FNMA Home Affordable Refinance Program (HARP) Transaction Type Number of Units Fixed Rate Max LTV/CLTV
|
|
- Clinton Green
- 6 years ago
- Views:
Transcription
1 FNMA Conventional Conforming Product Offering Transaction Type Number of Fixed Rate Cash-Out Refinance Second Home Adjustable Rate 1 Unit 97/97% 90/90% 2 Unit 85/85% 75/75% /75% 65/65% 1 Unit 80/80% 75/75% /75% 65/65% 1 Unit 90/90% 80/80% Cash-Out Refinance 1 Unit 75/75% 65/65% Investment Property 1 Unit 85/85% 75/75% /75% 65/65% Limited Cash-Out Refinance 75/75% 65/65% 1 Unit 75/75% 65/65% Cash-Out Refinance /70% 60/60% FNMA HomeReady Transaction Type Number of Fixed Rate Adjustable Rate 1 Unit 97/97% 90/90% 2 Unit 85/85% 75/75% /75% 65/65% Minimum FICO 620 Minimum FICO 620 FNMA Home Affordable Refinance Program (HARP) Transaction Type Number of Fixed Rate Adjustable Rate Minimum FICO 1 Unit 97/97% 90/90% 2 Unit 85/85% 75/75% /75% 65/65% 620 1
2 Additional Information: Appraisals If the fieldwork waiver is exercised on a HARP loan, FNMA accepts the value of the property as submitted to DU. GMC will not require repairs to be completed when an appraiser appraises a property subject-to repairs. Borrower Benefit The borrower must receive a documented benefit from the HARP loan. The benefit requirement can be met in four different ways based on changes in the terms between the existing mortgage loan and the new mortgage loan. If any of the following are met, the borrower benefit provision has been satisfied: reduction in the borrower s monthly principal and interest payment; reduction in the interest rate; reduction in the amortization term; or movement to a more stable product. If the borrower s payment, interest rate, or amortization period is staying the same or increasing, the borrower must be moving to a more stable mortgage product. Generally, a more stable product would include movement from: A mortgage loan with an interest-only feature to a fully amortizing mortgage product (provides amortization of principal and accumulation of equity in the property); An adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM) (elimination of the potential for payment shock); An ARM to a new ARM with an initial fixed period of five years or more, and equal to or greater than that of the existing mortgage (elimination of pending payment shock and movement to the same or longer initial fixedinterest rate period); or A 30-year FRM to a 15-, 20-, or 25-year FRM (accelerated amortization of principal and building of equity). Movement to a more stable product would not include an extension of the mortgage term, for example, a 20-year FRM to a 30-year FRM. This type of transaction is permissible if, and only if, there is a reduction in the mortgage payment or a reduction in the interest rate. Credit History Borrowers must be current with their monthly payments at the time of the refinance; and, May not have been delinquent in the most recent 6-month period; and, May not have had more than 1 x 30 on their mortgage in months Limited Cash-Back Borrowers are limited to $250 cash-in-hand from the refinance. Any amounts due to the borrower over $250 must be credited to the borrower s unpaid principal balance on the new loan as a curtailment. There is no limit to the amount of the curtailment. Any funds due to the borrower after closing due to an error that exceed $250 must also be applied as a curtailment. Subordinate Financing There is no limit to CLTV or HCLTV for existing subordinate financing. All existing subordinate financing must be resubordinated by the current lien holder without regard to any limit on CLTV or HCLTV. The amount for the subordinate financing may not exceed the existing unpaid principal balance. Existing subordinate financing may not be included in the new first loan amount. 2
3 Freddie Mac Conventional Conforming Product Offering Transaction Type Number of Fixed Rate Adjustable Rate Cash-Out Refinance Second Home 1 Unit 95/95% 95/95% 2 4 Unit 80/80% 80/80% 1 Unit 80/80% 80/80% /75% 75/75% 1 Unit 85/85% 85/85% Cash-Out Refinance 1 Unit 75/75% 75/75% Investment Property Limited Cash-Out Refinance Cash-Out Refinance 1 Unit 85/85% 85/85% /75% 75/75% 1 Unit 75/75% 75/75% /70% 70/70% Freddie Mac Home Possible Transaction Type Number of Fixed Rate Adjustable Rate Minimum FICO 620 Minimum FICO /95% 90/90% /95% NA Cash-Out Refinance NA NA Additional Information: Property types include: 1-4 units, condos and planned-unit developments. Down Payment can come from a variety of sources, including friends and family, and employer-assistance programs. No reserves required on 1-unit properties. Loan programs include: 15- to 30-year fixed-rate mortgages, 5/1, 7/1 and 10/1 ARMs. No cash-out refinancing option is available for borrowers who occupy the property. Borrowers with incomes above AMI may be eligible in high-cost areas. No income limits in underserved areas. Transaction Type FICO Rate and Term Refinance Cash Out 580* 580* FHA Product Offering Loan Amount/Property Types LTV/CTV/HCLTV 96.5% 97.75% 580* 85% Based on county loan limits. Property Types: SFR/PUDs, 2-4 units as long as 1 unit is owner occupied, FHA approved condos.
