Previously Condominiums were not allowed; now Attached Condominiums are allowed for certain LTVs on Primary Residence & 2nd Home, Purchase and Rate/Term Refinances with restrictions (see grid). Detached Condo allowed with same guidelines as SFR. […]
We have added the new 500 Series Super Jumbo Advantage Program. Some of the advantages to this program as compared to the 500 Series Super Jumbo program are: Higher LTVs, lower minimum credit scores, allows […]
200, 300, 500, 800, & 1000 Series ARM Products have made improvements for the maximum allowable LTV. They are now in line with the Maximum LTV for Fixed Rate Products. DU Risk Assessment has been […]
Applicable to Fannie Mae and Freddie Mac products, Fixed & ARM: Updates to 500 series for minimum credit score requirement, and maximum LTV. In support of ongoing efforts to expand access to credit and to support sustainable […]
Under certain guidelines. Freddie Mac allows us to use borrower income from a future employer: Employment & Earnings Type: Income must be from primary employment. Income must be Base Pay, non-fluctuating salaried earnings. General Eligibility: […]
Applicable to FNMA Loans: If a payment amount is provided on the credit report, that amount can be used for qualifying purposes. If the credit report does not identify a payment amount (or reflects $0), […]
Applicable to Freddie Mac Loans: Fannie Mae has updated their policy to permit truncated account numbers that display at least the last four digits of the borrower’s asset account. Previously the bank statement had to […]
Applicable to FNMA Loans: When a borrower is obligated on a non-mortgage debt, but is not the party who is actually repaying the debt, the debt may be excluded from the borrower’s recurring monthly obligations, […]
MFG Banking has added several Portfolio and NON-QM programs for Purchase, Rate and Term and Cash Out Refinance transactions. Our Portfolio Product line is offered to provide borrowers with loan programs that extend beyond the Agency […]
Let us Disclose For you with “No Hassle Origination”Enjoy the benefits of MFG Banking’s “No Hassle Origination”:- Allow for faster appraisal ordering – Quicker turn-times – No disclosure delaysNo Need to wait for a full […]