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, registration and closing questions, call the Help Desk Help Desk at (800) 200-5881 Option 1 The following product matrices offer a quick reference of the multitude of products offered by U.S. Bank Home Mortgage. The Matrices do not replace the Product Guidelines. Product Guidelines must be reviewed carefully to fully understand the product. They are not intended to cover a products full guidelines and U.S. Bank Home Mortgage reserves the right to modify products from time to time. To make sure you are looking at the most current product information please check our Sellers Guide. For Information on any of our products, please contact your USBHM Account Executive This document in not a Consumer Credit Advertisement and is intended for Correspondent and Wholesale Broker use only. This information is provided to assist Correspondents and Wholesale Brokers and is not a consumer credit advertisement as defined by Regulation Z. Please consult the Seller Guide on our web site for more details (https://sellus.usbank.com). Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all amounts. Interest rates and program terms are subject to change without notice. Mortgage and Home Equity products are offered by U.S. Bank National Association. Deposit Products offered by U.S. Bank National Association. Member FDIC. 2017 U.S. Bank.
Table of Contents FHLMC Fixed Rate Conforming 6 FNMA Fixed Rate Conforming 7 FHLMC LPMI Fixed Rate (PiggyBack Buster) 8 FHLMC Fixed Rate Jumbo Conforming 9 FHLMC Home Possible/Home Possible Advantage 10 FHLMC HASP Streamline 11 FNMA DU Refi Plus Streamline 12 FHLMC Manufactured Homes 13 FHLMC LIBOR ARM Programs 14 FHLMC 5/1 LIBOR ARM Super Conforming 15 Conventional Non-Conforming LIBOR ARM s 16 Conventional Non-Conforming Interest Only LIBOR ARM s 17 Jumbo Full Doc Matrix 18 Conventional Non-Conforming Fixed Rate 19 FHA Programs 20 FHA Jumbo Programs 21 VA Programs 22 Simultaneous HELOC 23 Fixed Rate Second Mortgage 24 2
Product Code List Product Code # Product Name 1001 FHA 30 Year Fixed 1002 FHA 15 Year Fixed 1024 FHA 5/1 ARM 1105 FHA Jumbo 30 Year Fixed Rate 2001 VA 30 Year Fixed 2002 VA 15 Year Fixed 2024 VA 5/1 ARM 3070 Conventional Non-Conforming Fixed 30 Year 3071 Conventional Non-Conforming Fixed 20 Year 3072 Conventional Non-Conforming Fixed 15 Year 3075 Conventional Non-Conforming 1/1 LIBOR ARM 3076 Conventional Non-Conforming 3/1 LIBOR ARM 3077 Conventional Non-Conforming 5/1 LIBOR ARM 3078 Conventional Non-Conforming 7/1 LIBOR ARM 3079 Conventional Non-Conforming 10/1 LIBOR ARM 3086 Conventional Non-Conforming Interest Only 3/1 ARM 3087 Conventional Non-Conforming Interest Only 5/1 ARM 3088 Conventional Non-Conforming Interest Only 7/1 ARM 3089 Conventional Non-Conforming Interest Only 10/1 ARM 3091 Fixed Rate Second Mortgage 15 Year Fixed 3094 Fixed Rate Second Mortgage 30 Year Fixed 3
Product Code List Product Code # Product Name 3371 FHLMC 3/1 LIBOR ARM 3374 FHLMC 5/1 LIBOR ARM (2/2/5 Caps) 3373 FHLMC 7/1 LIBOR ARM 3379 FHLMC 5/1 LIBOR ARM Super Conforming (2/2/5 Caps) 3380 FHLMC 7/1 LIBOR ARM Super Conforming (5/2/5 Caps) 3501 FNMA 30/25 Year Fixed 3502 FNMA 15 Year Fixed 3503 FNMA 20 Year Fixed 3505 FNMA 30 Year Fixed Non Owner Occupied 3506 FNMA 15 Year Fixed Non Owner Occupied 3507 FNMA 10 Year Fixed 3508 FNMA 20 Year Fixed Non Owner Occupied 3523 FNMA 30 Year Conforming DU Refi Plus Streamline 3524 FNMA 15 Year Conforming DU Refi Plus Streamline 3525 FNMA 30 Year Jumbo DU Refi Plus Streamline 3526 FNMA 15 Year Jumbo DU Refi Plus Streamline 3600 FHLMC 30 Year HASP Streamline Refinance 3601 FHLMC 30/25 Year Fixed 3602 FHLMC 15 Year Fixed 3604 FHLMC 20 Year Fixed 3610 FHLMC 30 Year Conforming Non Owner Occupied 3611 FHLMC 15 Year Conforming Non Owner Occupied 3619 FHLMC 10 Year Fixed 3626 FHLMC Jumbo Conforming 30/25 Year 3627 FHLMC Jumbo Conforming 15 Year 3652 FHLMC 15 Year HASP Streamline Refinance 3666 FHLMC Manufactured Home 30 Year 3667 FHLMC Manufactured Home 20 Year 4
Product Code List Product Code # Product Name 3668 FHLMC Manufactured Home 10/15 Year 3684 FHLMC LPMI Fixed Rate (PiggyBack Buster) 80.01 to 85% 3685 FHLMC LPMI Fixedd Rate (PiggyBack Buster) 85.01 to 90% 3686 FHLMC LPMI Fixed Rate (PiggyBack Buster) 90.01 to 95% 3687 FHLMC Home Possible 95% 3691 FHLMC Home Possible 80% Manufactured Homes 3692 FHLMC 30 Year Super Conforming HASP Streamline Refi 5
FHLMC Fixed Rate Conforming Program Product 4/22/2016 Fully Amortizing 3601: 25-30Year 3602: 15 Year 3604: 20 Year 3619: 10 Year 3610: 30-20 Year (NOO) 3611: 15 Year (NOO) Purchase/R&T Refi T / HT Primary: 1- Unit 95% 95% Primary: 2-4 Unit 80% 80% 2 nd Home 1 Unit* 90% 90% 2 nd Home: 1 Unit 85% 85% Investment: 1- Unit (Purchase only) Investment: 1- Unit (R/T Refi only) 85% 85% 75% 75% Investment: 2-4 Unit 75% 75% Conforming Limits Cash out Refinance Primary: 1- Unit** 85% 85% Primary: 1 - Unit 80% 80% Primary: 2-4 Unit 75% 75% 2nd Home: 1 Unit 75% 75% Investment: 1- Unit 75% 75% Investment: 2-4 Unit 70% 70% See guidelines on website for any restrictions on T & H s. *For Second Homes with > 85% and <=90% ** Cash out refinance with > 80% <= 85% require minimum 740 FICO. Minimum 720 FICO required No Manufactured Homes and Condo s must be on the USBHM Approved Properties in Florida not allowed List in AllRegs and be full approvals, no streamline reviews allowed Second Homes not suitable for year-round use not allowed Loan Prospector Only LP Accept/Ineligible Ineligible Status Message Borrowers with more than 4 financed properties not allowed for /T only. DU maximum 80%. Loan Prospector Only LP Accept/Ineligible Ineligible Status Message For /TLV only. LP/DU Eligibility: LP Accept Allowed.. DU Approved allowed, the only response is an Approve classification. DU Expanded Approval not allowed. Each Borrower and all borrowers collectively may not own and / or be obligated on more than six 1-4 unit financed properties (including primary residence) if loan is secured by a second home or investment property. Subordinate Financing may come from the following sources: Non-USBHM second mortgage or HELOC. USBHM seconds and HELOC s refer to second mortgage or USBHM HELOC guidelines. See Conventional Underwriting Guidelines Eligible Borrowers If DU Approve is obtained a minimum 620 FICO score is required. A minimum 620 FICO score is required on all cash out refinance transactions. If loan is submitted through LP, the DTI is determined by LP. If the loan is submitted through DU, the maximum DTI is 50% regardless of the DU response. Contributions by interested parties are Standard FHLMC requirements. Loans can be submitted to your assigned USBHM Underwriting department,, or if you have received delegated underwriting authority from USBHM, or one of the USBHM approved MI companies for contract underwriting (provided they are willing to perform such service under agreement/approval between you and that MI provider). Sellers awarded Delegated Underwriting authority levels 3, 5 & 6, by USBHM can underwrite up to their specific level of authority. 6
