Cash to Close
Cheatsheets
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Cheatsheet Templates
DTI Cheat Sheet
Down Payment Cheat Sheet
Boost Credit
Qualifications
Homebuying Journey
Conventional Payment Chart (Conforming)
Conventional Payment Chart (High Balance)
FHA Payment Chart (Conforming)
FHA Payment Chart (High Balance)
FHA Payment Chart (High Balance)
Collections Cheat Sheet
Disability & SSI Income Cheat Sheet
Cheatsheet Preview
Understanding Cash to Close
A clear breakdown of how your down payment, closing costs, and credits come together so buyers know exactly what to bring to the closing table.
Cash to Close
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Down Payment
+
Closing Cost
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Adjustments
Minimum Down Payment
Conventional
- 1 unit: 3% minimum
- 2 units: 5% minimum
- 3–4 units: 5% minimum
- Investment single unit: 15% minimum
- Investment multi-unit: 25% minimum
FHA & VA
- FHA: 3.5% (1–4 units, owner-occupied)
- VA: 0% (1–4 units, eligible veterans, must occupy)
USDA
- USDA: 0% (eligible rural areas, income limits apply)
Jumbo / Other
- Jumbo: Minimums vary by lender and product.
- Non-QM and specialty programs may have different requirements.
Typical Closing Costs and Prepaids
Typical Closing Cost Types
- Lender and origination fees
- Credit report & appraisal
- Title insurance & escrow / settlement
Typical Escrows and Prepaids
- Homeowners insurance premium
- Property tax escrows / reserves
- Pre-paid interest
Typical Seller Paid Costs
- Buyer and seller agent commissions
- Home warranty (if negotiated)
Typical Credits
Maximum Seller Credit Per Loan Type
- FHA: Up to 6% of purchase price
- USDA: Up to 6%
- VA: Up to 4%
- Jumbo: Typically up to 6% (varies by lender)
Conventional
- < 10% down: up to 3%
- 10–25% down: up to 6%
- > 25% down: up to 9%
- Investment: Often capped around 2% (guideline-specific)
Other Types of Credits
- Earnest money deposit applied at closing
- Lender credit in exchange for a slightly higher rate
- Tax proration / seller-paid taxes
Tips for Lower Cash to Close
- Utilize credits (seller and/or lender) where guidelines allow.
- Shop around for homeowners insurance to keep premiums in check.
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Actual loan qualification, down payment, closing costs, and credits depend on current guidelines and a full review of borrower documentation.
Debt to Income (DTI) Cheat Sheet
A quick reference to show buyers how much of their gross monthly income can go toward total monthly obligations at different DTI levels.
| Annual / Monthly Income | DTI – Total Obligation | |||
|---|---|---|---|---|
| Annual Household Income | Monthly Household Income | 40% | 45% | 50% |
| $50,000 | $4,166 | $1,666 | $1,874 | $2,083 |
| $60,000 | $5,000 | $2,000 | $2,250 | $2,500 |
| $70,000 | $5,833 | $2,333 | $2,625 | $2,917 |
| $80,000 | $6,667 | $2,667 | $3,000 | $3,333 |
| $90,000 | $7,500 | $3,000 | $3,375 | $3,750 |
| $100,000 | $8,333 | $3,333 | $3,750 | $4,167 |
| $110,000 | $9,167 | $3,667 | $4,125 | $4,583 |
| $120,000 | $10,000 | $4,000 | $4,500 | $5,000 |
| $130,000 | $10,833 | $4,333 | $4,875 | $5,417 |
| $140,000 | $11,667 | $4,667 | $5,250 | $5,833 |
| $150,000 | $12,500 | $5,000 | $5,625 | $6,250 |
| $160,000 | $13,333 | $5,333 | $6,000 | $6,667 |
| $170,000 | $14,167 | $5,667 | $6,375 | $7,083 |
| $180,000 | $15,000 | $6,000 | $6,750 | $7,500 |
| $190,000 | $15,833 | $6,333 | $7,125 | $7,917 |
| $200,000 | $16,667 | $6,667 | $7,500 | $8,333 |
DTI Tips to Share with Buyers
- Use the chart to estimate a comfortable payment range before shopping for homes.