4 Additional Information: DO/DU or LP AUS approvals permitted on credit qualifying loans. Manual underwrites allowed with a Refer AUS finding only and justifiable per agency guidelines. All loans, pricing is based on the loan amount of the note (base loan + financed UFMIP). Streamline Refinances Non-credit qualifying 580* 97.75% Based on county loan limits. Property Types: SFR/PUDs, 2-4 units, condos. FHA condo approval not required on streamlines without an appraisal. Credit qualifying 580* 97.75% FHA Streamline Refinances are eligible regardless of the current servicer. Streamline with an appraisal allowed up to 97.75%. Streamlines without an appraisal are limited to the UPB + MIP refund. Investment properties are allowed as no-credit qualifying streamlines, without an appraisal. VA Product Offering Transaction Type FICO Loan Amount LTV/CTV/HCLTV 580* 100% VA loans must comply with VA requirements. The final loan amount is based on the Veteran s current Cash Out 580* 100% available eligibility. Additional Information: DO/DU or LP AUS approvals permitted on credit qualifying loans. Manual underwrites allowed with a Refer AUS finding only and justifiable per agency guidelines. Pricing is based on the loan amount of the note (base loan + financed VAFF). VA lender guidelines can be found at VA loan limits can be found at Streamline Refinances IRRRL 580* 100% VA loans must comply with VA requirements. The final loan amount is based on the Veteran s current available eligibility. VA IRRRLs are eligible regardless of the current servicer. Pricing is based on the loan amount of the note (base loan + financed VAFF). Investment properties allowed on VA IRRRLs. Appraisal or AVM not required. Six monthly payments must have been made prior to loan closing. *FHA and VA FICO Information FICO = Max DTI for occupant borrower(s) is 45%. Loan must receive an AUS Approve/Eligible. Multiple bankruptcies, foreclosures, short sales or deed-in-lieus are not allowed. Only 1 x 30 allowed on installment lates since a bankruptcy. Any past due accounts must be current at time of closing. 4
5 Any derogatory, disputed accounts with a balance must be resolved and the dispute removed. The dispute may not show on the AUS findings as pending. No lates on mortgage(s) after a bankruptcy or foreclosure. Unpaid judgments must be satisfied prior to closing, unless in a repayment plan with at least three monthly payments made satisfactorily. Three payments cannot be made at one time to satisfy this requirement. The amount of the judgment must be included in the borrower s DTI. Tax liens must be paid in full or they must be in a documented repayment plan with at least three monthly payments made satisfactorily. Three payments cannot be made at one time to satisfy this requirement. The amount of the tax liens must be included in the borrower s DTI. Unpaid collections with a cumulative outstanding balance $2,000 (including any accounts of the non-borrowing spouse in a community property state, unless excluded by state law) require the following: o Documentation that the account has been paid in full using funds from an acceptable source; or, o o A payoff statement if the account will be paid in full through the new loan; or, A copy of the repayment agreement with the creditor. The amount of the collections must be included in the borrower s DTI. If the payment amount is not available, calculate the monthly payment using 5% of the outstanding balance. NOTE: Medical collection accounts, both disputed and no-disputed, are not included in the cumulative total. Delinquent child support must be paid in full or be current through a payment plan. Borrowers must have a 12-month housing expense history documented with 0 x 30. Borrowers living free with family are ineligible. Residual income must meet VA guidelines in order to demonstrate ATR/QM. FICO = Max DTI for all borrowers is 50%. Loan must receive an AUS Approve/Eligible. USDA Product Offering Eligibility Matrix Description The Rural Housing program is designed to assist borrowers with safe, sound, and sanitary housing for primary occupancy in rural areas. Borrowers incomes may not exceed state and local Rural Development (RD) median income limits. The property must be designated as rural by RD. Borrower Eligibility Guarantee Fees Income Limits Loan Purpose LTV Requirements Mortgage Insurance Occupancy Product Types US Citizens Non-US Citizen if the borrower meets the proper criteria (see requirements below) Occupant borrowers only all borrowers applying for the mortgage must occupy the subject property 1.00% Up-Front Fee 0.35% Annually Guarantee Fees may be paid by the buyer or seller or financed into the loan amount. Borrower s adjusted income should not exceed 115% of the area s median income limits established by RD. rate and term refinance (RD to RD only). Cash out refinances are not allowed. Up to % LTV (Over 100% LTV only if the guarantee fee is financed.) The loan amount may exceed the appraised value by the amount of the financed guarantee fee. Loans are guaranteed by RD. only 30-year fixed rate, fully amortized 5
