in the transaction, approval of a borrower with high qualifying ratios
in the absence of sufficient documented compensating factors or with poor credit history, or a miscalculation of the maximum mortgage amount.
The liabilities from the import of the credit report populate the debt sub-screen in pre-qualification for easy calculation of qualifying ratios
Fannie Mae and Freddie Mac responded by expanding qualifying ratios
- the "2 percent stretch.
The company has continued to offer a special mortgage package to purchasers of NJ Energy Star homes that includes no document-preparation fees, stretched qualifying ratios
of up to 5 percent and special rate locks.
IHFA First Home Community: IHFA-approved lenders offer this affordable mortgage product, which has flexible credit guidelines and qualifying ratios
, as well as a minimum down payment contribution of 1 percent or $500, whichever is less, from the borrower's own funds to help teachers, firefighters, police officers, and state and municipal workers become homeowners.
According to HUD, the lender under this pilot program will first process the mortgage application and qualify the borrower using the standard underwriting requirements and qualifying ratios
under FHA rules.
The core features, which can be customized, include a minimum contribution of 1percent or $500, whichever is less (from the borrower's own funds), no monthly reserves, and higher qualifying ratios