FNMA Fixed Rate Conforming Program Product 10/11/2016 Fully Amortizing 3501: 25-30Year 3502: 15 Year 3503: 20 Year 3507: 10 Year 3505: 30 Year (NOO) 3506: 15 Year (NOO) 3508: 20 Year (NOO) Conforming Limits Purchase/R&T Refi T / HT Primary: 1- Unit 95% 95% Primary: 2 Unit 80% 80% Primary 3-4 Unit 75% 75% 2 nd Home 1 Unit* 90% 90% 2 nd Home: 1 Unit 85% 85% Investment: 1- Unit (Purchase only) 85% 85% Investment: 1- Unit (R/T Refi only) 75% 75% Investment: 2-4 Unit 75% 75% Cash out Refinance Primary: 1- Unit** 85% 85% Primary: 1 Unit 80% 80% Primary: 2-4 Unit 75% 75% 2nd Home: 1 Unit 75% 75% Investment: 1- Unit 75% 75% Investment: 2-4 Unit 70% 70% See guidelines on website for any restrictions on T & H s. *For Second Homes with > 85% and <=90% **Cash out refinance with > 80% <= 85% require minimum 740 FICO Minimum 720 FICO required No Manufactured Homes and Condo s must be on the USBHM Approved Properties in Florida not allowed List in AllRegs and be full approvals, no streamline reviews allowed Second Homes not suitable for year-round use not allowed Loan Prospector Only LP Accept/Ineligible Ineligible Status Message Borrowers with more than 4 financed properties not allowed for /T only. DU maximum 80%. Loan Prospector Only-LP Accept/Ineligible Ineligible Status Message for /T only. LP/DU Eligibility: DU Approve or LP Accept Required. DU Expanded Approval not allowed. Each Borrower individually and all borrowers collectively may not own and / or be obligated on more than four 1-4 unit financed properties (including primary residence) if loan is secured by a second home or investment property. Subordinate Financing may come from the following sources: Non-USBHM second mortgage or HELOC. USBHM seconds and HELOC s refer to second mortgage or USBHM HELOC guidelines. See Conventional Underwriting Guidelines Eligible Borrowers Minimum FICO score is 620 regardless of the DU/LP response. If loan is submitted through DU, the maximum DTI is 50% and must be Approve/Eligible. If the loan is submitted through LP, the maximum DTI is 45% and must be LP Accept. Contributions by interested parties are Standard FHLMC requirements. Mortgage Insurance required on all loans greater than 80% : see guidelines on our website. Loans can be submitted to your assigned USBHM Underwriting department,, or if you have received delegated underwriting authority from USBHM, or one of the USBHM approved MI companies for contract underwriting (provided they are willing to perform such service under agreement/approval between you and that MI provider). Sellers awarded Delegated Underwriting authority levels 3, 5 & 6, by USBHM can underwrite up to their specific level of authority. 7
FHLMC LPMI Fixed Rate (Piggyback Buster) (Conforming) Product 1/9/2017 Fully Amortizing 25 & 30 Year Term T 3684-80.01-85% 3685-85.01-90% 3686-90.01-95% 1 Unit Primary Detached/Attached Purchase or Rate / Term Refinance Cash Out Refinance not allowed. 95% N/A The MI is Lender Paid ordered by USBHM Conforming Loan Limits Subordinate Financing not allowed Temporary Buydowns not allowed Minimum for this program is 80.01% - Rate/Term refinance transactions limited to the following: - The payoff of the outstanding principal balance of an existing first mortgage, - The payoff of the outstanding principal balance of any existing subordinate mortgage that was used in whole to acquire the subject property, - The financing of closing costs (including prepaid expenses), and - Cash back to the borrower in an amount no more than the lesser of 2% of the balance of the new refinance mortgage or $2,000. Streamline refinances are not available. Loans can be submitted to your assigned USBHM Underwriting Department. Sellers awarded Delegated Underwriting authority Levels 3, 5 & 6 by USBHM can underwrite up to their specific level of authority. MI companies are not authorized to underwrite this product. LP Accept and DU Approve Eligible is required. No LP A minus or DU Expanded allowed. Standard Documentation is required Streamline not allowed. Qualifying Ratios Determined by LP or DU. Minimum 680 FICO is required. See Conventional Guidelines Eligible Borrowers. Non-Occupant Co-borrowers are not permitted. 1 unit detached/attached primary residence is allowed. Attached Properties in Florida and Nevada are restricted to a maximum DTI <=41%. Manufactured homes, second homes and investment properties are not allowed. Non-Warrantable condos are not allowed. Funds to Close/Reserves will be determined by LP or DU. Contributions By Interested Parties 3% of the lesser of sales price or appraised value. Need fully completed URAR. Short form (2055) not allowed. Not assumable No Pre-payment Penalty. 8