6 1 Unit Property Eligibility Condos approved by FHA, VA or FNMA Qualifying FICO 620 Qualifying Ratios GUS approval or 29/41% with a GUS Refer or on a manual underwrite. Ratio waivers may be granted with RD approval. Underwriting GUS approval or manual underwriting Additional Information: Closing Costs may be financed into the loan as long as the appraisal is sufficient to cover the loan-to-value. Non-US Citizen requirements: Primary occupancy only; and, Must have a valid social security number; and, Must be eligible to work in the United States; and, Must provide all proper documentation. Additional information can be found on the USDA Lender Portal at Transaction Type FICO Rate and Term Refinance Jumbo Loans Qualified Mortgages (QM) Fixed Rate and Hybrid ARM Products LTV/CLTV/HCLTV, Rate and Term Refinance Loan Amount % $1,000, % $1,500, % $2,000, % $2,500, % $1,000, % $1,000, % $1,500, % $1,000, % $1,500, % $2,000, % $2,500, % $1,000, % $1,000, % $1,500,000 Transaction Type FICO Cash-Out Refinance LTV/CLTV/HCLTV Loan Amount Cash-Out 6
7 720 70% $1,000,000 $250,000 Cash Out* % $1,000,000 $250, % $1,500,000 $500, % $2,000,000 $500, % $2,500,000 $750,000 Second Home, Rate and Term Refinance Transaction Type FICO Loan Amount LTV/CLTV/HCLTV % $1,000,000 or Rate and Term Refinance % $1,000,000 70% $1,500,000 65% $2,000,000 50% $2,500,000 Second Home Cash-Out Refinance Fixed Rate (20-, 25- and 30-year amortization) Transaction Type FICO Cash-Out LTV/CLTV/HCLTV Loan Amount 60% $1,000,000 $250,000 Cash-Out Refinance* % $1,500,000 $500,000 50% $2,000,000 $750,000 Investment Property, Rate and Term Refinance, and Cash-Out Refinance Transaction Type FICO Cash-Out LTV/CLTV/HCLTV Loan Amount % $1,000,000 N/A Rate and Term % $1,000,000 N/A Refinance Cash-Out Refinance* % $1,000,000 $250,000 7
8 Additional Information: Minimum loan amount is $424,101 for 1 unit properties, or $1 above the conforming loan limits for properties with 2-4 units. Loan amounts between conforming loan limits and Agency High Balance loan limits are eligible except on loans with LTVs greater than 80%. Loan amounts > $2,000,000 are available on 20-, 25- and 30-year fixed product only. *Texas 50 Cash-Out NOT allowed. Transactions with LTVs greater than 80%: MI not required Secondary financing not allowed DTI 36% Non-permanent resident aliens not eligible Gift funds not allowed Agency High Balance loan amounts are ineligible Escrow/impound accounts required for LTVs greater than 80% unless prohibited by applicable laws Second Home - : LTV/CLTV/HCLTV between 75.01% and 80% limited to 20-, 25- and 30-year fixed rate product Second Home - Cash-Out: No rental income for the subject property showing on Schedule E of the borrower s tax return No other financed REO other than subject property and primary residence 20-, 25- and 30-year fixed rate product only Investment Property -, Rate and Term Refinance, and Cash-Out Refinance: Gift funds not allowed Transaction must be arms-length Appraiser to provide rent comparable schedule First-Time Homebuyers not eligible 20-, 25- and 30-year fixed rate product only Florida condos limited to 50% LTV/CLTV/HCLTV Eligible States: Alabama, Arizona, Arkansas, California, Colorado, Florida, Kansas, Michigan, Missouri (delegated only), New Mexico, Oklahoma, Oregon, and Texas Appraisal Requirements: $2,000,000 - one full appraisal > $2,000,000 two full appraisals Refinance $1,500,000 one full appraisal > $1,500,000 two full appraisals 8
