On Q Financial, Inc. has updated our overlays to add, remove and clarify certain scenarios. Below is an overview of the changes that will take effect for all loans in process.
On Q Financial, Inc. now allows Singlewide Manufactured Homes and properties with greater than 20 acres!
Overlays – Wholesale and Non-Delegated
- Combined both Non-Delegated and Wholesale Overlays onto one document
- Borrower Eligibility: If the borrower has purchased or refinanced their primary residence within the last 12 months, will be retaining the property, and the subject is a new primary residence the file must contain an occupancy waiver from the Servicer on the previous primary residence, as required by section 6 of their Security Instrument.
- Freddie Mac HomePossible Program and Overlay requirements
- GNMA Seasoning Sections to include GNMA pooling requirements
- Ineligible Assets – Trade Equity
- Assets – Down payment funds cannot be gifted on loan amounts greater than $750,000
- Escrow Holdback – removed requirement that property must be complete prior to funding/purchase
- Mortgage Credit Rejects
- Parcels exceeding 20 acres
- Owner Occupied Only for VA
- Ratios- VA Purchase >50% DTI
- Singlewide Manufactured Homes
- Manufactured Housing – AUS approval required for FNMA and Freddie, Max 80% LTV and borrower must have a minimum of 5% contribution from own funds