FHLMC Fixed Rate JUMBO Conforming Program Product Purchase / Rate Term Refinance 7/11/2016 Fully Amortizing 3626: 25-30Year 3627: 15 Year This program is not for Conventional Conforming Loan Amounts Purchase/Rate Term Primary: 1- Unit 95% 95% 2 nd Home: 1 Unit 85% 85% Investment: 1- Unit 85% 85% Primary: 2-4 Unit 80% 80% Investment: 2-4 Unit 75% 75% Cash Out Refinances T/HT Primary 1Unit 80% 80% Primary 2-4 Units 75% 75% Second Home 1 Unit 75% 75% Investment 1 Unit 75% 75% Investment 2-4 Unit 70% 70% Streamline refinances are not allowed. Each Borrower individually or collectively may not own or be obligated on more than six 1-4 unit financed properties (including primary residence) if loan is secured by a second home or investment property. Refer to Contributions By Interested Parties section of our product guidelines on our SellUs web site for additional information and restrictions. with secondary financing is the maximum allowable on the first mortgage when secondary financing is used. Refer to Second Mortgage or HELOC guidelines if originating a USBHM second mortgage or HELOC for additional requirements. Loans can be submitted to your assigned USBHM Underwriting Department, or if you have received delegated underwriting authority from USBHM, or one of the USBHM approved MI companies for contract underwriting (provided they are willing to perform such service under agreement/approval between you and that MI provider). Delegated Underwriting Authority Levels 3.5 & 6 can underwrite up to their specific level of authority. Loans submitted through LP/DU and receive an LP Accept with a Risk Class Accept or through DU and receive DU Approve Eligible. DU Approve/Eligible only will be accepted by US Bank Minimum FICO regardless of DU Response is 620 and maximum DTI 50%. Manual underwritten loans are not allowed. Qualifying Ratios Determined by LP or maximum 50% DTI regardless of DU response. FICO A min FICO score of 620 is required on cash out refi regardless of LP/DU response. Reserves are not required on 1 unit owner occupied properties see guidelines for all other property types. Appraisal Need fully completed URAR interior and exterior appraisal required. A field review is required if the /T/HT is >75% and the value is > $1,000,000. Contributions by interested parties 3% for primary and second homes & 2% on investment properties Max. loan amounts for ALL 1-4 units is the LOWER of the limits as stated in the following website below or $1M: http:/www.fhfa.gov/datatools/downloads/pages/conforming-loan-limits.aspx 9
FHLMC Home Possible Programs Product Non-Manufactured Homes 6/6/2016 Fixed Rate Programs (3687- Home Possible Advantage / Home Possible) Min Down Payment or Equity % of Min Down Payment Req. From Borrower funds 1 Unit 97% Advantage 3% -0-1 Unit 95% 5% -0-2-4 Units 95% 5% 3% Conforming Loan Limits (3691 Home Possible 80% Manufactured Home) Conforming Loan Limits Purchase and Rate & Term Refinance Primary Residence Only Manufactured Home Home Possible 80% T Min. Borrower Contribution Term Acceptable Approval 1 Unit 80% 80% 5% 30 Yr. LP Accept 1 Unit 80% 80% 5% 20 Yr. Manual UW Purchase and Rate & Term Refinance - Primary Residence Only 720 minimum FICO score. All Home Possible Mortgages must be submitted to LP. LP with a Risk Class of Accept is acceptable. See guidelines in SellUs for annually underwritten loans and the restrictions. Manually underwritten loans with 95% require at least one borrower with a valid fico score and sufficient traditional credit. Subject to MI availability and MI Approval. Check guidelines for MI coverage required. Streamline Refinance mortgage is not allowed. Refer to Source of Funds Definitions section in guidelines for definition of borrower own funds. Loans can be submitted to your assigned USBHM Underwriting Department, or if you have received delegated underwriting authority from USBHM, or one of the approved USBHM MI companies for contract underwriting (provided they are willing to perform such service under agreement/approval between you and that provider). Sellers awarded delegated underwriting authority levels 3,5 & 6 by USBHM, can underwrite up to their specific level of authority. See Conventional Underwriting Guidelines Eligible Borrowers. FICO Requirements: >95% requires 680 FICO. If manually underwritten see additional restrictions in guidelines. All loans must be submitted to Loan Prospector. LP with a Risk Class of Acceptable is Acceptable. See guidelines for loans that can be manually underwritten if it does not receive an Accept. Qualifying Ratios: LP Accept determines DTI, All manually underwritten loans with <=95% requires a 45% DTI and 43% DTI on loans > 95%. Homebuyer Education: Borrowers are required to participate in pre-purchase homebuyer education and counseling prior to mortgage closing. If all borrowers are first time homebuyers at least one qualifying borrower must participate. Borrower(s) Income Limitations: Refer to our product guidelines for restrictions. Funds to Close/Reserves: Refer to our product guidelines for required reserves and sources. BEFORE LOCKING, REGISTERING QUOTING TO A BORROWER OR REFERRAL SOURCE YOU MUST CONSULT THE U.S. BANK HOME MORTGAGE WHOLESALE PRODUCT GUIDELINES AND SPEAK TO YOUR ACOUNT EXECUTIVE. 10
FHLMC HASP Streamline Refinance Product 12/22/2016 T / HT Fully Amortizing 1-4 Unit Primary 105% No Maximum Limit 3600-30 Year 3652-15 Year 3692-Super Conforming 30 Year Conforming Limits and for Jumbo Loan Limits as set by the Recovery and Reinvestment Act of 2008. See State Tables for Eligible Sates Excludes Texas 1 Unit Second Home 105% No Maximum Limit 1-4 Unit Investment 105% No Maximum Limit This program is a Freddie Mac to Freddie Mac fixed rate, fully amortizing streamline refinance with level payments for the life of the loan that must have the Application dated on or before 09/30/2017. Seller/Servicers that currently do not service the loan being refinanced, are permitted to originate loans under this program to refinance conventional conforming and conforming Jumbo loan amounts purchased by Freddie Mac with a Note Date on or before 5/31/09. The Streamline refinance must be for one of the following purposes: - To reduce the interest rate on the first mortgage OR, reduce PITI monthly, - To replace an ARM, Initial Interest Mortgage or any Mortgage with an interest- only period, or a Balloon/Reset Mortgage with a fixed rate, fully amortizing Mortgage OR, - To reduce the amortization term of the Mortgage of the First Lien Mortgage. - The new mortgage can have a term exceeding the original term of the mortgage being refinanced as long as one of the above is present. Streamline refinance transactions are limited to the following: - pay off the first lien unpaid principal balance and accrued interest. - $5,000 can be added to the unpaid balance to pay for closing costs, pre-paids, Financing Costs and Escrows. - Maximum of $250 cash back to borrower is allowed, any funds in access of allowable cash back must be applied to the new mortgage as a principal curtailment. Proceeds cannot be used to pay off or pay down any subordinate financing. Refinance transactions under 80%, standard conforming requirements apply regarding 2% or $2,000 maximum cash back to the borrower. LP Accept is required. LP A-Minus is not allowed. DTI determined by LP for USBHM serviced loans. Max DTI limited to 50% for non-usbhm serviced loans unless Borrower has 12 month PITI verified funds. Loan must be submitted through LP. See Guides in SellUs if loan is a High priced Mortgage or High Priced Covered Transaction. If the original on the existing mortgage was > 80% and currently has MI, the loan is not eligible for program. All Borrower s must have a FICO score, minimum 620 FICO score required. Must be a first lien, conventional mortgage currently owned by Freddie Mac. Existing first lien must have Note Date on or before 5/31/2009. 