| Program Titles |
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C3/1I, C5/1I |
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| Program Description |
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Conforming 5/1 and 7/1 Adjestable Rate Mortgage |
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| Loan Terms |
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30 Year Amortization, Caps: Annual - 2%, Initial - 2%, Lifetime Maximum 6% |
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| Eligible Transaction |
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Purchase, Rate/Term Refinance, Cash Out Refinance |
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| Loan Size Limit |
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Minimum loan ammount: $10,000
Maximum loan ammount: $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
90% CLTV |
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$300,700 - 95% LTV
90% CLTV |
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$300,700 - 70% LTV
70% CLTV |
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2 Unit
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$300,700 - 95% LTV
90% CLTV |
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$384,900 - 90% LTV
90% CLTV |
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$384,900 - 70% LTV
70% CLTV |
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2 Unit
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$384,900 - 90% LTV
90% CLTV |
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Second Home
1 Unit
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$300,700 - 80% LTV
80% CLTV |
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$300,700- 80% LTV
80% CLTV |
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$300,700 - 65% LTV
65% CLTV |
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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 (Limited to 8 stories) No story limits on condos in Florida, PUDs |
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| Mortgage Insurance |
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| 30% |
90.01% - 95.00% LTV |
| 25% |
85.01% - 90.00% LTV |
| 12% |
80.01% - 85.00% LTV |
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| Qualifying Ratios |
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Ratios that provide an Accept or Approve rating from an automated underwriting engine. Qualify at start rate up to 95% LTV. |
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| Income Requirements |
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No maximum income requirements. |
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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 equal to or lesser than 90% - 6% of value, LTV less 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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Purchase & Refinance "No Cash Out" |
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Refinance "Cash Out" |
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| 80-10-10 |
Maximum LTV 80% (1-2 Units) |
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Maximum CLTV 70% (1-2 Units) |
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Maximum CLTV 90% (1-2 Units) |
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| Lock Periods |
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10, 25, 40, 55, 70, 85, 115, 175, and 265 day locks are available. An upfront fee of .500 is due along with the Lock request for 115, 175, and 265 day locks. All extendable lock fees are non-refundable and non-creditable. |
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| Adjustments |
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All loan amounts 10K - 25K minus 1.500 |
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| 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. |