- Pay down or consolidate revolving debt to lower DTI and potentially increase purchasing power.
- Avoid opening new loans or credit lines during the homebuying process.
- Make sure all monthly obligations are disclosed so there are no surprises in underwriting.
- Lower DTI can improve approval odds and sometimes help with better pricing options.
Our products and services have no affiliation with or endorsement from any government agency or body.
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Actual loan qualification, down payment, closing costs, and credits depend on current guidelines and a full review of borrower documentation.
Down Payment Cheat Sheet
Estimated cash required at common down payment percentages for popular price point.
|
Purchase Price or Appraised Value |
Down Payment i.e. Cash Required from Borrower (%) | ||||||
|---|---|---|---|---|---|---|---|
| 3% | 3.5% | 5% | 10% | 15% | 20% | 25% | |
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Actual loan qualification, down payment, closing costs, and credits depend on current guidelines and a full review of borrower documentation.
Boost Credit Score
Simple ways buyers can strengthen their credit profile and open up more home financing options.
Minimum Credit Score Requirements
Conventional
Approved/Eligible
FHA
500
VA
500
USDA
581
What Impacts Credit Scores?
Payment History – 35%
Amounts Owed / Utilization – 30%
Length of Credit History – 15%
Credit Mix – 10%
New Credit / Inquiries – 10%
Tips to Boost Credit Score
- Set up automatic bill payments so nothing is paid late.
- Pay down revolving balances between 2% - 9% of the credit limit.
- Handle or settle any debt that is in collections.
- Dispute credit report inaccuracies with each bureau.
- DO NOT close any accounts.
- Consider joining an account as an authorized user with strong history.
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Actual loan qualification, down payment, closing costs, and credits depend on current guidelines and a full review of borrower documentation.
Qualifications
A simple guide to compare basic loan eligibility across programs.
| Parameter |
Conventional
(Fannie Mae)
|
Conventional
(Freddie Mac)
|
VA
|
USDA
|
FHA
|
|---|---|---|---|---|---|
| Minimum FICO | DU Approved/Eligible | LP Approved/Eligible | 500 | 500 | >580 |
| Minimum Down Payment | 3–5% | 3–5% | 0% | 0% | For FICO > 580: 3.5% For FICO < 579: 10% |
| Income Limits | Max income limits apply only on HomeReady® | Max income limits apply only on Home Possible® | Not Applicable | Not Applicable | Not Applicable |
| Monthly Mortgage Insurance (MI) | Varies based on credit score, DTI, and LTV | Varies based on credit score, DTI, and LTV | Not Applicable | 0.35% | 1% |
| Upfront MI / Funding Fee / Guarantee Fee | Varies by loan amount, LTV, and term | Varies by loan amount, LTV, and term |
0% (for Disabled Veteran) 2.15% (1st Use) 3.60% (2nd Use) |
1% | 1.75% |
| Short Sale Waiting Period | 4 Years from short sale completion date | 4 Years from completion of short sale | 2 Years from re-established credit | 3 Years before loan application date | 3 Years from date of transfer of title by short sale |
| Foreclosure Waiting Period | 7 Years from foreclosure completion date | 7 Years from completion date as per credit report | 2 Years from foreclosure completed and transfer date | 3 Years before loan application date | 3 Years from date ownership was transferred to foreclosing entity |
| Chapter 7 Bankruptcy Waiting Period | 4 Years from discharge or dismissal date | 4 Years from discharge or dismissal date | 2 Years from discharge or dismissal date | 2 Years from bankruptcy discharge date | 3 Years before loan application date |
| Chapter 13 Bankruptcy Waiting Period | 2 Years from bankruptcy discharge date | 2 Years from bankruptcy discharge date | 2 Years from bankruptcy discharge date | Per Guaranteed Underwriting System (GUS) approval | 3 Years before loan application date |
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Actual loan qualification, down payment, closing costs, and credits depend on current guidelines and a full review of borrower documentation.
Navigating the Homebuying Journey
Ready to buy your home? Discover the essential steps to achieve your dream of homeownership.
