| Program Titles |
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A-30I, A-15I |
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| Program Description |
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A- 30 Year and 15 Year Fixed |
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| Loan Terms |
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30 Year and 15 Year Amortization |
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| Eligible Transaction |
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Purchase, Rate and Term Refinance, Cash Out Refinance |
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| Loan Size Limit |
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Minimum Loan Amount $10,000, Maximum Loan Amount $300,700 |
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| LTVs |
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Purchase
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Rate/Term Refinance
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Cash-Out Refinance
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Owner Occupied
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1 Unit
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$300,700 - 95% LTV
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$300,700 - 95% LTV
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$300,700 - 90% LTV
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2 Unit
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$384,900 - 90% LTV
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$384,900 - 90% LTV
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$384,900 - 90% LTV
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Second Home
1 Unit
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$300,700 - 95% LTV
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$300,700 - 95% LTV
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$300,700 - 90% LTV
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| Occupancy |
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Owner Occupied, Primary Residence, Second Home |
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| Eligible Property Types |
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Single Family Detached and Attached (up to 2 units), Condos, PUDs |
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| Mortgage Insurance |
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Program |
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| 30% |
90.01% - 95.00% LTV |
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A-30I |
| 25% |
90.01% - 95.00% LTV |
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A-15I |
| 25% |
85.01% - 90.00% LTV |
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A-30I |
| 12% |
85.01% - 90.00% LTV |
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A-15I |
| 12% |
80.01% - 85.00% LTV |
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A-30I |
| 6% |
80.01% - 85.00% LTV |
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A-15I |
| 30% |
90.01% - 95.00% LTV |
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A-30I, A-15I
(Second Home) |
| 25% |
80.01% - 90.00% LTV |
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A-30I, A-15I
(Second Home) |
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| Qualifying Ratios |
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Total Debt to Income Ratio < 50%
Minimum FICO Score
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#Units
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Purchase & Rate/Term Refinance
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Cash Out Refinance
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One
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up to 80% LTV |
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570 |
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610 |
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80.01%-95% LTV |
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580 |
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620 |
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Two
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up to 80% LTV |
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630 |
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640 |
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80.01%-95% LTV |
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680 |
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700 |
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| Income Requirements |
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No maximum income requirements. |
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| Settlement Costs |
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Gifts are permitted, however, when the LTV is greater than 80%, a gift is allowed only if the borrower has made a cash down payment of at least 5% of their own funds. This requirement will be waived if the gift is equal to or greater than 20% of value. |
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| Escrow Waiver |
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Maximum 80% LTV, .250 discount points |
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| Maximum Seller Contributions |
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LTV greater than 90% - 3% of value (lower of appraised value or sales price), LTV greater than 90% - 6% of value, LTV greater than 75% - 9% of value |
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| Prepay Penalty |
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None |
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| Secondary Financing |
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Secondary Financing Not Available |
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| Lock Periods |
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10, 25, 40, 55, 70, 85, 115
An upfront fee of .500 is due along with the Lock request for 115 day locks. All extendable lock fees are non-refundable and non-creditable. |
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Adjustments
Adjustments subject to change without notice. Check daily rate sheets to verify. |
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All loan amounts 10K - 25K minus 1.500
All purchases add .250
80/10/10 or 80/15/5 minus .250
Waive Escrow minus .250
Lock extension: The following adjustments apply if the current market is worse than the original lock terms. If the current market is better, no adjustments need to be made.
Short-term (3 business days) minus .125
Long-term (15 calender days) minus .375
Only one extension per loan will be accepted. |