1x30 in the last 12 months is allowed provided it did not occur within the previous 6 months. Loan must receive an LP Accept. Sellers awarded Delegated underwriting authority should check guidelines the Sellers Guide specific instructions per program.. Mortgage loans sold to Freddie Mac with any if the following are ineligible: with recourse, Indemnification, or Other negotiated credit enhancements. Existing subordinate financing can be subordinated at the existing balance only. No new subordinate financing is allowed. Borrower(s) listed on the FHLMC streamline refinance must be the same Borrower(s) listed on the Note of the Mortgage being refinanced except that a borrower may be omitted from the Note provided that: Borrower being omitted must also be removed from the deed and at least one Borrower from the mortgage being refinanced is retained. Borrower(s) may be added provided at least one Borrower is retained on the new mortgage. A non-occupying co-borrower may not be added to the new mortgage secured by a primary residence. See complete guidelines in SellUs for appraisal options regarding new appraisals, field reviews, and use of HVE. If the mortgage being refinanced does not have MI, then no MI is required on the new mortgage even if the is > 80%. If the mortgage being refinanced was >80% and the current transaction will require MI, the loan is NOT eligible for LP Streamline Refinance Open Access regardless of the LP response. 11
FNMA DU Refi Plus Streamline Product 12/22/2016 Fully Amortizing T / HT 1-4 Unit Primary 105% No Maximum Limit 3523-30 Year 3524-15 Year 3525-30 Year Jumbo 3526-15 Year Jumbo Conforming Limits and for Jumbo Loan Limits as set by the Recovery and Reinvestment Act of 2008. 1 Unit Second Home 105% No Maximum Limit 1-4 Unit Investment 105% No Maximum Limit This program is a streamline refinance of an existing Fannie Mae loan using DU to underwrite the loan. The FNMA DU Refi Plus Application must be dated on or before September 30, 2017. Originating lender does not have to be the servicer of the existing Fannie Mae loan. Existing first lien must have Note Date on or before May 31, 2009. The DU Refi Plus Streamline must be for one of the following purposes: - To reduce the monthly mortgage principal and interest OR, - Offer a more stable mortgage product (i.e. refinance from an ARM to a fixed rate or an interest only to a fixed rate amortizing loan. - The amortization period may be shortened. The monthly mortgage principal and interest payment can increase ONLY if it is to shorten the amortization period OR reduce interest rate. Borrower can finance closing costs, pre-paid expenses and points. Must be a first lien, conventional mortgage currently owned by Fannie Mae. HERA Based Loan Limits for Calendar Year 2014 All Counties DU Approve Eligible is required. DU expanded Approval, LP and manual underwrite are not allowed. DU will determine if an existing lien is eligible for a DU Refi Plus streamline refinance by matching the borrower(s) name and subject property address on the loan with an existing Fannie Mae loan. A successful match of both is required to be eligible for a DU Refi Plus streamline. Qualifying Ratios: Determined by DU for USBHM serviced loans. Maximum DTI limited to 50% for non-usbhm serviced loans unless the borrower has 12 months in documented reserves. See Guidelines in SellUs if the loan is a High Cost Mortgage or High Priced Covered Transaction. Cash back to the borrower in an amount not to exceed $250. Any access cash resulting from the difference between the estimated and actual payoff of the original loan plus closing costs and pre-paid fees exceeding $250 must be applied as a principal curtailment to the new mortgage. A complete and dated Residential Loan Application that includes signatures by ALL borrowers is required. A new merged credit report with the borrower s representative credit score is required. All documentation requirements issued by DU must be complied with. All borrowers must have a FICO score and 620 minimum score required. Existing mortgage must be current and 0x60 day late payments in most recent 12 months. Borrower must meet the requirements for FNMA DU underwritten loans, including mortgage delinquency, bankruptcy and foreclosure requirements. An existing borrower may be removed from the new loan provided there is confirmation in the file that the borrower being removed is also removed from the deed and retains no ownership interest in the property. At least one of the original borrower(s) must be retained on the new loan. Evidence of a 12 month payment history or evidence of borrower s death is not required. Borrower(s) may be added to the new loan as long as existing borrower(s) are retained. Existing first liens that currently require mortgage insurance are not eligible for this program. Existing subordinate financing can be subordinated at the existing balance only. New subordinate financing is not allowed. The final DU response will include two messages pertaining to the subject property. The first will be an estimate of value and the second will indicate whether or not a Property Fieldwork Waiver (PFW) is offered. See guidelines in SellUS for details on Property Fieldwork Waivers. If the original loan is >80% and the current transaction requires MI the loan is NOT eligible for FNMA Streamline. One 30 day delinquency within the previous 12 months on the mortgage being refinanced is allowed provided the delinquency did not occur within the previous 6 months. 12
