| Program Titles |
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7-372C, 5-344C |
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| Program Description |
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Conforming 7 Year and 5 Year Balloon |
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| Loan Terms |
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30 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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Maximum Loan Amount:
7-372C: $400,000
5-344C: $1,000,000 |
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| LTVs |
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Minimum LTV 80.01%
Program: 7-372C
Primary Residence
Purchase and Rate Term Refinance 90%
Cash Out Refinance 85% (Maximum cash out $50,000)
Second/Vacation Home
Purchase and Rate & Term Refinance 90%
Cash Out Refinance Not Available |
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| Occupancy |
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Primary Residence, Second/Vacation Home |
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| Eligible Property Types |
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Single Family Residence (1 unit detatched PUD eligible)
Condo (attached PUD)
1-4 Unit (7-372C)
Manufactured housing (owner occupied primary residence 7-372C)
Modular pre-cut/panelized housing (7-372C) |
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| Mortgage Insurance |
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Program 5-344C
Premium applicable only if LTV > 80%
Add premium to rate and to margin, if applicable to:
up to $500,000 | .375%
> $500,000 | .500%
Program 7-372C
80.01 - 85% LTV, .750 to discount
85.01 - 90% LTV 1.500 to discount |
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| Qualifying Ratios |
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Program 5-344C, 30% D/I
Program 7-372C, 33/38% |
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| Income Requirements |
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No maximum income requirements. |
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| Settlement Costs |
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Program 5-344C: Gifts acceptable after borrower meets required minimum investment from own funds.
Program 7-372C: A minimum down payment of 5% must come from borrower's own funds; no gifts, grants, or cash on hand for primary residence (10% for second/vacation homes.) |
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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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Maximum contributions by other
>80% LTV 2% (5-344C):
< 80% LTV 4% (5-344C) |
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| Secondary Financing |
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Maximum LTV and CLTV are the same. (5-344C)
Maximum CLTV 90% (7-372C) |
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| Lock Periods |
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10, 25, 40, 55, and 70 day locks are available. |
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Adjustments
Adjustments subject to change without notice. Check daily rate sheets to verify. |
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See rate sheet for adjustments. |
