CRA WVOE & CPA Prepared P&L Overview
CRA WVOE & CPA Prepared P&L offer flexible underwriting, highly competitive rates and fixed or variable-rate financing options with certainty and speed of execution.
* Available State: Available in CA, CO, GA, IL, TX, VA, WA
CRA WVOE & CPA Prepared P&L Program Highlights
7/6 ARM
1) Gift funds allowed;
2) Max. Loan Amount $1M;
3) Max. LTV 70%;
4) Min. FICO 700;
5) 1-4 Units/Condo.
CRA WVOE & CPA Prepared P&L Guidelines
| Property Type | ★1 unit SFR/PUD/Condo; 2-4 Units |
| Citizenship | ★U.S. Citizen★Permanent Resident★Non-permanent Resident ★Foreign National is ineligible. |
| Job & Income | Same as "WVOE&Self Prepared P&L" |
| Assets & Reserve | Same as "WVOE&Self Prepared P&L " |
| Credit | ★Mortgage/Rent :Max. 1x30 in past 12 months; Max 2x30 in past 24 months ★Tradelines:3 X 12-month seasoned tradelines required for single application. ★Bankruptcy: 5 Years |Short Sale & Deed In Lieu:5 Years |Foreclosure:5 Years | Loan Modification:5 Years |
| Appraisal | ★Appraisal guideline: 1 Full Appraisal &1 Automated Valuation Model are required. |
| Other Requirements | ★Max Front-End/Total Debt-to-Income (DTI) ratio allowed: 43%/48%. ★Primary Transaction must be CRA Eligible Loan: ①LMI of less than 80% of FFEIC median income for census tract; or ②Subject Property Located in LMI geographic location. ★Investment Transaction must be CRA Eligible Loan: ①Subject Property Located in LMI geographic location. ★No AUS required - Manually Underwritten ★Qualifying Interest Rate: Higher of fully-indexed rate or note rate. ★Condo must be warrantable by Fannie Mae; non-warrantable condominiums will be reviewed on an individual basis. ★Transaction must be an Arms-Length Transaction. |
