NEW Calyx Point Download
You can now use Calyx Point for your own input of borrower information. If you do not have a copy we have a Free downloadable copy availabel see the Calyx Point tab under miscellaneous tab in the menu bar.
Once you have completed the 1003 in Point then you can simply Export it and attach to an email.
Can I use cell phone pictures of documents?
NO! Please do not send processing cell phone pictures or pictures from any other camera. We can only use scanned documents to process a loan.
Current General Guidelines
FHA 620 Fico & above Cash Out Available Max DTI 50%
680 Fico & above Cash Out No DTI Restriction No Cash Out Restriction
Agency Loans Cash Out including second and investment properties no restrictions
Jumbo Excellent Pricing 5/1 & 10/1 better than agency for high balance loans
Jumbo Cash Out Matrix
Do we finance Mobile Homes?
As long as the mobile home is affixed to the permanent foundation it would be considered a manufactured home and would then be ok.
HOWEVER, please note that the home would have to be assessed for taxes as a Manufactured home and not a mobile home. If it is still assessed as a mobile home we would not be able to do it.
When can I lock my loan?
You must have submitted a full loan package and have it accepted by underwriting then you can lock once your loan numner is assigned in prolender.
What is the current down payment required for Jumbo loans?
We can go to 90% on Jumbo so 10% down.
Vision One Loan Fees
Conv. and FHA
$ 195 Compliance fee (this can not be charged on loan unless included in origination)
Loan Submission Requirements
- Completed legible submission form
- Completed and signed submission form addendum
- Completed 1003……..all sections
- Credit report with current home address
- Mortgage statement of all properties owned
- Evidence of insurance on all properties owned
- Current color photo ID, Dr Lic, Green Card, etc.
- Current paystubs consecutive for 30 days
- VOE’s are not necessary but very helpful
- 2 Years W2s/1099
- 2 Years tax returns, personal, corporations, partnerships
- 2 Months most recent bank statements with large deposits sourced
- Current retirement account statements
- Purchase contract with required counters and addendums
- Emd receipt and copy of check
- Escrow Instructions
- Preliminary Title report
- Property Profile for all properties owned
- USPS look up for subject properties
- Borrowers signed authorization dated same day as credit report
- 3.2 Point file or LO number in origination
What Lenders is Center Point Mortgage broker approved with?
See Mortgage Documents, there is a download of those lenders, note it is updated as we add them.
Covid 19 Mortgage Forebearance
So FHA is out of the question. Conventional would need to be caught up and then make three scheduled payments - not ahead but as scheduled and then they could apply.
FHA just announced that if a borrower has their mortgage or any non-mortgage debt in forbearance it automatically deems them ineligible.
Conventional: borrower would need to catch up on all three payments and then make 3 consecutive scheduled payments in order to qualify. Please note that these guidelines are constantly changing
New Loan Lock Requirements
Vision One Underwriting Updates
Due to current turn times we are now requiring that ALL locks be requested at 40 days regardless of when you choose to lock your loan i.e. at submission or initial approval. If your lock is not requested at 40 days we will reject the request and require you to reprocess the lock.
New DU Requirements & Pre-Approvals
Every loan submitted to underwriting from today 9/10/2020 will have a DU report processed. Any loans failing to return an a DU Eligiable will be rejected and you will be notified.
All requests for a Loan Pre-Approval will have a DU report processed prior to sending out a Pre-Approval. In order to receive a DU Pre-Approval the following items must be sent to processing.
Completed 1003……..all sections
Credit report with current home address
Mortgage statement of all properties owned
Current paystubs consecutive for 30 days
2 Years W2s/1099
2 Years tax returns, personal, corporations, partnerships
Current retirement account statements
NOTE: additional items may be requested depending on the loan scenario.
Loan Pre-Qualifications only require a credit report and income documents, no DU will be processed.
USPS look up for subject properties
Borrowers signed authorization dated same day as credit report
3.2 Point file or LO number in origination
HUD Announces higher loan limits for 2021!
WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's new schedule of loan limits for calendar year 2021 for its Single Family Title II forward and Home Equity Conversion (reverse) Mortgage insurance programs. Loan limits for most of the country will increase in the coming year resulting from robust house price appreciation, which is factored into the statutorily mandated calculations FHA uses as part of its methodology for determining the limits each year. The new loan limits are effective for FHA case numbers assigned on or after January 1, 2021.
Read FHA’s Mortgagee Letter on 2021 Forward Mortgage Limits.
Read FHA’s Mortgagee Letter on 2021 Home Equity Conversion Mortgage (HECM) Limits.
FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008 (HERA), to set Single Family forward loan limits at 115 percent of area median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.
“FHA has seen consistent increases in loan limits during the past few years, putting it in a position to serve a segment of borrowers that may be better-served by the conventional market. FHA’s mission is to support low-to-moderate income borrowers, so why does the law permit FHA to insure mortgages up to $822,375? This is a question for Congress and the taxpayers who stand behind FHA to answer,” said Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade.
In high-cost areas of the country, FHA’s loan limit ceiling will increase to $822,375 from $765,600. FHA will also increase its floor to $356,362 from $331,760. Additionally, the FHA-insured Home Equity Conversion Mortgage (HECM) maximum claim amount (HECM limits) for reverse mortgages will increase to $822,375 from $765,600. FHA’s current HECM regulations do not allow the HECM limit to vary by MSA or county; instead, the single HECM limit applies to all HECMs regardless of where the property is located.
In its November 13, 2020 Annual Report to Congress covering the financial status of FHA’s Mutual Mortgage Insurance Fund for fiscal year 2020, FHA provides recommendations for addressing the risks and flaws in current FHA loan limit calculations. Due to the statutory nature of these provisions, HUD cannot fully address the concerns without Congressional action.
Due to robust increases in median housing prices and required changes to FHA’s floor and ceiling limits, which are tied to the Federal Housing Finance Agency (FHFA)’s increase in the conventional mortgage loan limit for 2021, the maximum loan limits for FHA forward mortgages will rise in 3,108 counties. In 125 counties, FHA’s loan limits will remain unchanged. By statute, the median home price for a Metropolitan Statistical Area (MSA) is based on the county within the MSA having the highest median price. It has been HUD’s long-standing practice to utilize the highest median price point for any year since the enactment of the Housing and Economic Recovery Act (HERA).
The National Housing Act, as amended by HERA, requires FHA to establish its floor and ceiling loan limits based on the loan limit set by FHFA for conventional mortgages owned or guaranteed by Fannie Mae and Freddie Mac. The national conforming loan limit for 2021 is $548,250. FHA’s 2021 minimum national loan limit “floor” of $356,362 is set at 65 percent of the national conforming loan limit. This “floor” applies to those areas where 115 percent of the median home price is less than the “floor” limit.
Any area where the loan limit exceeds this ”floor” is considered a high-cost area, and HERA requires FHA to set its maximum loan limit “ceiling” for high-cost areas at $356,362, which is 150 percent of the national conforming loan limit.
To look up new loan limits go here:
Center Point Changes Name and Launches Real Estate
As of Jan 20th 2021, we are now Oak Tree Realty & Mortgage. This includes Assurant Equit Lending which is now Oak Tree Alternative Lending.
By the end of the month our real estate division will be up and running! and ready to recruit real estate agents!