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융자지식178- CALCULATING INCOME CALCULATING INCOME NON-FLUCTUATING INCOME Non-Fluctuating Employment Earnings Pay Period Calculation of Income Annual Salary Annual Pay divided by 12 (or by the number of months if distributed in <12) Conventional Underwriting Guidelines...

융자지식177- EMPLOYMENT STABILITY EMPLOYMENT STABILITY A two-year employment history must be reflected on the application, though there are circumstances when less than two years may be acceptable. The purpose of reviewing employment history is to assure that the borrower...

융자지식176- PRIVATE MORTGAGE INSURANCE PRIVATE MORTGAGE INSURANCE All private mortgage insurance should be ordered in Flagstar Bank’s name if table-funded. MI underwriting services are available only through Arch, MGIC, Radian, and Genworth. Delegated customers should...

융자지식175- SUBORDINATE FINANCING SUBORDINATE FINANCING Generally, we can approve first mortgages that are subject to first mortgage subordinate financing held by another investor as long as the subordinate lien is recorded and will be clearly subordinate to our mortgage...

융자지식174- CONSTRUCTION-TO-PERMANENT FINANCING – FANNIE MAE CONSTRUCTION-TO-PERMANENT FINANCING – FANNIE MAE Construction-to-permanent financing involves the granting of a long-term mortgage to a borrower for the purpose of replacing interim construction financing, a...

융자지식173- REFINANCE REFINANCE RATE-AND-TERM (LIMITED CASH-OUT) REFINANCES A limited cash-out refinance transaction enables a borrower to pay off his or her existing mortgage by obtaining a new first mortgage that is secured by the same property. A limited cash-out...

융자지식172- PURCHASE PURCHASE FANNIE MAE HOMEOWNERSHIP EDUCATION REQUIREMENTS Fannie Mae requires at least one borrower complete homebuyer education for the following transactions: • HomeReady Program, Doc #5318, purchase transactions when all occupying borrowers are...

융자지식171- OCCUPANCY OCCUPANCY PRINCIPAL RESIDENCE A one-to-four family property that is the borrower’s primary residence. At least one of the borrowers must occupy the property. A primary residence is the residential property physically occupied by an owner as the...

융자지식170- BORROWERS BORROWERS Flagstar will purchase mortgages made to natural persons. We require that title to the property be in the name of the individual borrower(s). However, we will accept an inter vivos revocable trust as an eligible borrower under certain...

융자지식169- MONTHLY DEBT OBLIGATIONS MONTHLY DEBT OBLIGATIONS ALIMONY AND CHILD SUPPORT • When the borrower is required to pay under a legal written legal order or agreement, and • Payments are required to continue to be made for more than 10 months. • Child support is...