FULL/ALT DOCUMENTATION 1-2 Units Purchase & Rate-term Refinance Loan Amount/CLL 2 Credit Score Footnotes

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1 Occupancy Second Home Investor LTV 1 / (H)CLTV % 1 /95% 1 $500, % 1 /90% 1 $650, % 1 /85% 1 $700, %/95% 1,3 $800, %/70% $1,500, %/65% $2,500,000 4 Units 2 90% 1 /90% 1 $500, %/80% $800, %/75% $1,000, %/70% $1,500, % 1 /95% 1 $500, %/90% 3 $800, %/70% $1,500, %/65% $2,000, %/60% $2,500, %/80% Conforming 1 75%/75% $500, %/70% $650,000 FULL/ALT DOCUMENTATION 1-2 Units Purchase & Rate-term Refinance Loan Amount/CLL 2 Credit Score Footnotes The maximum LTV for loans with Secondary financing is 80% CLL = Combined Loan Limit for loans with Secondary financing. The CLL does not apply to loans with or financing and financing is acceptable for 1-Unit residence and Second Home Purchase and Rate/Term refinances as follows: Purchase & Limited Cash-Out Refinance Only Occupancy LTV HCLTV 1 st Trust Loan Limit 80% 95% Conforming Limit 80% 90% $750,000 Second Home 80% 90% $650,000 Loan amounts greater than $1,500,000 require a 1 or 3-Year Prepayment Penalty. 1

2 EXPANDED LOAN LIMITS 1-2 Units FULL/ALT DOC Purchase & Rate/Term Refinance Occupancy Units LTV Loan Amount Credit Score 1 95% $650, % $750, % $1,000, % $800,000 Second Home 1 90% $650,000 Expanded Loan Limit Notes: Certain LTV/loan amount combinations require insurance at to 80% LTV; refer to the Mortgage Insurance section for details. Loans that receive an EA/I, EA/II or EA/III recommendation from Custom Desktop Underwriter are not acceptable. Secondary financing is not allowed Occupancy Units LTV EXPANDED LOAN LIMITS 1 Unit Only STATED INCOME Purchase & Rate/Term Refinance Loan Amount Credit Score Asset Verification 1 90% $650, % $750,000 Required Expanded Loan Limit Notes: Certain LTV/loan amount combinations require insurance at to 80% LTV; refer to the Mortgage Insurance section for details. Loans that receive an EA/I, EA/II or EA/III recommendation from Custom Desktop Underwriter are not acceptable. Secondary financing is not allowed Minimum loan amount is $75,000 2

3 FULL/ ALT DOCUMENTATION 1-2 Units Cash-Out Refinance Occupancy Units LTV/ 3 (H)CLTV 3 Loan Amount/CLL 1 Cash Back Credit Score Second Home Investor 1 90% 3 /90% 3 $500, % 3 /85% 3 $600, %/80% $650, %/70% $1,500, %/65% $2,500, %/75% $800, %/70% $1,250, %/80% $650, %/70% $1,250, %/65% $1,500, %/60% $2,000, %/55% $2,500, %/70% Conforming 1 65%/65% $650,000 1 CLL = Combined Loan Limit for loans with Secondary financing. The CLL does not apply to loans with or financing. 2 Loan amounts greater than $1,500,000 require a 1 or 3-Year Prepayment Penalty 3 The maximum LTV for loans with Secondary financing is 80% $150,000 No Limit 3

