SMC CORE-FIXED RATE CONFORMING LOAN PROGRAMS

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1 ELIGIBLE PROPERTIES modular, panelized and prefabricated), and 2-4 Units Note: 3-4 Units are considered investment properties unless the loan received acceptable DU or LP certificate and is delivered with an executed Occupancy Declaration. STREAMLINED REFINANCE 7 YEAR BALLOON SMC AU (includes InterestFirst option) (modular, panelized and prefabricated), and 2 Units (modular, panelized and prefabricated), and 2-4 Units Note: 3-4 Units are considered investment properties unless the loan received acceptable DU or LP certificate and is delivered with an executed Occupancy Declaration. recommendation SFRs, Condos, PUDs, and Factory-Built Housing (modular, panelized and prefabricated) OCCUPANCY ELIGIBLE BORROWERS MAXIMUM LOAN AMOUNT Owner-occupied primary residences, second homes, and investment properties. Refer to A/Alt-A Guidelines for non-occupant co-borrowers and non-permanent resident Property Type Max Amt i 1 Unit $417,000 2 Units $533,850 3 Units $645,300 4 Units $801,950 Owner-occupied primary residences and second homes. (Second homes must be SFRs, condos, or PUDs.) Same borrowers as on original title. Refer to A/Alt-A Guidelines for details. Additions and deletions may be allowed. Property Type Max Amt 2 Units $533, 850 $800,775 May include the principal balance, closing costs, points, and prepaids. Owner-occupied primary residences, second homes, and investment properties. Refer to A/Alt-A Guidelines for non-occupant co-borrowers and non-permanent resident Property Type Max Amt i 2 Units $533,850 $800,775 3 Units $645,300 $967,950 4 Units $801,950 $1,202,925 Owner-occupied primary residences, second homes and investment properties. InterestFirst Option: Owner-occupied properties and second homes only.are not allowed. Rental Management: A two-year history of managing rental properties is required for all investment property transactions. Refer to A/Alt-A Guidelines for nonpermanent resident Nonoccupant co-borrowers are not allowed. Property Type Max Amt PLEASE REFER TO THE A/ALT-A GUIDELINES FOR COMPLETE PROGRAM GUIDELINES. Page 1 of 5

2 STREAMLINED REFINANCE TERM 10, 15, 20, 25, 30, or 40 years. 10, 15, 20, 25, or 30 years. Amortized for 30 years, with a balloon payment due in 7 years. A term extension is available for an additional 23 years. MAXIMUM LTV/CLTV Purchase and Rate & Term Refinance 7 YEAR BALLOON SMC AU 1 UNIT PRIMARY RESIDENCE 95% 95% % 95% % 90% UNITS PRIMARY RESIDENCE 90% 90% % 95% 700 Enhanced 1 95% 95% 680 Enhanced 1 95% 95% 700 Enhanced 1 95% 95% % 90% 620 recommendation. 10, 15, 20, 25, or 30 years. InterestFirst Option: 30 years only. Interest for the first 10 years. 90% 90% UNITS PRIMARY RESIDENCE 80% 80% DU/ LP cert 80% 80% DU/ LP cert 1 UNIT SECOND HOME 90% 90% % 95% Enhanced 1 70% 70% % 90% % 95% Enhanced 1 90% 1 90% UNITS 75% 2 75% % 2 90% Enhanced UNITS 75% 2 75% FOOTNOTES: 1 Additional apply for the manually underwritten loans. Refer to the A/Alt-A Guidelines. Loans that receive an acceptable SMC AU, DU or LP certificate do not need to meet the minimum credit score or additional 1 Only existing secondary financing that has been subordinated is allowed. Existing secondary financing cannot be paid off with proceeds of the refinance nor can new secondary financing be obtained. 75% 2 75% %1 75% % 2 90% Enhanced 1 (1-unit investment properties only) 75% 2 75% Additional apply for the eligibility of Enhanced guidelines on manually underwritten loans. Refer to the A/Alt-A Guidelines. Loans that receive an acceptable SMC AU, DU or LP certificate do not need to meet the minimum credit score or additional 1, Investment properties are not eligible for the InterestFirst option. PLEASE REFER TO THE A/ALT-A GUIDELINES FOR COMPLETE PROGRAM GUIDELINES. Page 2 of 5

