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, registration and closing questions, call the Client Support & Lock Desk at (888) 647-7417 For general questions & support call the Sales & Support Desk at (800) 237-8463 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 visit our web site at: https://sellus.usbank.com For Information on any of our products, please contact: 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. 2016 U.S. Bank.
Table of Contents FHLMC Fixed Rate Conforming 6 FNMA Fixed Rate Conforming 7 PiggyBack Buster (LPMI) 8 FHLMC Fixed Rate Jumbo Conforming 9 Home Possible 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 Elite Treasury ARM's 16 Elite LIBOR ARM s 17 USBHM Interest Only ARM s 18 Jumbo Full Doc Matrix 19 Jumbo Fixed Rate 20 Jumbo PiggyBack Buster (LPMI) 21 10/1 Jumbo (LPMI) 22 FHA Programs 23 FHA Jumbo Programs 24 VA Programs 25 Simultaneous HELOC 26 Second Mortgage Programs 27 2
Product Code List Product Code # Product Name 1001 FHA 30 Year Fixed 1002 FHA 15 Year Fixed 1004 30 Year Temporary Buydown 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 3104 Second Mortgage 15 Year Fixed 3105 Second Mortgage 30 Year Fixed 3141 Second Mortgage One Year ARM 3307 Elite 3/1 Treasury ARM (2/6 Caps) 3045 Elite 5/1 Treasury ARM (2/2/5 Caps) 3309 Elite 7/1 Treasury ARM (5/2/5 Caps) 3317 Elite 10/1 Treasury ARM (5/2/5/Caps) 3319 USBHM 10/1 Jumbo ARM LPMI (85.01-90% ) 3320 USBHM 10/1 Jumbo ARM LPMI (80.01-85% ) 3330 USBHM Interest Only 3/1 ARM (2/6 Caps) 3046 USBHM Interest Only 5/1 ARM (2/2/5 Caps) 3332 USBHM Interest Only 7/1 ARM (5/2/5 Caps) 3333 USBHM Interest Only 10/1 ARM (5/2/5 Caps) 3346 Elite 3/1 LIBOR ARM (2/6 Caps) 3340 Elite 5/1 LIBOR ARM (2/2/5 Caps) 3348 Elite 7/1 LIBOR ARM (5/2/5 Caps) 3349 Elite 10/1 LIBOR ARM (5/2/5 Caps) 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 PiggyBack Buster 80.01 to 85% 3685 PiggyBack Buster 85.01 to 90% 3686 PiggyBack Buster 90.01 to 95% 3687 Home Possible 95% 3691 Home Possible 80% Manufactured Homes 3692 FHLMC 30 Year Super Conforming HASP Streamline Refi 3776 Conventional Non-Conforming Fixed 30 3777 Conventional Non-Conforming Fixed 15 Year 3782 Jumbo PiggyBack Buster (LPMI) 85.01 90% 3783 Jumbo PiggyBack Buster (LPMI) 80.01 85% 3784 Conventional Non-Conforming 20 Year 5
FHLMC Fixed Rate Conforming Program Product 3/15/2016 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 2 nd Home 1 Unit* 80% 90% 80% 90% 2 nd Home: 1 Unit 85% 85% Investment: 1- Unit (Purchase only) 85% 85% Investment: 1- Unit (R/T Refi only) Investment: 2-4 Unit Conforming Limits Cash out Refinance Primary: 1- Unit** Primary: 1 - Unit 85% 80% Primary: 2-4 Unit 85% 80% 2nd Home: 1 Unit Investment: 1- Unit Investment: 2-4 Unit 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. Temporary Buy downs allowed. Maximum 3% and not allowed on investment property, cash out refinances or on a no cash out refinance with a buy down plan funded from premium financing. Contributions by interested parties are Standard FHLMC requirements. 6
FNMA Fixed Rate Conforming Program Product 3/15/2016 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 T / HT Purchase/R&T Refi Primary: 1- Unit 95% 95% Primary: 2 Unit Primary 3-4 Unit 2 nd Home 1 Unit* 80% 90% 80% 90% 2 nd Home: 1 Unit 85% 85% Investment: 1- Unit (Purchase only) 85% 85% Investment: 1- Unit (R/T Refi only) Investment: 2-4 Unit Cash out Refinance Primary: 1- Unit** Primary: 1 Unit 85% 80% 85% 80% Primary: 2-4 Unit 2nd Home: 1 Unit Investment: 1- Unit Investment: 2-4 Unit 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% regardless of the DU response. If the loan is submitted through LP, the maximum DTI is 45% regardless of the LP response. Temporary Buy downs allowed. Maximum 3% and not allowed on investment property, cash-out refinances or on a no cash out refinance with a buy down plan funded from premium financing. Contributions by interested parties are Standard FHLMC requirements. Mortgage Insurance required on all loans greater than 80% : see guidelines on our website. 7