4 STATED INCOME 1-2 Units Purchase & Rate-term Refinance LTV 2 Occupancy Units (H)CLTV 2 Loan Amount/CLL 3 Credit Score 1 Asset Verification 1 90% 2 /90 % 2 $500, %/ 90% 4 $450, %/ 80% 5 $800,000 5 Required 1 75% /75% 1,000, %70% 1,500, %/65% 2,500, %/80% $650,000 Not Required 2 75%/75% $800, %/70% $1,250, % 7 /85% $500,000 Required 1 70%/70% 1,250,000 Second 1 65%/65% 1,500, %/60% 2,000, %/55% 2,500,000 6 Not Required Investor 1 70%/70% Conforming Limits Credit Scores below are subject to an adjustment to the loan s margin (refer to rate sheet). Secondary Financing is not permitted on LTV s greater than 80%. CLL+ Combined Loan Limit for loans with secondary financing. The CLL does not apply to CLTV s of 80.01% % (See footnote # 4 below). The CLL does not apply if we are not providing the secondary financing and the CLTV is 75.01%-80.00% (See footnote # 5 below). 90% CLTV s are acceptable with a maximum first trust deed of $450,000. CLTV s of 75.01%- 85% are subject to the following limits: Second lien from another source the first lien cannot exceed $650,000 When we are doing the fist and second lien the combined loan cannot exceed $650,000 Loan amounts greater than $1,500,000 require a 1-3 year pre-payment penalty. 12% lender paid mortgage insurance coverage is required for: Second homes with LTV s 75.01% % residence cash-out refinances with LTV s or 75.01%-85.00% 4

5 STATED INCOME DOCUMENTATION 1-2 Units Cash-Out Refinance Occupancy Units LTV 2 /(H)CLTV Loan Amount/CLL 1 Asset Verification 4 Cash Out Credit Score Second 1 85% 2 /85% 2,3 $500,000 $150, %/75% $650, %/70% $1,000, %/65% $1,500, %/60% $2,500, %/70% $1,000, %/65% $1,250, %/70% $1,000, %/65% $1,250, %60% $1,500, %/55% $2,000,000 5 Investor 1 65%/65% Conforming Required 4 No Limit CLL = Combined Loan Limit for loans with Secondary financing. The CLL does not apply to CLTVs of %. Secondary financing is not permitted on LTVs >80% Owner Occupied/ Cash-out refinances with LTVs to 85%, require 12% Lender Paid Mortgage Insurance coverage from PMI, Radian, UGIC or MGIC The asset verification requirement may be waived if: The property is a residence; The LTV is 50% or less; and An adjustment is made to the loan s margin (refer to rate sheet) Loan amounts greater than $1,500,000 require a 1 or 3-Year Prepayment Penalty. 5

6 NO RATIO FEATURE 1 - ONE (1) Unit only Purchase & Limited Cash-Out Refinance Occupancy Units LTV Loan Amount/CLL 2 Credit Score Asset Verification 1 90% 2 $650,000 Second Home 1 85% 2 $750, % $800, % $1,000, % $1,250, % $450, % $650, % $800, % $1,000,000 1 Secondary financing not allowed 2 LTVs greater than 80% require mortgage insurance from MGIC Required on all loans regardless of LTV 6

7 FULL/ALT DOCUMENTATION 3-4 Unit Purchase & Rate & Term Refinance Occupancy Units LTV/(H)CLTV Loan Amount/CLL 1 Credit Score 2 Investment %/90% $750, %/75% $1,000, %/90% $700, %/75% $750, %/80% $650, %/75% $700, %/80% $417, %/75% $500, %/70% $650,000 1 Combined Loan Limit for loans with Secondary financing. The CLL does not apply to loans with financing. 2 For primary residences, the borrower cannot own any other real estate

8 FULL/ALT DOCUMENTATION 3-4 Units Cash Out Refinance Occupancy Units LTV/(H)CLTV Loan Amount/CLL Cash Back Credit Score 1,2 Investor %/75% $750,00 $200, %/70% $1,000,000 $200, %/65% $1,000,000 $250, %/75% $700,000 $150, %/65% $1,000,000 $250, %/75% $700,000 $75, %/70% $700,000 $125, %/65% $700,000 $175, %/70% $417,000 No Limit %/65% $500,000 No Limit For primary residences, the borrower cannot own any other real estate residences located in Texas are not eligible for cash-out refinance 8

9 STATED INCOME 3-4 Units Purchase and Rate & Term Refinance Occupancy Units LTV/(H)CLTV Loan Amoutn/CLL 1 Credit Score 3 70%/70% $645,300 2, 3 65%/65% $700, %/70% $750,000 Investor %/70% $417,000 Asset Verification Not Required 1 CLL = Combined Loan Limit for loans wit secondary financing. The CLL does not apply to loans with financing 2 For primary residences, the borrower cannot own any other real estate 9