Table: 1 of 2
Purchase & Rate Term Refinance | |||||
Occupancy | Loan Amount | FICO | Units | LTV/CLTV | Reserves Required |
Primary | 3.0 mil (20, 25, 30 Year) 2.5 mil (15 Year) | 740 | 1 | 70% | 18 Months |
2.0 mil | 680 | 80% | 15 Months | ||
1.0 mil | 90% | 6 Months | |||
1.5 mil | 700 | 1-2 | 90% | 18 Months | |
80% | 15 Months | ||||
1.0 mil | 680 | 90% | 12 Months | ||
2.0 mil | 720 | 2 | 75% | 12 Months | |
1.0 mil | 700 | 80% | 9 Months | ||
680 | 70% | 6 Months | |||
Second Home | 2.5 mil | 740 | 1 | 60% | 18 Months |
1.5 mil | 720 | 80% | 15 Months | ||
1.0 mil | 740 | 85% | 15 Months | ||
720 | 80% | 9 Months | |||
.75 mil | 700 | 70% | 6 Months | ||
Investment | 2.0 mil | 720 | 1-4 | 75% | 18 Months |
1.5 mil | 700 | 12 Months | |||
Cashout Refinance | |||||
Primary | 2.0 mil | 700 | 1-2 | 80% | 18 Months |
1.0 mil | 680 | 80% | 12 Months | ||
Second Home | 2.0 mil | 740 | 1 | 60% | 24 Months |
1.5 mil | 740 | 70% | 18 Months | ||
1.0 mil | 700 | 65% | 12 Months | ||
Product Guidelines | |||||
Product Variations | |||||
Fixed | 15, 20, 25, 30 Year | ||||
ARM (Max LTV 80%) | 5/1 ARM, 7/1 ARM 10/1 ARM | ||||
Debt Ratios | |||||
Max DTI | 43% | ||||
Income Documentation | |||||
Full Doc | √ | ||||
Assets | |||||
Full Asset Documentation | √ | ||||
Gifts | √ | ||||
Gifts of Equity | √ | ||||
Credit and Housing History | |||||
Mortgage History | A satisfactory housing payment history is required of each borrower. o If the borrower(s) has a mortgage in the most recent twenty-four (24) months, a 24-month history reflecting 0X30 must be documented. The mortgage rating may be on the credit report or a VOM. Applies to all borrowers on the loan. o If the borrower(s) has a rental history in the most recent twenty-four (24) months, a VOR must be obtained reflecting 0X30 in the last twenty-four (24) months. |
||||
Bankruptcy Seasoning | 4 Years | ||||
FC/SS/DIL Seasoning | 7 Years | ||||
Table: 2 of 2
Product Guidelines | |||||
Product Variations | |||||
Fixed | 15, 20, 25, 30 Year | ||||
ARM (Max LTV 80%) | 5/1 ARM, 7/1 ARM 10/1 ARM | ||||
Debt Ratios | |||||
Max DTI | 43% | ||||
Income Documentation | |||||
Full Doc | √ | ||||
Assets | |||||
Full Asset Documentation | √ | ||||
Gifts | √ | ||||
Gifts of Equity | √ | ||||
Credit and Housing History | |||||
Mortgage History | A satisfactory housing payment history is required of each borrower. o If the borrower(s) has a mortgage in the most recent twenty-four (24) months, a 24-month history reflecting 0X30 must be documented. The mortgage rating may be on the credit report or a VOM. Applies to all borrowers on the loan. o If the borrower(s) has a rental history in the most recent twenty-four (24) months, a VOR must be obtained reflecting 0X30 in the last twenty-four (24) months. |
||||
Bankruptcy Seasoning | 4 Years | ||||
FC/SS/DIL Seasoning | 7 Years |