NEW Calyx Point Download
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
Jumbo Loans Temporaryily suspended
Vision One is no longer accepting Jumbo Loan applications. Additionally, any CALHFA loan must have upper management approval prior to submission.
New Loan Lock Requirements
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.