11 Mortgage

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed10/1 ARM7/1 ARM5/1 ARM

Programs

HomeReady (Fannie Mae) and HomePossible (Freddie Mac) as low as 3% down with reduced MI. Income restrictions apply.

Owner occupied 1-4 unit — Maximum LTV 95-97% to $647,200 (conforming loan limit) and up to $970,800 in high cost areas. As low as 3% down for First Time Homebuyers.

Second home 1 unit — Maximum LTV 90%

Investment property — Maximum LTV 85% (1 unit) / 75% (2-4 units); Maximum number of financed properties is 10

Renovation (Fannie Mae Homestyle) to 97% LTV

Student loan cash-out allows payoff of student loan debt

Features

LPMI (lender paid mortgage insurance)BPMI (borrower paid)Financed MISplit MIRenovation programs availabletemporarily unavailableBorrowers with no credit score allowed with AUS approval2/1 temporary buydown.Locks up to 12 months for new construction – Additional restrictions may apply.

Underwriting

Automated Underwriting with DU (Fannie Mae Desktop Underwriter) or LPA (Freddie Mac Loan Product Advisor)

Manual Underwriting available

Minimum credit score 620, Maximum debt-to-income ratio 45-50% (follow AUS)

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed

Programs

Owner occupied 1-4 unit — Maximum 96.5% LTV up to $420,800

High balance up to $970,800 (varies by county)

Streamline refinances — no appraisal, no credit docs

Features

Flexible underwriting,Higher debt-to-income ratios possible (no maximum DTI with AUS approval)Gov insurance requires upfront FHA MIP (mortgage insurance) financed in loan + monthly MI premium in payment2/1 temporary buydownLocks up to 12 months for new construction – additional restrictions may apply

Underwriting

Automated Underwriting with DU (Fannie Mae Desktop Underwriter) or LPA (Freddie Mac Loan Product Advisor)

Manual Underwriting available

Minimum credit score 580. No credit scored also allowed

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed

Programs

Owner occupied — Maximum LTV 100%

High balance up to $1.5m loan amount

IRRRL refi — follow VA / Ginnie Mae guidelines for seasoning)

Cashout refi – up to 100% LTV (additional restrictions may apply)

Features

Flexible underwriting, Higher debt-to-income ratios possible (no maximum DTI with AUS approval)Requires an upfront VA Funding Fee that is financed in the total loan amount. Borrowers with service related disabilities may be exempt from funding feeDisabled veterans with qualifying state property tax exemption can be accounted for in the impounds/escrows2/1 temporary buydownLocks up to 12 months for new construction – additional restrictions may apply

Underwriting

Automated Underwriting with DU (Fannie Mae Desktop Underwriter) or LPA (Freddie Mac Loan Product Advisor)

Manual Underwriting available

Minimum credit score 580. No credit scored also allowed

Terms

30 year fixed

Programs

Owner occupied

Streamlined Refi

Features

Income eligibility counts other household members, not just buyer/borrower.Requires an upfront USDA Funding Fee that is financed in the total loan amount + monthly mortgage insuranceBorrowers with no credit score2/1 temporary buydownLocks up to 12 months for new construction – additional restrictions may apply

Underwriting

Automated Underwriting with GUS (USDA system)

Lender can run GUS (GUS can now be run by the broker)

Manual Underwriting available when necessary

Minimum Credit Score 620

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed10/1 ARM7/1 ARM5/1 ARM

Programs

Owner occupied — Maximum LTV 90% to (Max loan $1,000,000, minimum credit score 720)

Maximum Loan Amount of $3,000,000 (subject to different LTV)

Features

Full documentation underwriting (2 years income, full asset verification, etc.)Maximum debt-to-income ratio 43% (must meet QM rules)

Underwriting

Manual Underwriting

Minimum credit score 680 (higher LTV may require a higher score)

Hybrid AUS

Terms

30 year fixed5/1 ARMInterest Only options may be available

Programs

Owner occupied 1-4 units, up to 90% LTV, up to $3m loan amount

Second Home 1 unit, up to 80% LTV, up to $3m loan amount

Investment property 1-4 units, up to 80% LTV, up to $3m loan amount

Features

12 or 24 month bank statements as income for Self-Employed borrowers (Personal or Business statements allowed)Non warrantable condos allowed – additional restrictions may applyBK and FC seasoning as low as 1 day discharged – Loan amount and LTV restrictions may applyMortgage lates 1x120x12Asset depletion as incomeDSCR (Debt Service Coverage Ratio) – investment only, min 0.75% DSCR calculation (gross rent / PITIA)

Underwriting

Manual Underwrite only

Minimum credit score 640

DTI up to 50%

Terms

15 and 30 year fixed only

Programs

Owner occupied 1-4 units

Second Home 1 unit

Max LTV – Per Agency Guidelines

Features

3/2/1 Temporary Buydown Rate reduction of 3% the first year, 2% reduction the second year, and 1% reduction the third year. Goes to permanent rate in year 4. 3/2/1 option not permitted for USDA transactions.2/1 Temporary Buydown Rate reduction of 2% the first year and rate reduction of 1% the second year. Goes to permanent rate in year 3.1/1 Temporary Buydown Rate reduction of 1% in both the first year and second year. Goes to permanent rate in year 3.1/0 Temporary Buydown Rate reduction of 1% the first year only. Goes to permanent rate in year 2.

The buydown fee MUST be included in the max IPC (Interested Party Conributions) limits as set by each program, along with any other seller credits.

Conventional
  – 90% LTV/CLTV – max 3% IPC
  – 75.01-90% LTV/CLTV – max 6% IPC
  – 75% or less LTV/CLTV – max 9% IPC
FHA – max 6% IPCVA – max 4% IPCUSDA – max 6% IPC

Underwriting

AUS approval

Minimum credit score 620

Qualifying Ratios Follow Agency guidelines for most investors.