MIG Program Quiz

Question 1

Which loan program is for purchase only and cannot be used for refinancing?

Answer 1

THDA

Question 2

What is the minimum credit score for a conventional loan?

Answer 2

620

Question 3

Which program allows a 0% down payment from the homebuyer?

Answer 3

VA or USDA

Question 4

What’s the upfront mortgage insurance (MI) percentage on an FHA loan?

Answer 4

0.0175

Question 5

What is the maximum debt-to-income ratio for USDA loans?

Answer 5

31/43

Question 6

Which programs require the borrower to be a first-time homebuyer?

Answer 6

GA Dream and THDA

Question 7

Which loan program has the highest potential loan-to-value ratio?

Answer 7

Both VA and USDA

Question 8

Which programs allow a second mortgage to be combined with the first?

Answer 8

GA Dream and KY Housing

Question 9

What’s the maximum seller contribution on a conventional loan with an LTV above 90%?

Answer 9

0.06

Question 10

Which programs require homebuyer education for all applicants?

Answer 10

THDA and GA Dream

Question 11

Which program does not allow manufactured homes?

Answer 11

GA Dream

Question 12

What is the minimum homebuyer contribution for FHA loans?

Answer 12

0.035

Question 13

What program provides flexibility in credit score through AUS approval, even after Chapter 13 bankruptcy?

Answer 13

VA

Question 14

What program requires $1,000 of closing costs to come from the borrower’s own funds?

Answer 14

GA Dream

Question 15

Which loan type can go up to 97% LTV but requires a 640 credit score when over 95%?

Answer 15

KY Housing (Conventional)

Question 16

What program includes an option for a 5% down payment assistance (DPA)?

Answer 16

KY Housing

Question 17

What is the max seller contribution for USDA loans?

Answer 17

0.06

Question 18

Which loan program has no loan amount limit and follows veteran eligibility guidelines?

Answer 18

VA

Question 19

Which program bases income limits by county and only allows purchase transactions?

Answer 19

USDA

Question 20

What is a key difference between THDA’s bond loan and the Freddie Mac HFA Advantage?

Answer 20

HFA doesn’t require first-time homebuyer status

Question 21

What is the minimum credit score for a THDA loan?

Answer 21

640

Question 22

Which program requires at least $500–$1,000 of buyer contribution, depending on program rules?

Answer 22

GA Dream

Question 23

What is the upfront guarantee fee on USDA loans?

Answer 23

0.01

Question 24

Which program offers a second mortgage option that can be paired with FHA financing?

Answer 24

Essex w/FHA

Question 25

Which program is limited to principal residences only and does not allow investment properties?

Answer 25

GA Dream

Question 26

What is the minimum Gross Living Area (GLA) required on all property types for both Conventional and Government loans?

Answer 26

600 sq ft

Question 27

Which type of property is prohibited under MIG overlays?

Answer 27

Container homes

Question 28

If a borrower amends their tax returns within 6 months before application, what is required?

Answer 28

Senior Management approval

Question 29

Can appraisal transfers be accepted by MIG?

Answer 29

Yes, if re-certified under MIG and approved by Exception Desk

Question 30

What is MIG’s AUS requirement for Conventional loans?

Answer 30

Approve/Eligible or Accept/Eligible required

Question 31

What is the minimum credit score for Conventional purchase, rate/term, and cash-out refinances?

Answer 31

620

Question 32

If one borrower has a score and the other does not, what is required for MIG to proceed with Conventional?

Answer 32

Both DU and LP run with Approve/Eligible findings

Question 33

How long is the waiting period after foreclosure for a Conventional cash-out refinance?

Answer 33

7 years

Question 34

What must accompany any explanation letter received from a non-applicant?

Answer 34

Driver’s license copy

Question 35

What is MIG’s stance on frozen credit reports?

Answer 35

All must be unfrozen

Question 36

What is the minimum credit score for FHA stick-built purchases under MIG’s overlay?

Answer 36

600

Question 37

What is the minimum score required for manufactured housing on FHA or VA loans under MIG overlays?

Answer 37

620

Question 38

What is NOT allowed on FHA 580 credit score manual underwrites?

Answer 38

Short payoff refinance transactions

Question 39

What ratios apply to “No Credit Score” FHA loans under MIG overlays?

Answer 39

29/41

Question 40

What is NOT acceptable as a non-traditional tradeline?

Answer 40

Court-ordered child support

Question 41

What minimum square footage is required for Manufactured Homes under MIG overlays?

Answer 41

600 sq ft

Question 42

Are single-wide manufactured homes allowed under MIG overlays?

Answer 42

No

Question 43

How are loans treated when a non-occupying spouse wants to purchase a primary residence for their family while living elsewhere (Government overlays)?

Answer 43

Switched to Conventional financing

Question 44

What is MIG’s requirement for projected income on Government loans?

Answer 44

Must start within 60 days of note date

Question 45

What documentation is required when purchasing a primary residence for a parent or disabled adult child (Conventional overlay)?

Answer 45

W-2 or 1099 from prior year

Question 46

What is the maximum LTV allowed for VA cash-out refinances under MIG overlays?

Answer 46

0.9

Question 47

What must always be obtained on VA loans regardless of AUS findings?

Answer 47

Inquiry letters from borrower

Question 48

What is required for any Repair Escrows under MIG overlays?

Answer 48

MIG Repair Escrow Holdback Policy

Question 49

For borrowers purchasing a second home or investment property without owning a primary residence, what must be verified?

Answer 49

Verified rent (VOR or canceled checks)

Question 50

What must be included in ratios if a borrower lives rent free under MIG overlays?

Answer 50

Average rent for area from Zillow or RentCafe