9 Reserve Requirements (# of months of PITIA) Occupancy Loan Amount # of Months $1,000,000 with LTV 80% 6 $1,000,000 with LTV > 80% 12 $1,000,001 - $1,500,000 9 $1,500,001 - $2,000, $2,000,001 - $2,500, $1,000, Second Home $1,000,001 - $1,500, $1,500,001 - $2,000, $2,000,001 - $2,500, Investment Property $1,000, $1,000,000 with LTV 80% 12 First-Time Homebuyer $1,000,000 with LTV > 80% 18 $1,000,001 - $1,500, ARM Products All loan amounts Additional 3 months Additional six (6) months PITIA reserves are required for each additional 1-4 unit financed residential property owned. Reserves are not required for properties not included in the count of multiple financed properties. Jumbo Loans Select 90 QM Fixed Rate (20-, 25- and 30-year amortization) Transaction Type FICO Loan Amount LTV/CTV/HCLTV, Rate and Term Refinance and % $1,500,000 Rate and Term Refinance MI not required Loans are manually underwritten - no AUS findings considered No AUS documentation waivers allowed Secondary financing not allowed Texas 50 Cash-Out NOT allowed All borrowers must be US Citizens with valid social security numbers Permanent resident aliens allowed with evidence of lawful residency & employed in the US for the past 24 months Non-permanent resident aliens not allowed Gift funds not allowed Minimum loan amount is $1 over the current conforming/high balance limits Escrow/impound accounts required for LTVs greater than 80% unless prohibited by applicable laws 20-, 25- and 30-year fixed rate product only First-Time Homebuyer restrictions: loan amount is $1,000,000 Minimum FICO is 740 Max DTI is 38.00% Reserves required 15 months 9
10 Reserve Requirements (# of months of PITIA) Transaction DTI # of Months First-Time Homebuyer DTI 38.00% 15 DTI 38.00% 12 Non-First-Time Homebuyer DTI 38.01% % 18 Additional six (6) months PITIA reserves are required for each additional 1-4 unit financed property owned. of two additional properties. Reserves are not required for properties not included in the count of multiple financed properties. Guardian Mortgage a division of Sunflower Bank, N.A. Serving generations since N. Dallas Parkway Suite 180 Plano, TX Contact your AE for all program requirements. 10
Chapter 9 Product Matrix
Table of Contents Chapter 9 Product Matrix... 1 CONVENTIONAL CONFORMING LOANS... 2 Secondary Market ARM (Adjustable Rate Mortgage) Loans... 4 HARP (Fannie DU Refi Plus and Freddie Open Access)... 5 FHA/VA
More informationTHE LSMG JUMBO PRODUCT
THE LSMG JUMBO PRODUCT Primary Residence: Purchase Property Type 2-unit Max LTV/CLTV/ Max Loan Min Loan Amount 2 Amount 3 Min FICO Score 4 Max 85% 6 $1,000,000 760 36% / 43% 80% $1,500,000 720 40% / 43%
More informationConventional and Government Program Overlays
Financed Properties Minimum Loan Amount $60,000 OVERLAYS All Programs Limited to a maximum of 4 loans to one borrower and up to $1.5MM. Power of Attorney Texas 50(a)(6) & 50(f) Allowed for active duty
More informationConventional and Government Program Overlays
Financed Properties OVERLAYS All Programs Limited to maximum 2 loans to one borrower, one must be primary residence Minimum Loan Amount $60,000 Allowed for active duty military personnel, military contractors,
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More information(TC) TRADITIONAL PROGRAM MATRIX CONFORMING & HIGH BALANCE
AGENCY CONFORMING DU Multiple Financed Properties CONFORMING DU Multiple Financed Properties FINANCE TYPE PURCHASE & RATE/TERM REFINANCE DELAYED FINANCING CASH OUT REFINANCE OCCUPANCY SECOND HOME INVESTMENT
More informationMax LTV/CLTV FICO 1 Unit 95/95% /90% 620 Purchase 85/85% 620 Refi 75/75% 2 Units Purchase & Refi- 85/85% 620 N/A N/A 75/75% 620
Revision: October 25, 2016 (Product Information Center, 949-390-2670, www.jmaclending.com) Fixed Rate (Purchase & Rate/Term Refinances) Fannie Mae DU Products: CF30, CF20, CF15, CF10 Occupancy Owner Occupied
More informationFannie Mae Conforming and High Balance
Primary Loan Purpose Minimum FICO Units Max LTV/CLTV/HCLTV Purchase or Rate/Term Cash-Out 2 3-4 2-4 Fixed 97%,2 / ARM 95% Fixed/ARM 85% Fixed/ARM 75% Fixed/ARM 80% Fixed/ARM 75% Second Home Loan Purpose
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationditech BUSINESS LENDING CONFORMING DITECH-PAID LPMI PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate with lender paid mortgage insurance DU Version 10.2 Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term
More informationGuideline Reference Applies to ALL Products
Guideline Reference Applies to ALL Products 4506-T CG Ch 5E Loan Documents & Notes CG Ch 6F Employment & Documentation CG Ch 7G FHA Employment & Evaluation & Documentation Product summaries IRS Form 4506T
More informationLoan Product Guide (Matrix)
Loan Product Guide (Matrix) 1 FHA Page 1.1 Streamline...2 1.2 Purchase 203 (B)...3 1.3 Refinance 203 (B)...4 2 FNMA 2.1 Purchase...5 2.2 Refinance...6 3 USDA 3.1 Purchase...7 3.2 Refinance/Streamline...8
More informationFHA Product Overview. Product and Underwriting Guidelines. U.S. Bank Home Mortgage Wholesale Division CAT CR U.S.
