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USDA, FHA & VA National Mortgage Lender
USDA, FHA & VA National Mortgage Lender
FSB Offered Products as of 3/10/23
USDA
- 600 minimum score for Manual Underwriting
- One score accepted
- GUS Approve/Eligible & Manual Underwriting allowed
- Escrow Holdback available for repairs (follow USDA guidelines)
- Refinance USDA to USDA
- Manufactured & Modular Home allowed*
- Access to GUS available for Brokers & Correspondents
FHA
- 600 minimum score for Manual Underwriting
- DTI options up to 50% on manual underwriting*
- Streamlines accepted
- Manufactured, Modular* & Multi Unit up to 4 plex
- Max DI 55% with Approve/Eligible
- Escrow Holdback available up to $5,000*
- Grants & DPA allowed
- Follow FHA guidelines
- DU accepted
- High Balance Loans available
Flanagan State Bank is a VA, FHA, & USDA approved lending institution and is not acting on behalf of the VA, HUD/FHA, or the Federal Government.
*see matrix for more details
VA
- 600 minimum score for Manual Underwriting
- IRRRL's available
- Max DTI 50% with Approve/Eligible
- Escrow Holdback available*
- VA Approval with Flanagan State Bank required
- DU accepted
- Follow VA guidelines
- Manufactured & Modular Home allowed*
- High Balance Loans available
Conventional
- 97% LTV Options-FHMA & FHLMC
- 620 minimum score
- Subordinate financing allowed
- Follow agency guidelines
- 1-4 Unit (O/O & N/O/O)
- Cash-out
- Escrow Waiver allowed on 80% or less LTV
- Monthly PMI, Single Financed MI & Split Premium MI
- Manufactured* & Modular Homes
- Mortgage Insurance Companies: Arch, MGIC, Genworth & Enact
- High Balance Conventional now available! Not shown on rate sheets or online pricing. Please contact lockdesk@flanaganstatebank.com for pricing.
FSB Fees
Underwriting/Commitment Fee for Brokered Loans: $999**
Correspondent Loans: $749
Texas Legal Review: $125
Correspondent Non MERS Fee: $50
**Brokered loans may use the buy out options for the UW fee found on the rate sheets
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