Direct Mortgage Wholesale Login & Loan Choices Image
DirectWare Login
 
Priority UnderwritingLoan Choices™FAQContatctLoan ProgramsLock  
     

  FHA Mortgage Loans

**Updated 9 May 2011**

   

Program Number

Program Description

Program Type

Max Loan Amount

Max LTV/ CLTV

Min FICO7

Occupancy Types

Purpose

Doc Types

6051

FHA Fixed and ARM Refinance (LP)

Government

HUD County Limit5

97.75%/97.75%

5808

OO

R&T/CO

Full (run LP)

6052

FHA Streamline Fixed and ARM Refinance (no credit qualifying)

Government

HUD County Limit5

N/A /100%

640

OO

R&T

Streamline

6059

FHA Streamline Fixed and ARM Refinance (credit qualifying)

Government

HUD County Limit5

N/A /100%

640

OO

R&T

Streamline

6068

FHA Fixed and ARM Purchase (LP)

Government

HUD County Limit5

96.5%

5808

OO

P

Full (run LP)

6151

DU FHA Refinance

Government

HUD County
Limit5

97.75%/97.75%

5808

OO

R&T/CO

Full/Alt (run DU)

6152

DU FHA Purchase

Government

HUD County
Limit5

96.5%

5808

OO

P

Full/Alt (run DU)

6189

LP High Balance Fixed FHA

Government
HUD County Limit6
96.5% (P)
97.75% (R&T)
640
OO
P/R&T/CO
Full

6190

LP High Balance ARM FHA

Government
HUD County Limit6
96.5% (P)
97.75% (R&T)
640
OO
P/R&T/CO
Full

6191

DU High Balance Fixed FHA

Government
HUD County Limit6
96.5% (P)
97.75% (R&T)
640
OO
P/R&T/CO
Full

6192

DU High Balance ARM FHA

Government
HUD County Limit6
96.5% (P)
97.75% (R&T)
640
OO
P/R&T/CO
Full

6199

FHA $100 Down

Government
HUD County Limit5
$100 Down Payment
640
OO
P
Full

6203

FHA High Balance Streamline

Government
HUD County Limit6
97.75%
680
OO
R&T
Streamline

6206

FHA Streamline with Appraisal

Government

HUD County Limit5

97.75%/97.75%

640

OO

R&T

Streamline

6219

FHA Good Neighbor Next Door

Government
HUD County Limit5
$100 Down Payment
640
OO
P
Full

6231

DU FHA Purchase 90 Day Waiver

Government
HUD County Limit5
96.5%
5808
OO
P
Full/Alt (run DU)

6233

LP FHA Purchase 90 Day Waiver

Government
HUD County Limit5
96.5%
5808
OO
P
Full/Alt (run DU)
  Sign Up Now!

Cash Out
Conv – 80% Max LTV; 2nd Home - 75% Max LTV; NOO- 75% Max LTV; FHA – 85% Max LTV;
VA – 90% Max LTV;
Max LTV could vary by program.

Second Homes
80% Max LTV; 640 Min FICO.
Cash Out - 75% Max LTV.

Non-Owner Occupied
Purchase - 80% Max LTV;                                      
Rate and Term - 75% Max LTV;
Cash Out - 75% Max LTV.

Max DTI — FHA Loans
Max DTI is 55% with the following restrictions: Minimum FICO: 660; No gifts allowed; VOM/VOR or cancelled checks if private landlord/lender; Payment shock of 125%; Residual Income - Follow VA guidelines.

Max DTI — Non-FHA Loans
Max DTI is 50%; some loan programs could be lower.

 

Footnotes:
1Max 95% LTV Owner Occupied with 720 Min FICO®; Purchase/ R&T;  Max 41% DTI; 1 unit SFR only. The states AZ, CA, FL, MI, NV and OH have max 90% LTV and 740 min FICO; Max 41% DTI; 1 unit SFR only.
2 TLTV must be met with HTLTV maximum. Max cash disbursed at close limited to TLTV.
3Any non-streamline VA is considered cash out.
4MI Guidelines apply for all conventional loans.
5Max loan amount is $417,000 or HUD county limit, which ever is lower (excluding Hawaii); Hawaii is $544,185.
6Min loan amount is $417,001 (excluding Hawaii); Hawaii is $544,186.
7All Borrowers must have a qualifying credit score. Exceptions granted on a case-by-case basis when the primary borrower has a qualifying score. Pricing adjustment applies.
890% Max LTV; No gift funds; Non-occupant co-borrowers not allowed; 31/43 Ratio; Verifiable housing payment history –- no exceptions; Institutional Verification of Rent or cancelled rent checks; TOTAL Scorecard Accept; No streamline/IRRRL refinances; Refinances require 1 year title seasoning, continuity of obligation & NTB (5% payment reduction); (FHA) No cash out refinances / (VA) Refinance may only pay for mortgage -- cash out not allowed.
9Max 97% on loan program 6113 if the following are true: One Unit; Principal Residence; Purchase or R&T Refi; Fixed rate; 720 Minimum FICO; MI Guidelines Apply.

NOTE: Values shown are examples of maximums and minimums allowed. Consult Direct Mortgage Loan Program Guidelines for details regarding any specific loan.

*Loan programs subject to change at any time without prior notice.*
 
 

View a list of all our loan programs.
Learn about obtaining FHA approval.
Learn the Benefits of FHA Loans.
Learn Key Elements of FHA loans.

View a list of all our VA loans.

OO = Owner Occupied
P = Purchase
R&T = Rate & Term Refinance
CO = Cash Out Refinance
FHA = Federal Housing Administration
HUD = Housing & Urban Development, U.S. Department of
DU® = Desktop Underwriter®
LP = Loan Prospector®
 
     Sign Up Now!

Loan Programs List
Find, Price & Lock Loan
Submit Loan
Become Approved Broker
Rates
FHA Calendar

Resources
Bulletins
29 Certified Processes
Underwriting
Blog
About Us
FAQ

Link To Us
Refer a Broker

 
 
 
Get answers now. Learn more about Direct Mortgage's online underwriting....
Employment
Join our team. Step into the future of mortgages....
 
Direct Mortgage, Corp. (NMLS ID 9612) is licensed or operating with a license exemption under the following names: AL, ID, NV, OR, WA: "Direct Mortgage Corp"; AZ, HI, LA, MI, MS, OK, SC, TN, VA: "Direct Mortgage, Corp."; AR, IN, MT, NC: "Direct Mortgage, Corp"; CA: "Direct Mortgage Wholesale Corp."; CO: "Direct Mortgage Corp dba Direct Mortgage Wholesale Corp"; FL: "Direct Mortgage Wholesale Corporation"; GA, NM, WY: "Direct Mortgage Corp."; IL: "Direct Mortgage Wholesale Corp"; OH: "Direct Mortgage Wholesale Corp (Direct Mortgage Corp.)"; TX: 1st Mortgages: "Direct Mortgage, Corp. dba Direct Loans Corp", 2nd Mortgages: "Direct Mortgage Corp dba Direct Loans Corp"; UT: "Direct Mortgage Corporation". Click for more licensing info.
You can view our NMLS consumer access page at
www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/9612

 
Sign Up Now!
 
 
Home | About Us | DirectWare® | Employment | Broker Signup | Licensing Info | Contact Us
2008 Direct Mortgage Corp., All rights Reserved. | Terms of Use | Privacy Policy