FHA Product Overview Product and Underwriting Guidelines U.S. Bank Home Mortgage Wholesale Division CAT-12896356 CR-12896418 Not for consumer distribution. This document is not a Consumer Credit Advertisement
More informationStockton Mortgage Funding HomeReady Fixed Rate Mortgage Product
1. PRODUCT DESCRIPTION Conventional C onforming fixed rate m ortgage DU Version 9.3 10, 15, 20, or 30 year terms for product 30 year term only for product Fully amortizing Qualified Mortgage (QM) Safe
More informationditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year
More informationNon Conforming JUMBO Programs
Non Conforming JUMBO Programs Select QM Eligibility Matrix Fixed Rate and Hybrid ARM Products Primary Residence Purchase, Rate and Term Transaction Type Units FICO LTV/CLTV/HCLTV Loan Amount 1 760 85%
More informationGuidelines Correspondent
Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: ❶ ❷ ❸ Occupancy Investment & Non-Owner Type❷ 1 Unit PURCHASE MORTGAGES Max LTV Max
More informationConventional and Government Program Overlays. OVERLAYS All Programs
4506-T/1040s Requirements Asset Verification Comparable Sales Credit Inquiries Delinquent Child Support Financed Properties OVERLAYS All Programs If TRV (Tax Return Verification) reveals C or E losses
More informationLPA HOME POSSIBLE. Home Possible
LPA HOME POSSIBLE Description: Product Term HPML Loan Purpose Acceptable Property Types Home Possible Home Possible (HP) is a Freddie Mac Community Lending program is designed to meet the needs of low-
More informationFHLMC PROGRAM LINEUP`
FHLMC PROGRAM LINEUP` Table of Contents Conventional Conforming (fixed & ARM)... 2 Super Conforming Fixed Rate... 5 Super Conforming ARM... 7 Home Possible... 11 Open Access... 16 HomeOne... 18 www.mcfunding.com
More informationFannie Mae (DU) Conventional Loan Matrix
PURCHASE/ LIMITED CASH OUT REFINANCES STANDARD and HIGH BALANCE LOAN AMOUNTS Occupancy Maximum* LTV Maximum* CLTV Min FICO* Max Ratios Minimum Cash Investments Mortgage/ Rental History Reserves 1 Unit
More informationHit the Books: First Time Homebuyer Programs from FNMA and FHLMC
Hit the Books: First Time Homebuyer Programs from FNMA and FHLMC Two common first time homebuyer programs are MyCommunityMortgage from FNMA and Home Possible from FHLMC. This reference will help you understand
More informationConventional and Government Program Overlays. OVERLAYS All Programs
4506-T/1040s Requirements Financed Properties OVERLAYS All Programs If TRV (Tax Return Verification) reveals C or E losses and/or unreimbursed expenses, 2 years of tax transcripts and 2 years 1040s will
More informationMultiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents
Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property
More informationCorrespondent Guidelines. Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits:
Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits: Occupancy Primary Residence Investment & Non-Owner PURCHASE AND LIMITED CASH-OUT REFINANCE MORTGAGES Property Type 1 Unit Max LTV Max TLTV
More informationditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10-30 year term in annual increments Fully amortizing
More informationWholesale Overlay Matrix
Wholesale Matrix The Matrix is a summary of Pacific Union Financial, LLC, dba thelender (Pacific Union, dba thelender) guideline overlays. This document should be used in conjunction with Pacific Union,
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationCONFORMING LIBOR ARMS PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A 30 year conforming conventional LIBOR ARM that is fixed for the initial 3, 5, or 7 years then rolls into a one year ARM for the remainder of the loan term.
More informationHigh-Cost Area (High Balance) Loan Amounts
Program Qualifications Eligible loans are conforming and high balance loans receiving a DU Version 10.0 or later Approve/Eligible. Maximum Loan Amounts Conforming Maximum Loan Amounts Units Continental
More informationditech BUSINESS LENDING JUMBO PRODUCTS
1. PRODUCT DESCRIPTION Conventional Jumbo fixed rate and ARM mortgages Fixed Rate: 15 and 30 year terms 5/1 LIBOR ARM: 30 year term Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are permitted
More informationMortgage 1 Programs Booklet
Mortgage 1 Programs Booklet cing Enging also contains most investor specific program descriptions and product guidelines GMC Programs - Minimum FICO Mortgage 1 will accept is 580 regardless of FGMC Matrices
More informationFixed-rate, fully amortizing with level payments for life of loan. This program is for conventional conforming loan amounts.
