Purchase and Rate/Term Refinance

1 Unit

LTV: 97%/105%

Fico: 680

DTI: 50%


No MI program is designed for low-to-moderate income borrowers and offers a low monthly total payment in addition to underwriting flexibilities. The No MI product is an effective alternative to BPMI, LPMI or the FHA life-of-the-loan mortgage insurance requirement. The Lakeview Agency No MI Program is available for LTVs between 80.01 – 97.0% while eliminating the requirement for mortgage insurance.


HomeReady and Home Possible/Home Possible Advantage loans:

o

The income used to qualify the borrower converted to an annual basis must comply with HomeReady or Home Possible/Home Possible Advantage Area Median Income (AMI) requirements as found in the applicable agency Selling Guide.

DU and LPA Conventional Loans that contain HomeReady or Home Possible/Home Possible Advantage eligibility messaging in the AUS findings report:

o

The income used to qualify the borrower converted to an annual basis must comply with HomeReady or Home Possible/Home Possible Advantage Area Median Income (AMI) requirements as found in the applicable agency Selling Guide.

o

For additional details, see AUS/Underwriting section below.

DU and LPA Conventional Loans that do not contain HomeReady or Home Possible/Home Possible Advantage eligibility messaging in the AUS findings report::

o

The income used to qualify the borrower converted to an annual basis must not exceed 80% of the Area Median Income (AMI) – refer to below links as applicable.

Freddie Mac AMI Limits
Fannie Mae AMI Limits

 

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