FHA/VA Guideline Update
Superior has access to lift the overlay limit of 55% DTI for FHA and VA loans. We will now follow the AUS guidance with DTI ratios for loans with FICO scores of 680 and higher. Loans with less than a 680 FICO will still be capped at a maximum of 50% DTI.
FHA and VA 3/1 ARM Loans
Superior has available a 3/1 ARM to our FHA, FHA Elite, VA and VA Elite product families. Visit http://www.superiorml.com and price a loan today.
Superior Mortgage Lending is excited to offer the Conventional 1% Down with Equity Boost
- Borrower puts down 1%, our investor contributes 2%*, giving 3% equity at closing
- Great low rates
- Close in 30 days or less
- Conventional 30-year fixed program
- Available with no monthly Mortgage Insurance
- Does NOT have to be First Time Home Buyer
- 100% Gifts allowed
On the Real Estate Owned (REO) screen in EASE, rental income will now automatically flow to the income section. We will also order tax transcripts for the rental income to speed up the loan process.
Blink will now allow for multiple credit providers. Each individual user can now add in their own preferred credit provider.
Pulling Credit Reports through Blink
Now you have the ability to pull credit reports within Blink if a borrower opted to skip having it pulled during their initial application. Then you can populate the liabilities inside the Blink file to make a proper transfer to EASE.
- FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3% Down vs 20% that is required on other loan programs.
For additional information, please contact your one of our experience Loan Officers at http://www.superiorml.com/staff/ .