Several states and local municipalities have enacted legislation that define High Cost loans based on APR and fee thresholds which may or may not relate to the HOEPA thresholds. These types of loans typically
More informationditech BUSINESS LENDING VA REFINANCE PRODUCTS
1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in annual increments Fully amortizing Servicing retained Qualified Mortgage (QM) Safe
More informationFannie Mae High Balance Matrix
Revision: July 16, 2016 (Product Information Center, 949-390-2684, www.jmaclending.com Finance Type Purchas and Rate/Term Refinances Cash Out Refinances Occupancy Owner Occupied Owner Occupied Term Property
More informationditech BUSINESS LENDING VA REFINANCE PRODUCTS
1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in annual increments Fully amortizing Servicing retained Qualified Mortgage (QM) Safe
More informationFNMA Conforming Mortgage
Topic Program Description Products AUS method Eligible States Maximum Loan Amounts Agency Conforming Loan Limits Product Guideline This is base Fannie Mae mortgage parameters for primary, second and investor
More informationPRODUCT MATRICES. For Information on any of our products, please contact:
Correspondent Lending PRODUCT MATRICES March 2016 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
More informationMortgage 1 Programs Booklet
Mortgage 1 Programs Booklet *Pricing Enging also contains most investor specific program descriptions and product guidelines ** FGMC Programs - Minimum FICO Mortgage 1 will accept is 580 regardless of
More informationConforming and High Balance Guideline Fannie Mae
Revision: December 18, 2017 (Product Information Center, 949-390-2670, www.jmaclending.com) Fixed Rate (Purchase & Rate/Term Refinances) Products: CF30, CF20, CF15, CF10 Occupancy Owner Occupied Second
More informationPRODUCT GUIDELINES LENDER PAID MORTGAGE INSURANCE PROGRAM (LPMI) PROGRAM CODES: C30FLPMI, H30FLPMI
Occupancy Purpose Max Loan Amount Maximum LTV/ CLTV LOAN AMOUNTS
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationFHA Streamline Offering 8/15/14
FHA Streamline Offering 8/15/14 Streamline Basics All FHA to FHA refinances are eligible for a Streamline offering Streamlines can be structured with or without an appraisal and with or without credit
More informationAll transactions are considered Qualified Mortgage (QM) Safe Harbor loans. No score: follow agency guidelines, pricing based off 580 score
FIXED RATE VA 3/1 HYBRID ARM VA 5/1 HYBRID ARM VA Three Year/One Year Adjustable Rate 30-year term Fully amortizing Non-Convertible ARM Plan VAARM All transactions are considered Qualified Mortgage (QM)
More informationCorrespondent Lending FHA Fixed Rate
Agency Correspondent Lending FHA Fixed Rate Correspondent Lending FHA Fixed Rate Maximum Loan Amount County Minimum Loan Amount $50,000 10, 15, 20, 25 & 30 YR Fixed Rates & 5/1 CMT ARM DU Approve, LP Accept
More informationditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments
More informationFannie Mae Conforming and High Balance
Primary Purchase or 620 620 Second Home 1 Fixed 97% 1,2 / ARM 90% 2 Fixed 85% / ARM 75% 3-4 Fixed 75% / ARM 65% 1 Fixed 80% / ARM 75% 2-4 Fixed 75% / ARM 65% Purchase or 620 1 Fixed 90% / ARM 80% 620 1
More informationditech BUSINESS LENDING FREDDIE MAC ELIGIBLE SUPER CONFORMING FIXED RATE AND ARM PRODUCT
1. PRODUCT DESCRIPTI ON ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE SUPER CONFORMING FIXED RATE AND ARM PRODUCT Conventional Conforming fixed rate mortgage w ith Super Conforming/High- Balance loan limits
More informationSONYMA FHA Plus Correspondent Term Sheet
Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee
More informationditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FHA Fixed Rate and ARM Mortgages for Rate and Term Refinance, Cash-Out Refinance and Simple Refinance Transactions Fixed Rate
More information7.1 Genworth-Insured Refinance Program (04/03/09)
Genworth Mortgage Insurance 7.1 Genworth-Insured Refinance Program (04/03/09) The Genworth-Insured Refinance Program provides expanded underwriting guidelines for rate/term refinances of Genworth-insured
More informationUSDA Guaranteed Rural Housing Product Profile
USDA Guaranteed Rural Housing Product Profile PROGRAM CODES: 30RH Appraisals LTV/CLTV 100%* Purchase Maximum LTV/FICO Requirements Min FICO Rate and Term Refinance LTV/CLTV Min FICO 620 100%* 620 *exclusive
More informationUSDA Guaranteed Rural Housing Product Profile
Appraisals LTV/CLTV 100%* Purchase Maximum LTV/FICO Requirements Min FICO Rate and Term Refinance LTV/CLTV Min FICO 640 100%* 640 *exclusive of financed guarantee fee A full appraisal (e.g. form 1004 or
More informationPRODUCT MATRICES. For Information on any of our products, please contact your USBHM Account Executive
Wholesale Lending PRODUCT MATRICES March 2017 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
More informationNON-Interest Only. (W/ Secondary Financing)
Property Type 3 Fixed & ARM Purchase and Rate Term Refinance Max LTV Max LTV/CLTV 1 (W/O Secondary Financing) (W/ Secondary Financing) Min. FICO/Max DTI 1-Unit Primary 95.01 4,5-97% 4,5,6 95.00% DU/DU
More informationJUMBO PRODUCT MATRIX