PIGGYBACK BUSTER (Conforming LPMI) Product 9/24/2015 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 3,4,5 & 6 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 Maximum DTI is 45% and qualify at note rate. Attached properties in Florida and Nevada maximum DTI 41%. 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. Two (2) months PITI reserves required. See guides if Borrowers current primary residence is pending sale or being converted to a second home or investment property. 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 3/22/2016 Fully Amortizing 3626: 25-30Year 3627: 15 Year Primary: 1- Unit 95% 95% 2 nd Home: 1 Unit 85% 85% Investment: 1- Unit 85% 85% T/HT This program is not for Conventional Conforming Loan Amounts Primary: 2-4 Unit 80% 80% Investment: 2-4 Unit See guidelines for Cash Out Transactions Streamline refinances are not allowed. If the mortgage being refinanced was a Purchase Money Mortgage, the Note Date of the mortgage being refinanced must be at least 120 days prior to the Note date of the Rate and Tern Refinance. 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 3,4.5 & 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 though 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 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 > 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
Home Possible Programs Product Non-Manufactured Homes 7/17/2015 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. 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 3,4,5 & 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 7/13/2015 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 12/31/2016. 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 in SellUs 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 7/13/2015 T / HT Fully Amortizing 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 December 31, 2016. 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 3/15/2016 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 3,4,5 & 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 3/15/2016 T/HT Fully Amortizing Purchase & R/T Refinance 3371-3/1 ARM 3374-5/1 ARM 3373-7/1 ARM 1 Unit Primary 2-4 Unit Primary 95% 80% 95% 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) Cash Out Refinance 1 Unit Primary 80% 80% 2-4 Unit Primary Second Home 1 Unit Investment 1 Unit Investment 2-4 Unit 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, 4, 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 3/15/2016 3379 - FHLMC LIBOR ARM Super Conforming 2/2/5 Caps 3380 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 Primary: 2-4 Units Investment: 1 Unit Investment: 2-4 Units Loan must be submitted through LP and receive an LP Accept with a Risk Class Accept. 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, 4, 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 > 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
USBHM Elite Treasury ARM s Programs Product 2/26/2016 Purchase Rate/Term Refinance USBHM 2 nd Non USBHM 2nd 3307-3/1 ARM 2/6 CAPS 3045-5/1 ARM 2/2/5 CAPS 3309-7/1 ARM 5/2/5 CAPS 3317 10/1 ARM 5/2/5 CAPS Maximum Total 1-2 Unit Primary T/HT T/HT Financing* $35,001 - $900,000 90% 90% 90% $900,000 $900,001-$1,000,000 80% 80% 85% $1,000,000 $1,000,001-$1,500,000 80%** 80%** 80% $1,500,000 $1.5M - $2.0M (I unit only) $2,000,00-$3.0M (1 unit)** $2,000,000 $3,000,000 1 Unit Second Home $35,001 - $650,000 80% $650,000 $650,001-$1,000,000 $1,000,001-$1,500,00 65% 65% $1,000,000 $1,500,000 Cash Out Refinance 1-2 Unit Primary T/HT Maximum Total Financing $35,000 - $1,000,000 $1,000.00 $1,000,001 - $1,500,000 65% 65% $1,500,000 1 Unit Second Home $35,000 - $650,000 $650,000 $650,001 - $1,000,000 65% 65% $1,000,000 *No Maximum Total Financing limit when Non-US Bank Second is used, must still conform to allowable T standards based on 1 st mortgage loan amount. **80% only available on 1-unit single family properties. Max for 2-unit properties. Subordinate Financing is subject to FHLMC guidelines and additional restrictions in our guidelines in SellUs. All loans must be submitted to LP or DU (AUS) and a feedback certificate obtained. Data entered into the AUS must follow USBHM portfolio underwriting guidelines and documentation in the file must meet USBHM portfolio guidelines The submission must be based upon a three bureau merged credit report. The AUS Feedback will be used in the overall risk assessment however the underwriting decision will be based on the USBHM portfolio requirements. Debt-to-Income ratios outlined in this product guideline apply regardless of AUS approval with higher DTI. Loans must be submitted to your USBHM Underwriting Department. /T > - 710 FICO required, >65% < - 700 FICO required, <= 65% - 680 FICO required, Loan amounts > $1,000,000 720 FICO required. Qualifying Ratio: 43% Maximum DTI. If /T/HT > 80% down payment must include 5% of sales price/value from borrowers own funds. Minimum required reserves for loan amounts less than or equal to $1,000,000 is 6 months PITI, greater than $1,000,000 is 12 months PITI, and > $2,000,000 is 24 months PITI. Qualifying Rate: 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 and maximum /T/HT. 2 Completed URAR's are required if total financing (from US Bank) exceeds $1M or $1.5M in CA. 16
USBHM Elite LIBOR ARM s Programs Product 2/26/2016 Purchase Rate/Term Refinance USBHM 2nd Non USBHM 2nd 3346-3/1 ARM 2/6 CAPS 3340-5/1 ARM 2/2/5 CAPS 3348-7/1 ARM 5/2/5 CAPS 3349-10/1 ARM 5/2/5 CAPS Maximum Total 1-2 Unit Primary T/HT T/HT Financing* $35,001 - $900,000 90% 90% 90% $900,000 $900,001-$1,000,000 80% 80% 85% $1,000,000 $1,000,001-$1,500,000 80%** 80%** 80% $1,500,000 $1.5M - $2.0M (I unit only) $2,000,00-$3.0M (1 unit only) $2,000,000 $3,000,000 1 Unit Second Home $35,000 - $650,000 80% 80% $650,001-$1,000,000 $1,000,000-$1,500,000 65% 65% Cash Out Refinance 1-2 Unit Primary T/HT Maximum Total Financing $35,000 - $1,000,000 $1,000,000 $1,000,001 - $1,500,000 65% 65% $1,500,000 1 Unit Second Home $35,000 - $650,000 $650,000 $650,001 - $1,000,000 65% 65% $1,000,000 *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. **80% only available on 1-unit single-family properties. Max for 2-unit properties. Subordinate Financing is subject to FHLMC guidelines and the following additional restrictions: - Payments on the subordinate lien may be fixed or adjustable, must comply with FHLMC standards for subordinate financing. - Terms of the subordinate lien must be verified at the time of underwriting. - Payment must be included in the house payment-to-income-ratio. - See guidelines in SellUs for maximum total financing. All loans must be submitted to LP or DU (AUS) and a feedback certificate obtained. Data entered into the AUS must follow USBHM portfolio underwriting guidelines and documentation in the file must meet USBHM portfolio guidelines. The submission must be based upon a three bureau merged credit report. The AUS Feedback will be used in the overall risk assessment however the underwriting decision will be based on the USBHM portfolio requirements. Debt-to-Income ratios outlined in this product guideline apply regardless of AUS approval with higher DTI. Loans must be submitted to your USBHM Underwriting Department. /T > - 710 FICO required, >65% < - 700 FICO required, <= 65% - 680 FICO required, Loan amounts > $1,000,000 720 FICO required. If /T/HT > 80% down payment must include 5% of sales price/value from borrowers own funds. 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 is 12 months PITI and > $2,000,000 is 24 months PITI. Qualifying Rate: 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 Co-signers are not allowed. Condominiums in Florida require a full PAD review and maximum /T/HT. 2 completed URAR s are required if total financing (from US Bank) exceeds $1M and $1.5M in CA. 17