Ready to buy your home? Follow these key milestones so buyers understand what happens from approval to keys in hand.
STEP01
Get a TRU Approval*
Thoroughly Reviewed and Underwritten (TRU) Approval helps determine the loan amount they qualify for. Sellers often treat TRU Approval® similar in strength to a cash offer.
STEP02
Hire a Real Estate Agent
Select a local expert to guide the home search, explain the process, and negotiate on the buyer’s behalf.
STEP03
Shop for a Home
Browse listings, attend showings, and compare neighborhoods, price points, and features that match budget and goals.
STEP04
Make an Offer
Write a competitive offer including price, contingencies, timelines, and other key terms.
STEP05
Escrow & Earnest Money Deposit
Once the offer is accepted, an escrow account is opened and the buyer’s earnest money deposit is transferred in.
STEP06
Inspection, Appraisal & Title
Coordinate inspections, appraisal, and title search to evaluate property condition, value, and clear ownership.
STEP07
Review Seller Disclosures
Review documents such as the Seller Property Questionnaire (SPQ) and Transfer Disclosure Statement (TDS) for key details.
STEP08
Receive Loan Approval
Underwriting reviews the file, issues a loan approval, and conditions any remaining documents that are needed.
STEP09
Sign Loan Docs & Funding
The escrow officer coordinates signing of final loan documents and disbursement of funds to all parties.
STEP10
Become a Homeowner
Once the transaction records, buyers receive the keys and can move into their new home.
*Program names and approval types may vary by lender. Replace “TRU Approval” with your own branded approval name if needed.
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Actual loan qualification, down payment, closing costs, and credits depend on current guidelines and a full review of borrower documentation.
CONVENTIONAL PAYMENT CHART (Conforming)
For Real Estate Professionals Only. Estimates assume 3% down, 1.25% tax rate, $193 hazard insurance, and 0.83% MI (760 FICO). Taxes, insurance, and county loan limits may vary.
| Sales Price |
Down Payment
3%
|
Loan Amount | 6.50% | 6.75% | 7.00% | 7.25% | 7.50% | 7.75% | 8.00% | 8.25% |
|---|
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution.
Information is provided as educational information only. Actual loan qualification,
down payment, closing costs, and credits depend on current guidelines and a full review
of borrower documentation.
CONVENTIONAL PAYMENT CHART (High Balance)
For Real Estate Professional Use Only. Estimates assume 5% down, 1.25% tax rate, $193 hazard insurance, and high-balance MI at 0.49% (760 FICO). Local taxes, insurance, and loan limits vary by county. Not intended for public distribution.
| Sales Price |
Down Payment
5%
|
Loan Amount | 6.50% | 6.75% | 7.00% | 7.25% | 7.50% | 7.75% | 8.00% | 8.25% |
|---|
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution.
Information is provided as educational information only. Actual loan qualification,
down payment, closing costs, and credits depend on current guidelines and a full review
of borrower documentation.
FHA Payment Chart (Conforming)
For Real Estate Professionals Only. Not intended for public use of distribution. Information is provided as educational information only. Assumption: Using Taxes of 1.25% of the sales price and Hazard Insurance of $193 per month. Monthly Mortgage Insurance of .55%:. Taxes and Insurance may vary
| Sales Price |
Down Payment
3.5%
|
Loan Amount | 5.500% | 5.750% | 6.000% | 6.250% | 6.500% | 6.750% | 7.000% | 7.250% |
|---|
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Actual loan qualification, down payment, closing costs, and credits depend on current guidelines and a full review of borrower documentation.
FHA Payment Chart (High Balance)
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as educational information only. Assumption: Using Taxes of 1.25% of the sales price and Hazard Insurance of $193 per month. Monthly Mortgage Insurance of High Balance .75%. Taxes and Insurance may vary.
| Sales Price |
Down Payment
3.5%
|
Loan Amount | 5.500% | 5.750% | 6.000% | 6.250% | 6.500% | 6.750% | 7.000% | 7.250% |
|---|
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution.