JUMBO PRODUCT MATRIX PRODUCT DESCRIPTION Non Conforming Fixed Rate OR; Non Convertible ARMs 5/1, 7/1 and 10/1 LIBOR ARM with a 2.25% Margin and 5/2/5 Caps No prepayment penalty Escrow waivers allowed for
More informationFHA Streamline (Full Credit and Non-Credit Qualifying)
. This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply
More informationGuidelines Correspondent. Loan Program: 15-Year Fixed Jumbo (215)
Guidelines Correspondent Loan Program: 15-Year Fixed Jumbo (215) LTV Limits: Occupancy Primary Residence Investment & Non- Owner Occupied PURCHASE AND LIMITED CASH-OUT REFINANCE MORTGAGES Property Type
More informationFHA Underwriting Changes. Effective for case numbers issued on and after September 14, 2015
FHA Underwriting Changes Effective for case numbers issued on and after September 14, 2015 Today s Presentation Overview of the most substantial changes to the FHA single family handbook. Not realistic
More informationAssistance Program: City of Los Angeles Low Income Purchase Assistance Program (LIPA) Zero Interest Code: DCALIPADP
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE
ABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE January 1, 2018 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage
More informationABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE
ABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE January 1, 2017 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage
More informationDU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations
This matrix is intended as an aid to assist in determining if a property/loan qualifies for the DU Refi Plus program. It is not intended as a replacement for the full DU Refi Plus guidelines. Users are
More informationAssistance Program: City of Austin Shared Equity Down Payment Assistance Code: DTXSHARED
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationJUMBO PRIME PROGRAM (FIXED & ARM)
JUMBO PRIME PROGRAM (FIXED & ARM) PRIMARY RESIDENCE Purchase & Rate/Term Refinance (1),(2) Units Min. FICO LTV/CLTV/ HCLTV Max. DTI Max. Loan Amount 700 80% 43% 1 unit 680 80% 35% 680 70% 43% 740 80% 43%
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationditech BUSINESS LENDING FREDDIE MAC HOME POSSIBLE LPMI FIXED RATE MORTGAGE PRODUCT
1. PRODUCT DESCRIPTI ON ditech BUSINESS LENDING FREDDIE MAC HOME POSSIBLE LPMI FIXED RATE MORTGAGE PRODUCT Conventional Conforming fixed rate mortgage Servicing retained 10-30 year term in annual increments
More informationditech BUSINESS LENDING FREDDIE MAC ELIGIBLE DITECH-PAID LPMI FIXED RATE AND ARM PRODUCT
1. PRODUCT DESCRIPTI ON Conventional Conforming fixed rate w ith lender paid mortgage insurance Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term only Fully amortizing
More informationProduct Guidelines Freddie Mac Relief Refinance - Open Access
; Important Note: The program has been extended to allow application received dates on or before December 31, 2018 and settlement dates on or before September 30, 2019. Occupancy 1-4 Units 1-4 Units Max
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationVA Fixed Rate Program Matrix Purchase Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence /100
VA Fixed Rate and ARM Program Summary VA Fixed Rate Program Matrix Purchase Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 100/100 INTEREST RATE REDUCTION REFINANCE LOAN/IRRRL Streamline
More information<logo> Offered through 21 st Century Home Loans WHOLESALE DIVISION
CHF ACCESS Training Offered through 21 st Century Home Loans WHOLESALE DIVISION Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie
More informationPURCHASE. Max LTV w/o Sec. Fin. Max LTV w/ Sec. Fin. Max TLTV w/ Sec. Fin.
Agency Revised 3/26/2014 Correspondent Lending Freddie Mac Standard Fixed Rate and ARM Product Profile excludes: Relief Refinance and Super Conforming ELIGIBILITY MATRIX Overlays to Freddie guidelines
More informationFHA FIXED PROGRAM HIGHLIGHTS
Product Summary These guidelines represent the companies underwriting requirements for FHA fixed rate and ARM mortgages, and are to be utilized in conjunction with the following FHA Handbooks: 4155.1 for
More informationV40 15 Yr Fannie/Freddie High-Balance Fixed X49 20 Yr Super Conforming Freddie Mac Eligible
1. Loan Term Fixed Rate: 10 to 30-year terms in annual increments ARM: 30-year term 2. Fixed Rate Product Codes 3. ARM Product Codes W90 10 Yr Fannie/Freddie Fixed W91 10 Yr Freddie Mac Eligible Fixed
More informationWholesale Lending FHA Product Profile 03/23/2015 Overlays to HUD Guidelines are underlined
FHA CONFORMING Program Code GF30 GF15 GA05 GA07 Loan Description FHA CONFORMING 30 YEAR FIXED FHA CONFORMING 15 YEAR FIXED FHA CONFORMING 5/1 LIBOR ARM FHA CONFORMING 7/1 LIBOR ARM Program Code FHA HIGH
More informationVA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM
VA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM PROGRAM SPECIFICATIONS Description A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their
More informationCONFORMING FIXED LENDER PAID MORTGAGE INSURANCE PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A conforming conventional loan with a fixed interest rate for the term of the loan. Loan Term Program Category 30-year Conf Fixed 30 15-year Conf Fixed 15 Transaction
More informationAssistance Program: City of Tuscaloosa Home Purchase Assistance Program Code: DALTUSHPP