USBHM Interest Only ARM s Product 2/26/2016 Purchase Rate/Term Refinance (3330-3 Year) (3046-5 Maximum Total Financing* Year) (3332-7 Year) (3333-10 Year) 1-2 Unit Primary T/HT $35,000 - $650,000 80% $650,000 Loan must be manually underwritten. LP and DU are not allowed. Cash out not allowed. $650,001-$1,000,000 $1,000,000 $1,000,001-$1,500,000 65% 65% $1,500,000 1 Unit Second Home $35,000 - $650,000 $650,000 $650,001-$1,000,000 65% 65% $1,000,000 *No maximum total financing limit when non-us Bank second is used, must still conform to allowable T standards based on the first mortgage loan amount. Subordinate Financing is subject to FHLMC guidelines and the following additional requirements: - Payments on the subordinate lien may be fixed or adjustable. - 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. - See guidelines in SellUs for maximum total financing. All loans must be submitted to LP or DU (AUS) and a feedback certificate obtained. Data entered into the AUS must follow USBHM portfolio underwriting guidelines and documentation in the file must meet USBHM portfolio guidelines. The submission must be based upon a three bureau merged credit report. The AUS Feedback will be used in the overall risk assessment however the underwriting decision will be based on the USBHM portfolio requirements. Debt-to-Income ratios outlined in this product guideline apply regardless of AUS approval with higher DTI. 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. If /T/HT > 80% down payment must include 5% of sales price/value from borrowers own funds. Minimum required reserves will be the higher of $250,000 or 24 months PITI. 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 2.75 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. See Conventional Underwriting Guidelines Eligible Borrowers. 18
JUMBO FULL DOC MATRIX Information pertains to Primary Residence 1 unit properties 3/22/2016 FHLMC FIXED JUMBO CONFORMING JUMBO FIXED RATE ELITE 3/1, 5/1,7/1 & 10/1 ARM USBHM 3/1, 5/1, 7/1,10/1 IO ARM Program # 3626/3627 3776/3777/84 3307/3045/3309/3317 3346/3340/3348/3349 3330/3331/3332 3333 and Loan Amounts 95% 90% to $900,000 80% to $1.5M** to $2.0M TO $3.0M 90% to $900,000 80% to $1.5M** to $2.0M TO $3.0M to $650K to $1M 65% to $1.5M T/HT & Combined Loan Amounts 95% 90% to $900,000 80% to $1.0M* 80% to $1.5M to $2.0M to $3.0M 90% to $900,000 80% to $1.0M* 80% to $1.5M to $2.0M to $3.0M 80% to $650,000 to $1M 65% to $1.5M Minimum FICO to include T/HT Max DTI to include T/HT Underwriting Mortgage Insurance 620 for Cash Out Refinance regardless of LP/DU Response LP Determines/max 50% regardless of DU response LP Accept or DU Approve Eligible Yes over 80% 710 > 700 > 65-680 < 65% 720 > $1M 710 > 700 > 65-680 < 65% 720 > $1M 720 Maximum 43% 43% Maximum 45% Must be submitted to LP or DU (AUS) Manual UW only by USBHM Required on over 80% see guides Must be submitted to LP or DU (AUS) Manual UW only by USBHM Required on over 80% see guides Must be submitted to LP or DU (AUS) Manual UW only by USBHM Not Required Seller Contribution 3% 6% 6% 6% Temporary Buydowns No Yes No No Second Homes See guides. 85% to $650,000 to $1M 65% to $1.5M to $650,000 to $1M 65% to $1.5M to $650,000 65% to $1M Investment Properties See guides. Allowed Not Allowed Not Allowed Not Allowed *85% T/HT if a non-usbhm second mortgage. **80% only available on 1-unit single-family properties. Max for 2-unit properties. 19