Information is provided as educational information only. Actual loan qualification,
down payment, closing costs, and credits depend on current guidelines and a full review
of borrower documentation.
Agent Quick Reference
Collections Cheat Sheet for Buyers
Use this to set expectations with your buyers when they have collections on credit. Final approval always depends on underwriting, AUS findings, and lender overlays.
FHA
HUDMedical collections: generally ignored for DTI.
Non-medical collections:
- Total non-medical collections ≤ $2,000 → usually no extra payment added to DTI.
-
Total non-medical collections > $2,000 → lender must:
- Use 5% of the total as a monthly payment, or
- Use a documented payment plan amount, or
- Have the borrower pay off the collections.
Example:
- $1,200 + $500 non-medical = $1,700 → usually no hit to DTI.
- $1,200 + $1,500 non-medical = $2,700 → 5% = $135/mo added to DTI (unless on a plan or paid off).
Agent Tip: If your buyer has a lot of collections,
connect them with the lender before making any payoff decisions.
Conventional
Fannie Mae / Freddie MacPrimary residence, 1-unit:
- Many collections/charge-offs do not have to be paid off if DU/LPA (AUS) approves and title is clean.
- There is no 5% rule like FHA/USDA — if there is an actual required payment, it must be counted in DTI.
Multi-unit, second home, investment:
- Higher risk: large unpaid collections/charge-offs may have to be paid, settled, or documented depending on AUS findings and investor rules.
Agent Tip: For buyers with older collections but good recent history,
a strong AUS approval can sometimes work without paying everything off.
VA
VA Home LoanVA is very “big picture” on credit.
- VA guidelines do not automatically require all collections to be paid off.
- Underwriter looks at overall credit pattern, explanations, and residual income.
- A reasonable repayment plan can sometimes be acceptable.
- Many lenders add their own overlays (may require payoff of newer/larger collections).
Agent Tip: For veterans with past credit issues,
get them pre-approved early—VA can be very forgiving with the right file structure.
USDA
Rural DevelopmentMedical collections: usually do not need to be paid.
Non-medical collections:
-
If total non-medical collections > $2,000, lender must either:
- Have them paid in full, or
- Use a documented repayment plan amount, or
- Use 5% of the outstanding balance as a monthly payment in DTI.
- If total non-medical collections ≤ $2,000, the 5% rule usually does not apply.
Example:
- $3,000 non-medical collections → $150/mo (5%) added to DTI, unless on a plan or paid off.
Agent Tip: USDA is strict on documentation—buyers with collections should expect
more paperwork and should not make any moves without talking to the lender.
Quick Agent Snapshot
- FHA: Watch the $2,000 total non-medical threshold and 5% rule.
- Conventional: AUS drives the decision; no built-in 5% rule.
- VA: Very case-by-case; big picture and lender overlays matter.
- USDA: Similar 5% rule over $2,000 non-medical; documentation-heavy.
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution.
Information is provided as educational information only. Actual loan qualification,
down payment, closing costs, and credits depend on current guidelines and a full review
of borrower documentation.
Disability & SSI Income Cheat Sheet
Quick reference for using SSI / SSDI / disability income on FHA, Conventional, USDA & VA loans.
For Partner Agents
Internal Use Only
Internal Use Only
Qualifying Income
SSI & SSDI
VA Disability
Permanent / Long-Term Disability
Non-Taxable Income Gross-Up
At-a-Glance: Gross-Up & Examples
FHA
SSI can be grossed up to 115% of the base amount.
Example: $800 × 1.15 = $920.
Example: $800 × 1.15 = $920.
Conventional
Social Security can be grossed up to 125% when verified non-taxable.
Example: $800 × 1.25 = $1,000.
Example: $800 × 1.25 = $1,000.
USDA
Up to 15% of SSA can be grossed up at 115% without tax returns.
Example: $1,500 SSA → 15% = $225 → $225 × 1.15 = $33.75.
Example: $1,500 SSA → 15% = $225 → $225 × 1.15 = $33.75.
VA
SSA can be grossed up to 125%. VA disability gets a 25% gross-up, plus an extra
25% boost on the SSA disability portion; other VA benefits may be grossed up by about 15%.
