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 | ||||