Conventional Non-Conforming Fixed Rate Program Product 2/26/2016 Purchase Rate/Term Refinance USBHM 2 nd Non USBHM 2nd Maximum Total 1-2 Unit Primary T/HT T/HT Financing* 3776 30 Year 3777 15 Year 3784 20 Year Conf Limit - $900,000 $900,001 - $1,000,000 90% 80% 90% 80% 90% 85% $900,000 $1,000,000 **80% only allowed on 1 unit SFR and on2- Unit properties Subordinate Financing Restrictions $1,000,001 - $1,500,000 80%** 80%** 80% $1,500,000 $1,5M-$2.0M (I1-unit primary) $2,0M-$3.0M (1- unit primary $2,000,000 $3,000,000 1 Unit Second Home Conf Limit - $650,000 80% $650,000 $650,001 - $1,000,000 $1,000,000-$1,500,00 65% Cash Out Refinance 65% $1,000,000 $1,500,000 1-2 Unit Primary T/HT Maximum Total Financing* Conf Limit - $1,000,000 $1,000,000 $1,000,001 - $1,500,000 65% 65% $1,500,000 1 Unit Second Home Conf - $650,000 $650,000 $650,001 - $1,000,000 65% 65% $1,000,000 Maximum cash out: s > 50% is $300,000 and s <= 50% is $500,000. The borrower must provide a written statement regarding the purpose of any cash out and have owned the subject property for at least 6 months prior to the Note date of new mortgage. Subordinate Financing is subject to FHLMC guidelines and the following: - Payments on the subordinate lien may be fixed or adjustable. - Terms of the subordinate lien must be verified at the time of underwriting. - Payment must be included in the house payment-to-income-ratio. - See guidelines in SellUs for maximum total financing. All loans must be submitted to LP or DU (AUS) and a feedback certificate obtained. Data entered into the AUS must follow USBHM portfolio underwriting guidelines and documentation in the file must meet USBHM portfolio guidelines. The submission must be based upon a three bureau merged credit report. The AUS Feedback will be used in the overall risk assessment however the underwriting decision will be based on the USBHM portfolio requirements. Debt-to-Income ratios outlined in this product guideline apply regardless of AUS approval with higher DTI. Loans must be submitted to your assigned USBHM Underwriting Department. USBHM Portfolio Guidelines. /T > - 710 FICO required, >65% < - 700 FICO required, <= 65% - 680 FICO required, Loan amounts > $1,000,000 720 FICO required. If /T/HT > 80% down payment must include 5% of sales price/vale from borrowers own funds. Qualifying Ratio: 43% Minimum required reserves for loan amounts < $1M is 6 months PITI, > $1M is 12 months PITI and > $2M is 24 months PITI. Fully completed URAR (Form 70) is required and if total financing (from U.S. Bank) exceeds $1M or $1.5M in CA. two appraisals are required. Condominiums in Florida require full PAD review. Streamline and delegated review approvals are not allowed. Maximum /T/HT on primary and second home only. 20
JUMBO PIGGYBACK BUSTER (LPMI) Product 2/26/2016 Fully Amortizing 25 & 30 Year Term 1-2 Unit Primary Detached/Attached T/HT Conf Limit - $900,000 90% N/A 3783-80.01-85% 3782-85.01-90% The MI is Lender Paid Subordinate Financing not allowed Temporary Buy downs not allowed Purchase or Rate / Term Refinance Cash Out Refinance 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 subordinate liens that were used in total for home improvement. Documentation of the costs of the home improvement required. No seasoning necessary. - The payoff of the outstanding principal balance of any existing subordinate mortgage that is seasoned a minimum 12 months and which has not had draws totaling > $2,000 in the last 12 months. - 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. Loans must be submitted to your assigned USBHM Underwriting Center. Borrower may not be affiliated with the Builder, Developer, or Seller of the subject property if it is a new construction purchase transaction. All loans must be submitted to LP or DU (AUS) and a feedback certificate obtained. Data