FHA (HUD)
Primary Residence
Allowed Income Types
- SSI & SSDI
- Permanent disability income
- VA disability income
- Long-term private disability (not short-term unless documented to continue)
Documentation
- Current SSA award or benefits verification letter
- VA disability award letter (if applicable)
- Recent bank statements showing receipt (typically 2–3 months)
Gross-Up & Continuance
- SSI that is fully non-taxable can be grossed up by 15% (to 115% of the base amount).
- Example: $800 per month SSI × 1.15 = $920 qualifying income.
- Because SSI is non-taxable, tax returns are not required just to apply the 115% gross-up.
- If the benefit is marked permanent, separate 3-year continuance proof is typically not needed; otherwise document that it’s likely to continue 3 years.
Agent tip: “For FHA, we can boost your SSI income by 15% for qualifying as long as it’s fully non-taxable.”
Conventional
Fannie / Freddie
Allowed Income Types
- SSI & SSDI
- VA disability income
- Permanent / long-term disability income
- Short-term disability only if documented to convert or borrower returns to work
Documentation
- SSA or VA award / benefits verification letter
- Insurance company letter for private disability benefits
- Recent bank statements showing consistent deposits
- Tax returns to confirm income is non-taxable when needed for gross-up
Gross-Up & Continuance
- When Social Security is verified as non-taxable, it may be grossed up to 125% of the base benefit.
- Example from your script: $800 SSA × 1.25 = $1,000 qualifying income.
- Other non-taxable disability income may follow the same 25% gross-up subject to investor policy.
- Permanent disability may not require separate 3-year continuance; otherwise show income is likely to continue for at least 3 years.
Agent tip: “On Conventional, once we verify your Social Security is non-taxable, we can boost it by 25% for qualifying.”
USDA
Guaranteed
Allowed Income Types
- SSI & SSDI
- VA disability income
- Long-term disability income
Documentation
- SSA, VA, or insurer award / benefits letter
- Recent bank statements showing receipt
Gross-Up & Continuance
- USDA allows Social Security to generally be grossed up to 125%, but there’s a nuance without tax returns.
- Without tax returns, you can use up to 15% of the total SSA amount and gross that portion up by 115%.
- Example from your script: $1,500 SSA → 15% = $225 → $225 × 1.15 = $33.75 gross-up amount.
- Qualifying income = $1,500 + $33.75 = $1,533.75 (no tax returns required for that level).
- Anything beyond that 15% portion generally requires documentation proving the income is non-taxable (typically tax returns).
- Remember: gross-up applies to USDA repayment/qualifying income, not to household-eligibility income when checking USDA income limits.
Agent tip: “We can boost part of your Social Security without tax returns; more boost usually means we’ll need your returns.”
VA
Eligible Veterans
Allowed Income Types
- VA disability income (tax-free)
- Social Security (SSA/SSDI)
- Other permanent disability income
- Other VA benefit income (when stable and likely to continue)
Documentation
- VA disability / benefit award letter
- SSA award or verification letter for SSA/SSDI
- Recent bank statements showing deposits
Gross-Up & Continuance
- Social Security income used on a VA loan can be grossed up to 125% of the base amount when non-taxable.
- VA disability income is eligible for a 25% gross-up on the payment itself.
- Your script also applies an additional 25% increase to the non-taxable portion of Social Security disability when combined with VA disability, making VA extremely powerful for qualifying.
- General VA benefit income can often be grossed up by about 15% when tax-free and stable.
- All VA income must be stable and likely to continue; permanent disability is typically treated as continuing.
Agent tip: “VA is the strongest for disability income—SSA at 125%, VA disability with a 25% bump plus another 25% on the SSA disability portion, and even other VA benefits can be increased.”
John Doe
Brokerage or Team
Realtor
License#: 01234567
Phone: (555) 555-5555
Email: [email protected]
Website: www.company.com
For Real Estate Professionals Only. Not intended for public use or distribution. Information is provided as
educational information only. Always refer to current FHA, Conventional, USDA & VA guidelines and lender overlays.