FHLMC Manufactured Housing Program Product Purchase/Rate Term Refinance 4/22/2016 Fully Amortizing T/HC 3666 30 Year 3667 20 Year 3668 15 Year Maximum Loan Amounts Conforming Limits 80% 80% See guidelines for calculating the T/HC when there is secondary financing and or HELOC involved in the transaction. Principal Residence and Second Homes for Purchase Money or No Cash-out Refinance. Investment property is not allowed. Fixed rate, fully amortizing loan designated specifically for Manufactured (Mobile) Housing. Manufactured Housing is defined as any dwelling unit built on permanent chassis and attached to a permanent foundation system. Other factory build housing (not built on a permanent chassis) such as modular, prefabricated, panelized, or sectional housing is not considered manufactured housing, LP/DU Eligibility: LP Accept;. DU is not allowed. Each borrower individually or collectively may not own or be obligated on more than (6) 1-4 unit financed properties (Including principal residence) if loan is secured by a second home. In addition borrower may not be affiliate with the builder, developer, or seller of the subject property if it is a purchase transaction. Streamline refinances are not allowed. Cash out Refinance is not allowed, all secondary financing being paid off in a refinance transaction must have been used in whole to obtain the property even if seasoned for 12 months. Loans can be submitted to your USBHM Underwriting Department. Sellers awarded Delegated underwriting authority levels 3, 5 & 6 by USBHM, can underwrite up to their specific level of authority. MI companies are not authorized to underwrite this product. Loans must be submitted to FHLMC LP and receive an Accept. Minimum FICO score is 640, DTI determined by LP. See Conventional Underwriting Guidelines Eligible Borrowers. Eligible Properties: 1 unit primary or second home. Manufactured Housing only. See guidelines for Funds to Close/Reserves. Minimum down payment of 5% must come from borrower s own funds and can come from other sources. Manufactured Home Appraisal Report (FNMA Form 1004C or FHLMC 70B) must be completed and the appraiser must be knowledgeable and experienced in appraising Manufactured Homes. No alternative forms will be accepted regardless of LP findings. Foundation must be inspected by a licensed professional engineer validating that the foundation meets all FHA/HUD codes on all conventional manufactured housing loans, purchase or refinance transactions. The inspection report must be submitted in the underwriting file. The requirement for the Engineer Report is waived for a rate and term refinance of a loan currently serviced by USBHM. See Manufactured Housing Requirements in our guidelines for eligibility of loan to be sold to USBHM. This program is not allowed in the following states: AK, CT, DC, HI, IL, LA, MD, MO. MS, NJ. NY, SD, VT, AND WV. 13
FHLMC LIBOR ARM Programs Product 4/22/2016 Fully Amortizing 3371-3/1 ARM 3374-5/1 ARM 3373-7/1 ARM Purchase & R/T Refinance T/HT 1 Unit Primary 95% 95% 2-4 Unit Primary 80% 80% Second Home 1 Unit 85% 85% No Negative Amortization Margin 2.25% No Prepayment Penalty. Conforming Loan Limits Investment Property 1 Unit (Purchase & R/T Refi) 85% 85% 2-4 Unit (Purchase & R/T Refi) 75% 75% Cash Out Refinance 1 Unit Primary 80% 80% 2-4 Unit Primary 75% 75% Second Home 1 Unit 75% 75% Investment 1 Unit 75% 75% Investment 2-4 Unit 70% 70% LP Accept allowed. DU Approve allowed. Du Expanded Approvals are not allowed. 7/1 ARM qualify at the Note rate, 3/1 and 5/1 ARM qualify at the greater of the Note rate plus 2% or the fully indexed rate. Loans can be submitted to your assigned USBHM Underwriting Department, or if you have received delegated underwriting authority from USBHM, or one of the USBHM approved MI companies for contract underwriting (provided they are willing to perform such service under agreement/approval between you and that MI provider). Sellers awarded Delegated Underwriting authority levels 3, 5 & 6, by USBHM, can underwrite up to their specific level of authority. If DU Approve is obtained, the minimum FICO score is 620. A minimum FICO score of 620 is required on all cash out refinance transactions. Qualifying Ratios: - LP Accept or DU Approve is required. - If the loan is ran through LP, the DTI is determined by LP. - If the loan is ran through DU, the maximum DTI is 50% regardless of the DU response. See Conventional Underwriting Guidelines Eligible Borrowers. Reserves are not required for owner occupied 1-unit properties, however reserves should be considered in the underwriting process; if reserves are submitted they must be verified. See Funds to Close/Reserves in our guidelines for requirements and restrictions on other property types. Caps for the 3/1 ARM s are 2% per Adjustment with a 6% Lifetime cap. Caps for the 5/1 are 2% on the first rate adjustment and 2% per adjustment thereafter with a 5% Lifetime cap. 7/1 ARM s are 5% on the first rate adjustment and 2% per adjustment thereafter with a 5% Lifetime cap. 14
FHLMC 5/1 & 7/1 LIBOR ARM Super Conforming Program Product 5/2016 3379 5/1 FHLMC LIBOR ARM Super Conforming 2/2/5 Caps 3380 7/1 FHLMC LIBOR ARM Super Conforming 5/2/5 Caps Purchase & Rate/Term Refi T / HT Primary: 1 Unit 95% 95% Second Home: 1 Unit 85% 85% Investment: 1 Unit 85% 85% Maximum loan amounts for ALL 1-4 units is the lower of the loan limits as stated on website or $1,000,000 (see website address below) http://www.fhfa.gov/ DataTools/Downloads/ Pages/Conforming- Loan-Limits.aspx Cash Out Refinance T / HT Primary: 1 Unit 80% 80% Second Home : 1 Unit 75% 75% Primary: 2-4 Units 75% 75% Investment: 1 Unit 75% 75% Investment: 2-4 Units 70% 70% Loan must be submitted through LP and receive an LP Accept / Eligible only. DU not allowed. Housing payment history: No 30 day late payments with in the last 12 months regardless of LP response. Loans can be submitted to your assigned USBHM Underwriting Department, or if you have received delegated underwriting authority from USBHM, or one of the USBHM approved MI companies for contract underwriting (provided they are willing to perform such service under agreement/approval between you and that MI