3 A/ALT-A GUIDELINES SECTION: MAXIMUM LTV/CLTV Cash Out Refinance 1 UNIT PRIMARY RESIDENCE 70% 70% 620 STREAMLINED REFINANCE 7 YEAR BALLOON SMC AU FAST & EASY SMC s SMC AU and receive an Accept recommendation Cash out refinance is not allowed. 90% 90% Enhanced 1 90% 90% 720 Enhanced 1 70% 70% % 70% UNITS PRIMARY RESIDENCE 70% 70% % 70% 620 Cash out refinances are not 90% 90% 720 Enhanced 1 90% 90% 720 Enhanced 1 allowed on second homes or investment properties. Cash out refinances are not eligible for the InterestFirst option. 3-4 UNITS PRIMARY RESIDENCE 75% 75% DU/ LP cert 75% 75% DU/ LP cert 1 UNIT SECOND HOME 70% 70% % 90% Enhanced 1 70% 70% % 90% Enhanced UNITS 70% 70% % 2 85% Enhanced 1 70% 70% % 2 85% Enhanced UNITS 70% 70% % 70% 620 FOOTNOTES: 1 Additional apply for the manually underwritten loans. Refer to the A/Alt-A Guidelines. Loans that receive an acceptable SMC AU, DU or LP certificate do not need to meet the minimum credit score or additional 1 Additional apply for the manually underwritten loans. Refer to the A/Alt-A Guidelines. Loans that receive an acceptable SMC AU, DU or LP certificate do not need to meet the minimum credit score or additional PLEASE REFER TO THE A/ALT-A GUIDELINES FOR COMPLETE PROGRAM GUIDELINES. Page 3 of 5

4 SECONDARY FINANCING QUALIFYING RATIOS SECOND HOME, AND Allowed up to the allowable maximum CLTV. Community seconds are not allowed 80/20 financing is allowed. Refer to the A/Alt-A Guidelines for details. Ratios may be exceeded with compensating factors such as: Higher reserves STREAMLINED REFINANCE 7 YEAR BALLOON SMC AU FAST & EASY details. Ratios may be exceeded with compensating factors such as: details. Ratios may be exceeded with compensating factors such as: Higher reserves SMC s SMC AU and receive an Accept recommendation. details. Calculated from stated income. Maximum ratios allowed are determined by SMC AU. MORTGAGE INSURANCE TAMI is allowed but may not be available for all program options, including occupancy and property types. Refer to the A/Alt-A Guidelines for complete details % or greater 25% 30% TAMI is allowed but may not be available for all program options, including occupancy and property types. Refer to the A/Alt-A Guidelines for complete details % or greater 25% 30% TAMI is allowed but may not be available for all program options, including occupancy and property types. Refer to the A/Alt-A Guidelines for complete details. LTV Coverage to 85% 12% to 90% 25% or 95% 30% TAMI is allowed but may not be available for all program options, including occupancy and property types. Refer to the A/Alt-A Guidelines for complete details PLEASE REFER TO THE A/ALT-A GUIDELINES FOR COMPLETE PROGRAM GUIDELINES. Page 4 of 5

5 TEMPORARY BUYDOWNS SEASONING REQUIREMENTS Refer to A/Alt-A Guidelines for complete information. STREAMLINED REFINANCE 7 YEAR BALLOON SMC AU recommendation. Not allowed. Not allowed. Not allowed. None. regardless of age, only if the proceeds were used for the original purchase of the subject property. If the junior lien is a HELOC, the current balance may not exceed the initial draw amount, otherwise it will be considered a cash out refinance. regardless of age. regardless of age, only if the proceeds were used for the original purchase of the subject property. If the junior lien is a HELOC, the current balance may not exceed the initial draw amount, otherwise it will be considered a cash out refinance. regardless of their age. regardless of age, only if the proceeds were used for the original purchase of the subject property. If the junior lien is a HELOC, the current balance may not exceed the initial draw amount, otherwise it will be considered a cash out refinance. regardless of their age. PLEASE REFER TO THE A/ALT-A GUIDELINES FOR COMPLETE PROGRAM GUIDELINES. Page 5 of 5