entered into the AUS must follow USBHM portfolio underwriting guidelines and documentation in the file must meet USBHM portfolio guidelines. The submission must be based upon a three bureau merged credit report. The AUS Feedback will be used in the overall risk assessment however the underwriting decision will be based on the USBHM portfolio requirements. Debt-to-Income ratios outlined in this product guideline apply regardless of AUS approval with higher DTI. Standard Documentation is required on loans > $650,000, < $650,000 use Documentation Class of Standard or Streamline Accept. Qualifying Ratios Maximum DTI is 43%. Minimum 710 FICO. See guidelines for our Severe Derogatory Credit Policy & Exceptions. Underwritten to USBHM Portfolio Guidelines except as outlined in the product guidelines in SellUs. See Conventional Underwriting Guidelines Eligible Borrowers. Non-Occupant Co-borrowers are not permitted. 1-2 Unit Detached/Attached Primary Residence only. Attached Properties in Florida and Nevada are not allowed. Non-Warrantable condos are not allowed. Manufactured homes, second homes and investment properties are not allowed. If /T/HT > 80% down payment must include 5% of sales price/value from borrowers own funds. Minimum required reserves from borrower s own funds six (6) months PITI. Contributions By Interested Parties 3% of the lesser of sales price or appraised value. Need fully completed URAR. Short form (2055) not allowed. 21
10/1 ARM JUMBO PIGGYBACK BUSTER (LPMI) Product 2/26/2016 3320-80.01-85% 3319-85.01-90% 1-2 Unit Primary Detached T/HT Conf Limit - $900,000 90% N/A The MI is Lender Paid Subordinate Financing not allowed Temporary Buy downs not allowed Purchase or Rate / Term Refinance Cash Out Refinance 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 subordinate liens that were used in total for home improvement. Documentation of the costs of the home improvement required. No seasoning necessary. - The payoff of the outstanding principal balance of any existing subordinate mortgage that is seasoned a minimum 12 months and which has not had draws totaling > $2,000 in the last 12 months. - 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. Loans must be submitted to your USBHM Underwriting Department. Borrower may not be affiliated with the Builder, Developer, or Seller of the subject property if it is a purchase transaction. All loans must be submitted to LP or DU (AUS) and a feedback certificate obtained. Data entered into the AUS must follow USBHM portfolio underwriting guidelines and documentation in the file must meet USBHM portfolio guidelines The submission must be based upon a three bureau merged credit report. The AUS Feedback will be used in the overall risk assessment however the underwriting decision will be based on the USBHM portfolio requirements. Debt-to-Income ratios outlined in this product guideline apply regardless of AUS approval with higher DTI. Standard Documentation is required. Qualifying Ratios Maximum DTI is 43% Qualifying Rate: Greater of the Initial Note Rate or the Fully Indexed Rate. Minimum FICO 710 See guidelines for our Severe Derogatory Credit Policy & Exceptions. See Conventional Underwriting Guidelines Eligible Borrowers. Non-Occupant Co-borrowers are not permitted. Manufactured homes, second homes and investment properties are not allowed. I-2 Unit Detached/Attached Primary Residence only. Attached Properties in Florida and Nevada are not allowed. Non-Warrantable condos are not allowed. If /T/HT > 80% down payment must include 5% of sales price/value from borrowers own funds. Minimum required reserves from borrower s own funds six (6) months PITI. Contributions By Interested Parties 3% of the lesser of sales price or appraised value. Need fully completed URAR (Form 70). No short forms allowed. Not assumable 22