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Programs Offered

Programs Offered

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Programs Offered

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  1. Programs Offered USDA, FHA, VA and Conventional Training

  2. Use for: Questions about program guidelines Review a 1003 & Credit to see if the borrower(s) will qualify Specific scenario questions

  3. USDA • Min score is 620 • IF the home appraises for more than the contract price, closing costs can be included in the loan amount up to the appraised value • 100% financing of the contract price • Rate/Term refinancing is available – USDA to USDA refi only • Scores of 620 – 640 will be manual underwrites. 640 and above with GUS approval will follow the AUS results. It is possible to get a refer with a score above 640 and a manual UW requirement. • Manual UW will limit DTI to 29/41. GUS approvals are only limited by the AUS system. • USDA eligibility for Income and Property should be checked at the Eligibility Website: • 30 Year FRM is the only product available • Rates have a maximum allowed, as set by USDA….this will show on the rate sheet • USDA Guarantee Fee is 2.0% and the monthly MI factor is .50 • Additional Guidelines can be found at under Forms & Tools – Product Matrix's

  4. FHA • Minimum credit score of 620 • DO or LP AUS accepted • Manual Underwriting available with management approval • Manual DTI limited to 32/43 • FHA guidelines are followed with few overlays, if any • Streamline with no appraisal or with appraisal are allowed – FHA to FHA only • Any loan can be refinanced into an FHA loan • Cash out refi to 85% - no adjustments to rate • Combining a 1st and 2nd is not considered cash out as long as the 2nd is 12 months old • 97.75% LTV max for rate/term refi • 96.5% LTV max for purchase • UFMIP (up front mortgage insurance premium) is 1.75% (can be financed) • Student loans that are deferred for 12 months through the closing date can be excluded from the DTI • Monthly MI is 1.35% for a 30 year loan over 90% LTV. For addition MI coverage based on the term and LTV, please see our FHA Matrix at

  5. FHA Additional Programs FHA offers many options and features that will assist borrowers in getting approved for a loan. The following screen outlines a few of these options. When a question arises about the possibilities of a scenario getting completed, email our Scenario Team with your questions.

  6. Additional offerings of FHA: • FHA offers many options within the program. Flanagan will complete the following: • 203b (standard FHA Loan) • HUD Reo $100 Down Payment • Grants & DPA’s approved by HUD • Kiddie Condo Program • Non Occupying Co-Borrowers • Manufactured Homes • Arm’s Length Transactions • Multi Unit Properties (no adjustment to duplex) • Condo’s This is just a sampling of the possibilities FHA allows for. Feel free to check with your AE Team to learn about FHA further.

  7. VA • Minimum Credit Score of 620 • 100% Financing – Rate/Term and Purchase • Funding Fee is based on use and can be financed – see next slide for chart • No monthly MI • Must meet residual income requirements • Origination fee must be collected on back end of loan due to limitations of fees to collect set by the VA • Student loans that are deferred 12 months through the date of closing can be excluded from the DTI • LP or DO AUS findings acceptable • Manual underwriting available with management approval • Max DTI 41% for Manual UW – Max 50% with approve/eligible findings • Termite Inspection typically required – Veteran cannot be charged for this service • If property has a well – water test will always be required • For further details on this program, visit to view our matrix

  8. VA Funding Fee Chart For disabled veterans, the FF is typically waived. This must be confirmed through the VA Regional Centers or the Certificate of Eligibility. With confirmation, the FF can be excluded from the loan amount.

  9. VA Residual Income Chart If residual income is not met, the file will be denied. Use the charts to find out your areas Residual Income requirements.

  10. Conventional • Min score is 640 • 95% LTV max for Purchase & Rate/Term Refinance • 85% LTV for cash out – O/O property • Second Home and Investment purchase, rate/term and cash out available • Standard Monthly PMI, LPMI, Single Financed MI and Split Premium MI are available • FSB will allow up to 10 financed properties by a borrower, but will only finance 4 of them per borrower. • 1 – 4 units, modular, manufactured homes, condos are all eligible • Florida condos are not eligible at this time • For detailed program guidelines, please visit to view our matrix

  11. Flanagan State Bank is dedicated to your success. Use us as your best resource. Feel free to use our Scenario email ( and your Account Executive Team. We are always available to answer questions!