provider). Sellers awarded Delegated Underwriting authority levels 3, 5 & 6, by USBHM, can underwrite up to their specific level of authority. Secondary financing must comply with FHLMC guidelines. Additional delivery fees may apply. FICO: Determined by LP, A minimum FICO score of 620 is required on cash out refinance transactions regardless of LP response. Qualifying Ratios: Determined by LP. Qualify at the greater of the Note rate plus2% or the fully indexed rate on the 5/1 and Note rate on the 7/1 ARM. Appraisal: Full completed URAR interior and exterior inspection required. A field review is required if the /T/HT is > 75% and the value is > $1,000,000. Contributions by Interested Parties: Primary Residences and Second Homes 3% of the lesser of sales price or appraised value. Investment Properties 2% of the lesser of sales price or appraised value. Margin: 2.25%. Index: LIBOR Adjustment Cap: +/- 2% on the first rate adjustment and +/- 2% adjustment thereafter 5/1 ARM Adjustment Cap: +/- 5% on the first rate adjustment and +/- 2% adjustment thereafter 7/1 ARM Lifetime Cap: 5% over the initial rate 15
Convention al Non-Conforming LIBOR ARM s Product 9/20/2016 Purchase Rate/ Term Refinance 3075-1/1 ARM 2/2/6 Caps 1 Unit Primary T/HT Max Total Financing* $35,000-$750,000 90%*** 90%**** $750,000 $35,000-$1,500,00 80% 85%** $1,500,000 3076-3/1 ARM $35,000-$2,000,000 75% 75% $2,000,000 2/2/6 CAPS $35,000-$3,000,000 70% 70% $3,000,000 3077-5/1 ARM 2 Unit Primary T/HT Max Total Financing* 2/2/5 CAPS $35,000-$750,000 90%*** 90%**** $750,000 $35,000-$1,000,000 80% 80% $1,000,000 3078-7/1 ARM $35,000-$1,500,000 75% 75% $1,500,000 5/2/5 CAPS 1 Unit Second Home T/HT Max Total Financing* $35,000-$650,000 80% 80% $650,000 3079-10/1 ARM $35,000-$1,000,000 75% 75% $1,000,000 5/2/5 CAPS $35,000-$1,500,000 70% 70% $1,500,000 1 Unit Investment T/HT Max Total Financing* $35,000-$650,000 65% 65% $650,000 *No maximum total financing limit when Non-US Bank Second used, must still conform t based on 1 st mortgage loan amount. **Maximum 80%Tif US Bank is source of subordinate financing. ***Maximum 80% for properties located in AK, ND, WV and WY. ****Maximum 80% T for properties located in AK, ND, WV and WY when US Bank W source of the subordinate financing. See product guidelines for Cash Out Refinance information. o allowable T standards holesale Lending is the Subordinate Financing US Bank Seconds must follow US Bank Wholesale Lending second mortgage product guidelines. Terms of the subordinate lien must be verified at the time of underwriting. Payment must be included in the borrower s house payment to income ratio. LP/DU not allowed. Loans must be submitted to your US Bank Wholesale Lending Underwriting Department. Underwritten to US Bank Wholesale Underwriting Guidelines except as outlined in the product guidelines. Minimum required FICO score: /T FICO >70% 710 >65%-70% 700 < 65% 680 All Loan Amounts >$1,000,000 require a minimum of 720 FICO. Maximum DTI is 43%. Minimum required reserves for loan amounts less than or equal to $1,000.000 is 6 months PITI, greater than $1,000,000 to $2,000,000 is 12 months PITI and > $2,000,000 is 24 months PITI. Qualifying Rate: 1/1 ARM Initial Note Rate + 6%, 3/1 ARM Initial Note Rate + 6%, 5/1 ARM Initial Note Rate + 2%, 7/1 & 10/1 ARMs the greater of the Initial Note Rate or the Fully Indexed Rate Condominiums in Florida require a full PAD review. Streamline and delegated review approvals are not allowed. Maximum 75% /T/HT on primary and second homes only. 2 completed URAR s are required if total financing (from US Bank) exceeds $1M and $1.5M in CA. 16
Conventional Non-Conforming Interest Only LIBOR ARM Product 5/24/2016 Purchase Rate/Term Refinance 3086 3/1 ARM 2/2/6 Caps 3087 5/1 ARM 1 Unit Primary T/HT Max Total Financing* $35,000-$650,000 80% 80% $650,000 2/2/5 Caps $35,000-$1,000,000 75% 75% $1,000,000 3088 7/1 ARM $35,000-$1,500,000 70% 70% $1,500,000 5/2/5 Caps 3089 10/1 ARM 5/2/5 Caps 2 Unit Primary T/HT Max Total Financing* $35,000-$650,000 80% 80% $650,000 $35,000-$1,000,000 75% 75% $1,000,000 $35,000-$1,500,000 65% 65% $1,500,000 1 Unit Second Home T/HT Max Total Financing* $35,000-$650,000 70% 70% $650,000 $35,000-$1,000,000 65% 65% $1,000,000 Cash out not allowed. *No maximum total financing limit when non-us Bank second is used, must still conform to allowable T standards based on first mortgage loan amount. Subordinate Financing US Bank Seconds must follow US Bank Wholesale Lending second mortgage product guidelines. Terms of the subordinate lien must be verified at the time of underwriting. Payment must be included in the borrower s house payment to income ratio. LP/DU not allowed. Loans must be submitted to your US Bank Wholesale Lending Underwriting Department. Underwritten to US Bank Wholesale Underwriting Guidelines except as outlined in the product guidelines. Minimum FICO score 720. DTI 45% The fully amortizing payment must be used when calculating the DTI and qualifying the borrower. No condos allowed in the state of Florida. Qualifying Rate: 3/1 Arm - Initial Note Rate + 6% with 20 year amortization period and the 5/1 Arm - Initial Note Rate + 2% with 20 Year amortization period. 7/1 ARM and 10/1 Arm Qualify at the greater of the Initial Note rate or the Fully Indexed Rate with 20 year amortization period. Residual Income: Minimum Gross Monthly Residual Income requirements by state OR Verified Reserves of 24 months PITIA. All programs have a 2.25 margin the 3/1 ARM has caps of 2/6, the 5/1 has caps of 2/2/5, 7/1 & 10/1 ARM have caps of 5/2/5. See guidelines for our Severe Derogatory Credit Policy. A full URAR (Form 70) is required. 2 complete URARs (Form 70) are required if total financing (from US Bank) exceeds $1M and $1.5M in CA.. Minimum Borrower Requirements: Minimum qualifying household income of $150,000 AND minimum reserves of $250,000. Eligible Borrowers - Minimum borrower requirements: Minimum qualifying household income of $150,000/yr AND Minimum reserves higher of $250,000 or 24 months PITI. 17
