Announcements!
Effective Friday, May 1, 2009
In order to comply with the new
HVCC policy, all CONVENTIONAL appraisals must be ordered through
Atlantic Home Loans. You can do so by clicking the
blue button above. There is also a link on the
main
http://www.goahl.com page. Once
we receive the appraisal, you will be forwarded a copy.
Please note that, effective today, Atlantic Home Loans
cannot accept any appraisals ordered directly by the
Broker. Thank you.
Effective Monday, March 2, 2009
Max LTVs:
-
85% cash-out
over $417,000.
-
96.5% for all FHA
purchases.
-
97% for all FHA
rate/term refinances.
-
95% cash-out 1-2
family under $417,000.
New Appraisal
Requirements:
New FICO
Changes:
-
<620, no longer
available (regardless of AUS).
-
12 month pay
history needed (0 x 30).
-
If existing
mortgage history 4-6 months, 660 min FICO (0 x 30)
-
Mortgage history
less than 3 months, no longer available.
New LARA
Policy:
-
If LTV > 75%,
AHL requires a LARA. Submit LARA with file or, when
registering, submit check for $100.00 made payable
to Atlantic Home Loans. For your convenience,
AHL can also process credit cards.
_______________
Effective Friday February
6, 2009
FHA Loans
(Does not apply to Streamlines Refinances):
-
FHA loans will
require a minimum credit score of 580 regardless of
AUS findings.
-
FHA manual
underwrites will require a minimum 600 credit score
for consideration.
-
FHA Purchase and
Cash Out Refinances regardless of AUS findings, DTI
not to exceed 50%
FHA Streamline
Refinances
-
Payment history
greater than or equal to 12 payments, no change. No
credit report required if payment history is
satisfied without the use of a credit report.
-
Payment history
greater than 6 months but less than 12 months,
minimum credit score of 580. Credit report will be
required.
-
Payment history
less than 6 months but greater than 3 months,
minimum credit score of 660. Credit report will be
required.
-
No Streamline
refinances with less than 3 mortgage payment
history.
All loans not meeting the new policy
changes must be locked by 2/5/2009.
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