View 1000 Series Super Jumbo Matrix

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500 Series Super Jumbo Advantage Guidelines

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See our updated Agency Conforming Matrix!

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Employment & Earnings Type:

• Income must be from primary employment.
• Income must be Base Pay, non-fluctuating salaried earnings.

General Eligibility:

• Purchase Money Mortgage.
• 1 unit owner occupied residence

Ineligible Borrower:

• Employed by a family member or by an interested party
  to the transaction.

Offer Letter or Employment Contract:

• Copy of the Employment Offer Letter or Employment Contract must
  be fully executed and accepted by the borrower.
• Offer Letter or Contract must be non-contingent, or provide
  documentation, such as letter (on letterhead), or e-mails from the
  employer verifying all contingencies have been cleared.
• Must include the terms of employment, including, but not limited
  to, employment start date, and annual base non-fluctuating
  earnings.
• Documentation confirming employment contracts are reasonably
  common to the particular employment field, industry, or region.

10 Day PCV:

• 10 day pre-closing verification of employment; verifying the terms
  of the offer letter or employment contract have not changed.

Prior to the Note Date, the seller (MFG) must determine and document in its written
analysis, which of the following options is chosen:

Option 1:

• The seller is NOT required to obtain a paystub from the new
  employer.
• The Note Date cannot occur more than 60 days prior to the
  commencement of employment as documented on the offer letter
  or employment contract (& verified verbally).
• The seller must document adequate income and/or liquid assets to
  pay the monthly housing expense, and other monthly liabilities
  between the Note date and the employment start date.
• Document an additional 6 months housing expense reserves.

Option 2 – This option is only allowed with Senior Management approval.

• The seller is required to obtain the paystub from the new employer
  prior to the delivery date; the paystub must validate the income
  used.
• The seller must document adequate income and/or liquid assets to
  pay the monthly housing expense, and other monthly liabilities
  between the Note date and the employment start date.

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The mortgage loan file must obtain the most recent 12 months’ cancelled checks (or bank statements) from the other party documenting a 12 month satisfactory payment history. There must be no delinquent payments for that debt in order to exclude it from the borrower’s debt-to-income ratio.
The previous guideline stated the person paying the debt must be obligated on that debt.

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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 guidelines. If you have borrowers that need this flexibility to qualify, then we have the loan program that's right for you.

Contact your Manhattan Financial Group, Inc. Account Executive or Loan Coordinator to answer any questions you have about our 200 Series Portfolio Products. If you are not already an MFG approved broker, one of our Account Executives will walk you through the approval process, our loan products and online loan pricing and submission software (BRIDGE).

The post 200 Series Portfolio Products appeared first on MFG Banking.

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 delays

No Need to wait for a full package!

No Hassle Origination Package Includes:

* Submission Package must be received within 24 hours of initial loan application

- Fully Completed 1003 (Signed by MLO)
- Credit Report
- Borrower Signature Affidavit (BSA)
- Fees Worksheet & Estimated Title Fees (from closing agent)
- E-Delivery Disclosure

** Broker must provide accurate email addresses for borrowers & co-borrowers at submission

Visit our TRID Disclosure Procedures page or Contact Us for Assistance.

Click here to view today's Rate Sheet

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