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationConforming Balance. Loan Purpose Minimum FICO Units Max LTV Max CLTV Loan Purpose Minimum FICO Units Max LTV Max CLTV
Fannie Mae Program Conforming Balance 1 to 4 Financed Properties (See 5 to 10 Financed Properties on Page 5) Summary Product Types 30yr, 25yr, 15yr and 10yr Fixed 5/1 & 7/1 ARMs For Conforming Loan Amounts,
More informationHome Affordable Refinance (DU Refi Plus and Refi Plus) FAQs
Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs February 3, 2015 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe
More informationAssistance Program: City of Tampa Mortgage Assistance Program Code: DFLTAMPA
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30 year
More informationFNMA VS. FHLMC 09/04/2017
FNMA VS. FHLMC 09/04/2017 Disputed Accounts FNMA When the credit report contains tradelines disputed by the borrower, DU will first assess the risk of the loan casefile using all tradelines, including
More informationFHA Streamline Program Conforming and High Balance Fixed Rate and ARMs
FHA Streamline Program Conforming and High Balance Fixed Rate and ARMs Primary Residence Transaction Type Units LTV CLTV Loan Amount 1 Streamline w/appraisal 4 1 90% 90% FHA Limit Streamline w/ Appraisal
More informationPRODUCT GUIDELINES USDA PROGRAM PURCHASE & RATE/TERM REFINANCE PRIMARY RESIDENCE. Revised 10/1/ % / 100% Excluding USDA
PURCHASE & RATE/TERM REFINANCE PRIMARY RESIDENCE Maximum LTV/CLTV* Max Loan Amount Min FICO Max Ratios 100% / 100% Excluding USDA 620 Per GUS** Determined by qualifying ratios and county maximum income
More informationAssistance Program: City of Dallas Homebuyer Assistance Program Category 1 Code: DTXCODMAP
Product Description HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year Conforming Product (DU) Fannie Mae Housing
More informationGuidelines Correspondent. Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits: Occupancy Primary Residence Second Home Investment & Non- Owner Property Type Condominiums are ineligible for this product.
More informationM&T National Correspondent Product Matrix
M&T National Correspondent Product Matrix Look to M&T Bank for your Correspondent Services. Renovation Lending Specialists and much more. Ask us today! Renovation Programs Renovation Programs FHA 203(k)
More informationLender Letter LL
Lender Letter LL-2017-05 To: All Fannie Mae Single-Family Sellers High Loan-to-Value Refinance Option September 08, 2017 At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae will offer
More informationPremium Jumbo Fixed & 10/1 ARM
Last Update 11/29/2017 Primary (Purchase & Rate/Term NO MI OPTION) Primary (Purchase) Primary (Rate/Term Ref.) Loan Amt LTV/CLTV Min Fico DTI Reserves Loan Amt LTV/CLTV Min Fico DTI Reserves Loan Amt LTV/CLTV
More informationGuidelines Correspondent. Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits: Occupancy Primary Residence Property Type w/o Sec Fin. PURCHASE MORTGAGES w/sec Fin. Max TLTV Max HTLTV Loan Limits 1 Unit
More informationditech BUSINESS LENDING FHA PURCHASE PRODUCT
1. PRODUCT DESCRIPTION FHA Fixed Rate Mortgage for Purchase Transactions FHA three year adjustable rate mortgage for Purchase Transactions 5 to 30 year term in annual increments 30 year term Fully amortizing
More informationSUPER JUMBO PRIMARY RESIDENCE. Min FICO. SFR, Condo* Townhouse PUD, 2 Units. Min FICO. SFR, Condo, Townhouse, PUD, 2 Units SECOND HOMES.
SJ Series SUPER JUMBO PRIMARY RESIDENCE Occupancy Loan Purpose Property Type Min FICO LTV/CLTV Max Loan Amt Primary Residence Purchase & Rate/Term Refinance SFR, Condo* PUD, 2 Units 720 80/80 $2,000,000
More informationAssistance Program: Palm Beach County SHIP Purchase Assistance Program Code: DFLPBCSMS
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationIssue Date 2/18/09 Effective Date Immediately WPA
Wholesale Partner Announcement At Your Interest Is Our Priority! Issue Date 2/18/09 Effective Date Immediately WPA 2009-008 Multiple Changes and Clarifications Purpose This communication announces the
More informationSilvergate Funding, Inc ( SFI ) IN FOCUS BULLETIN April 17, 2014
Silvergate Funding, Inc ( SFI ) IN FOCUS BULLETIN 2014-05 April 17, 2014 Week of April 14 Hours of Operation The financial markets close early on Thursday and are closed on Friday April 18. SFI Secondary
More information10, 15, 20, 25 & 30 YR Fixed Rates
Agency Correspondent Lending Fannie Mae Standard Fixed Rate and ARM Product Profile excludes: DU Refi Plus, High-Balance, HomeStyle Renovation and MyCommunity Mortgage ELIGIBILITY MATRIX & SUMMARY GUIDELINES
More informationsolid, established, reliable - since 1959 All appraisals must be ordered through Nationwide Property & Appraisal Services
Conforming Overlays solid, established, reliable - since 1959 1/5/17 All appraisals must be ordered through Nationwide Property & Appraisal Services All loans must be DU underwritten and receive an Approve
More informationPennyMac Correspondent Group Open Access
PennyMac Correspondent Group Open Access 01.18.18 Overlays to Freddie Mac are underlined The new loan must have an application date on or before December 31, 2018. Mortgage Product Program Eligibility
More information