JUMBO FULL DOC MATRIX Information pertains to Primary Residence 1 unit properties 9/20/2016 Conventional Non-Conforming Conventional Non-Conforming FHLMC FIXED JUMBO CONFORMING Conventional Non-Conforming Fixed Rate 1/1, 3/1, 5/1,7/1 & 10/1 ARM 3/1, 5/1, 7/1,10/1 Interest Only ARM Program # 3626/3627 3070/3071/3072 3075/3076/3077/3078/3079 3086/3087/3088/3089 and Loan Amounts 95% 90% to $750,000** 80% to $1.5M 75% to $2.0M 70% TO $3.0M 90% to $750,000** 80% to $1.5M 75% to $2.0M 70% TO $3.0M 80% to $650K 75% to $1M 70% to $1.5M T/HT & Combined Loan Amounts 95% 90% to $750,000** 85% to $1.5M*/*** 75% to $2.0M 70% to $3.0M 90% to $750,000** 85% to $1.5M*/*** 75% to $2.0M 70% to $3.0M 80% to $650,000 75% to $1M 70% to $1.5M Minimum FICO to include T/HT Max DTI to include T/HT Underwriting 620 for Cash Out Refinance regardless of LP/DU Response LP Determines/50% DTI max regardless of DU response LP Accept or DU Approve Eligible 710 > 70% 700 > 65-70% 680 < 65% 720 > $1M 710 > 70% 700 > 65-70% 680 < 65% 720 > $1M 720 43% 43% 45% Must be submitted to US Bank Wholesale Underwriting Department Must be submitted to US Bank Wholesale Underwriting Department Must be submitted to US Bank Wholesale Underwriting Department Mortgage Insurance Yes over 80% No MI Required No MI Required No MI Required Seller Contribution 3% 6% 6% 6% Temporary Buydowns No Not Allowed No No Second Homes See guides. 85% 70% to $650,000 65% to $1.0M 80% to $650,000 75% to $1M 70% to $1.5M 70% to $650,000 65% to $1M Investment Properties See guides. Allowed to 85% Allowed to 65% Allowed to 65% Not Allowed *80% maximum T/HT if US Bank is the source of subordinate financing. **Maximum 80% for properties located in AK, ND, WV and WY. ***Maximum 80% T for properties located in AK,, ND, WV and WY when US Bank Wholesale Lending is the resource of the subordinate financing. 18
Conventional Non-Conforming Fixed Rate Program Product 9/20/2016 Purchase Rate/Term Refinance 1 Unit Primary * T/HT Max Total Financing** $35,000-$750,000 90%**** 90%***** $750,000 3070 30 Year $35,000-$1,500,00 80% 85%*** $1,500,000 3071 20 Year $35,000-$2,000,000 75% 75% $2,000,000 3072 15 Year $35,000-$3,000,000 70% 70% $3,000,000 2 Unit Primary T/HT Max Total Financing* $35,000-$750,000 90%**** 90%***** $750,000 $35,000-$1,000,000 80% 80% $1,000,000 $35,000-$1,500,000 75% 75% $1,500,000 1 Unit Second Home T/HT Max Total Financing* $35,000-$650,000 80% 80% $650,000 $35,000-$1,000,000 75% 75% $1,000,000 See Product Guidelines for $35,000-$1,500,000 70% 70% $1,500,000 Cash Out Refinance information 1 Unit Investment T/HT Max Total Financing* $35,000-$650,000 65% 65% $650,000 *If the /T/HT is greater than 80%. Down payment must include 5% of the sale price/value from the borrower s own funds. **No maximum total financing limit when Non-US Bank Second used, must still conform to allowable T standards based on 1 st mortgage loan amount. ***Maximum 80%Tif US Bank is source of subordinate financing. ****Maximum 80% for properties in AK, ND, WV and WY. ****Maximum 80% T for properties in AK, ND, WV and WY when US Bank Wholesale Lending is the source of the subordinate financing. Subordinate Financing US Bank Seconds must follow US Bank Wholesale Lending second mortgage product guideli lien must be verified at the time of underwriting. Payment must be included in the borrower s house payment to LP/DU not allowed. Loans must be submitted to your US Bank Wholesale Lending Underwriting Department. Underwritten to US Bank Wholesale Underwriting Guidelines except as outlined in the product guidelines. Minimum required FICO score: /T FICO >70% 710 >65%-70% 700 < 65% 680 All Loan Amounts >$1,000,000 require a minimum of 720 FICO. Maximum DTI is 43%.. If /T/HT > 80% down payment must include 5% of sales price/value from borrowers own funds. Mortgage Insurance is not required. Qualifying Ratio: 43% Minimum required reserves for loan amounts < $1M is 6 months PITI, > $1M is 12 months PITI and > $2M is 24 mon Fully completed URAR (Form 70) is required and if total financing (from U.S. Bank) exceeds $1M or $1.5M in CA. two Condominiums in Florida require full PAD review. Streamline and delegated review approvals are not allowed. Maxi primary and second home only. nes. Terms of the subordinate income ratio. ths PITI. appraisals are required. mum 75% /T/HT o n 19
FHA Programs Product 6/15/2016 1001 30 Year 1002 15 Year 1024 5/1 ARM Check the guidelines in SellUs for maximum loan limits that may only be exceeded by the Up-front MIP financed. ARM Margins 2% Caps 1% up or down yearly 5% Life Cap Purchase C Primary 1-4 Units 96.5% 100% USBHM does not allow secondary financing for purchase transactions as provided by Housing Finance Agencies or FHA approved Non-Profit organizations. Rate & Term Refinance /C/HT Primary 1-4 Units 97.75% Borrower may not receive cash back in excess of $500 at closing. Refer to guidelines for types of liens that can be paid off on an R/T refinance. See guides for Mortgagor Occupancy if former investment property for max /C/HTLV s Cash Out Refinance Primary 1-4 Units 85% If the property has been owned for less than 12 months preceding date of application, is based upon the lesser of 85% of the new appraisal or sales price of the property when acquired. See guides for restrictions om payment history. All Streamline Refinances underwritten by USBHM are limited to loans where USBHM is currently serving the loan to be refinanced. Streamline Refinances of loans serviced by other lenders is not allowed. Delegated Lenders utilizing their own Direct Endorsement (DE) authority may approve loans without regard to servicer and subject to the Requirements for all Streamline Refinances and see guidelines in SellUs for additional requirements) FHA to FHA Streamline Refinance, no maximum C/HC and the C and HT is based on the original appraised value of the property. See complete guidelines in SellUs for restrictions on Seasoning, Payment History, Net Tangible Benefits, Verifications and Scores. FICO Scores: Loans underwritten by USBHM Purchase and Credit Qualifying Refinances require a 660 score for all loan amounts. Streamline Refinance Transactions require 660 for loan amounts < $424,100 and 680 >$424,100. Loans underwritten by Delegated Lender Purchase and Credit Qualifying Refinances require a 640 score for loan amounts < $424,100 and 660 if > $424,100. Streamline Refinances no credit qualifying existing FHA loan serviced by USBHM require a 660 score for loan amounts < $424,100 and 680 > $424,100 and all Streamline Refinances require a 680 FICO if existing FHA mortgage is not serviced by USBHM. All credit qualifying loans must be submitted to FHA s TOTAL Scorecard via LP or DU. FHA streamline refinances must not be submitted to Total Scorecard. The total DTI ratio must not exceed 50% regardless of AUS approval with a higher total DTI ratio if underwritten by USBHM. If Underwritten by DE approved lender Total DTI determined by AUS approval and is not subject to the maximum 50%. See guidelines for acceptable sources for funds to close and for reserves. Every FHA loan has an Upfront Mortgage Insurance Premium and monthly insurance premiums (unless exempt based on or Term see our guidelines on our website for details). 20
