This course is designed for those new to underwriting FHA loans, but have experience underwriting conventional loans, and can complete an analysis of credit, liability, income and, asset documentation. This course consists of underwriting basics specific to FHA, such as: borrower eligibility, property eligibility, loan limits, mortgage transactions, mortgage insurance premiums, FHA programs and mo
For most mortgage borrowers, there are three major loan types: conventional, FHA and VA. Each loan type comes with a different set of qualifications, benefits and drawbacks.
Remember when you are using the Mortgage Calculator, HomeReady Mortgage: Updated Rates & Loan Guidelines – HomeReady is a conventional mortgage loan via Fannie Mae, which means that you are required to pay private mortgage insurance until your home’s loan-to-value (LTV) reaches 80% of the original.
Mortgage loans with financed mortgage insurance must be purchase, from the LTV calculation, resulting in a premium based on 90% LTV (see above).
Fannie Mae HomePath properties offer low to mid income buyers the chance to buy a home. Go step-by-step to get approved for your HomeReady mortgage today.