FHA JUMBO PROGRAMS Product 6/15/2016 1105 30 Year 1025 5/1 ARM Minimum base loan amount is $424,101 Purchase Primary 1-4 Units 96.5% USBHM does not allow secondary financing for purchase transactions as provided by Housing Finance Agencies or FHA approved Non-Profit organizations. Check the guidelines in SellUs for maximum loan limits that may only be exceeded by the Up-front MIP financed. ARM Margins 2% Caps 1% up or down yearly 5% Life Cap Rate & Term Refinance Primary 1-4 Units 97.75% Borrower may not receive cash back in excess of $500 at closing. Refer to guidelines for types of liens that can be paid off on an R/T refinance. Cash Out Refinance Primary 1-4 Units 85% If the property has been owned for less than 12 months preceding date of application, is based upon the lesser of 85% of the new appraisal or sales price of the property when acquired. All Streamline Refinances underwritten by USBHM are limited to loans where USBHM is currently serving the loan to be refinanced. Streamline Refinances of loans serviced by other lenders is not allowed. Delegated Lenders utilizing their own Direct Endorsement (DE) authority may approve loans without regard to servicer and subject to the Requirements for all Streamline Refinances and see guidelines in SellUs for additional requirements) FHA to FHA Streamline Refinance, no maximum C/HC and C/HT based on the original appraised value. See complete guidelines in SellUs for restrictions on Seasoning, Payment History, Net Tangible Benefits, Verifications and Scores. Lenders must submit loans for underwriting to their assigned USBHM Underwriting Department unless they have been approved by HUD as a Direct Endorsement Lender. All Borrowers must meet the following minimum Fico Score requirements. Purchase and Credit Qualifying Refinances require a 660 score for all loan amounts. Streamline Refinances require a 680 score for all loan amounts. All credit qualifying loans must be submitted to FHA s TOTAL Scorecard via LP or DU. FHA non-credit qualifying streamline refinances must not be submitted to Total Scorecard. The total DTI ratio must not exceed 50% regardless of AUS approval with a higher total DTI ratio if underwritten by USBHM. If Underwritten by DE approved lender Total DTI determined by AUS approval and is not subject to the maximum 50%. See guidelines for acceptable sources for funds to close and for reserves. Every FHA loan has an Upfront Mortgage Insurance Premium and monthly insurance premiums (unless exempt based on or Term see our guidelines on our website for details). 21
VA Programs Product 6/17/2016 2001 30 Year 2002 15 Year 2024 5/1 ARM Maximum loan amount (without down payment) on a fixed rate loan including funding fee is $424,100 unless in high cost county. Regardless of county limits USBHM does not allow VA loans in access of $1,000,000 including VA Funding Fee. Maximum loan amount including funding fee on a 3/1 or 5/1 ARM is $417,000. ARM FICO requirements: 640 or 660 on IRRRL not serviced by USBHM. Margin 2% 1% up or down and 5% Life Cap IRRRL Interest Rate Reduction Loan ARM FICO requirements: 640 or 660 on IRRRL not serviced by USBHM. MARGIN 2% 1% up or down and 5% Life Cap Purchase: Primary 1-4 Units C HC 1 Unit 100% 100% 100% 2 Unit 90% 90% 90% 3-4 Unit 80% 80% 80% USBHM does not allow secondary financing for purchase transactions as provided by Housing Finance Agencies or Non-Profit organizations. Cash Out Refinance: Primary 1-4 Units C HC 1 Unit 100% 100% 100% 2 Unit 100% 100% 100% 3-4 Unit 80% 80% 80% All credit qualifying VA loans must be submitted to LP or DU. Loans receiving a REFER response may be manually underwritten. Minimum FICO score of 640 on loan amounts up to $417,000, 660 to $650,000 & 680 to $1,000,000. LP/DU Approved: Use the tri-bureau merged FICO score regardless of the number of trade lines evaluated (middle of three, lower of two or single FICO if only one issued. Manually Underwritten: The minimum FICO score must be based upon a tri-bureau merged credit report and be considered a valid score. USBHM considers a valid credit score to be based upon a minimum of 3 trade lines evaluated for 12 months. All borrowers must meet minimum FICO score requirements. 41% DTI, with LP or DU approval the ratio may be exceeded. Appraisal Utilize VA LAPP procedures whenever possible. Seller contributions 4% of the lesser of sales price or appraised value and above any discount points paid by the seller. Refinance of an existing VA loan only. Interest rate and PITI must both be reduced unless the existing loan is an ARM or the term of the new loan is shorter than the original term of the loan being refinanced. Refer to VA Handbook for more details. May include pre-paids, allowable closing costs, funding fee, and max 2% discount. AUS credit qualifying is not required. Existing loan must be a VA guaranteed mortgage with no delinquency; no other liens or debts may be paid from proceeds. Tri-merged credit report required and minimum 640 score on loans up to $417,000, 680 to $650,000 & 700 up to $1M. Use the tri-bureau merged FICO score regardless of trade lines evaluated (middle of three, lower of two or single FICO if only one is issued. Clear CAIVRS required. A fully completed Uniform Residential Loan Application is required, 1003 / 65 Additional requirements if loan not currently serviced by USBHM: Min FICO 660 on loans up to $417,000, 680 up to $650,000 & 700 up to $1M Investment properties and Second Homes are not allowed. 0x30 days delinquency in the last 12 months on the existing mortgage. 22