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Conventional Fixed
| Program
Titles |
|
C30I,
C20I, C15I |
|
|
|
| Loan
Terms |
|
30
Year, 20 Year, and 15 Year Amortization |
|
|
|
| Eligible
Transaction |
|
Purchase,
Rate and Term Refinance, Cash Out Refinance |
|
|
|
| Loan
Size Limit |
|
Minimum
Loan Amount $10,000, Maximum Loan Amount $300,700 |
|
|
|
| LTVs |
|
|
Purchase |
|
Rate/Term
Refinance |
|
Cash-Out
Refinance |
| Owner
Occupied |
|
|
|
|
|
| 1
Unit |
$300,700
- 95% LTV
95% CLTV |
|
$300,700
- 95% LTV
95% CLTV |
|
$300,700
- 80% LTV
80% CLTV |
|
|
|
|
|
|
| 2
Unit |
$384,900
- 90% LTV
95% CLTV |
|
$384,900
- 90% LTV
95% CLTV |
|
$384,900
- 75% LTV
80% CLTV |
|
|
|
|
|
|
| 3
Unit |
$365,200
- 80% LTV
80% CLTV |
|
$365,200
- 80% LTV
80% CLTV |
|
$365,200
- 75% LTV
75% CLTV |
|
|
|
|
|
|
| 4
Unit |
$578,150
- 80% LTV
80% CLTV |
|
$578,150
- 80% LTV
80% CLTV |
|
$578,150
- 75% LTV
75% CLTV |
|
|
|
|
| Occupancy |
|
Owner
Occupied, Primary Residence |
|
|
|
| Eligible
Property Types |
|
Single
Family Detached and Attached (up to 4 units), Condos
(Limited to 8 stories) No story limits on condos in
Florida, PUDs |
|
|
|
| Mortgage
Insurance |
|
|
|
|
Program |
|
|
|
|
| 30% |
90.01%
- 95.00% LTV |
|
C30I,
C30IR |
| 25% |
90.01%
- 95.00% LTV |
|
C15I,
C15IR |
| 25% |
85.01%
- 90.00% LTV |
|
C30I |
| 12% |
85.01%
- 90.00% LTV |
|
C15I,
C15IR |
| 12% |
80.01%
- 85.00% LTV |
|
C30I |
| 6% |
80.01%
- 85.00% LTV |
|
C15I,
C15IR |
|
|
|
|
| Qualifying
Ratios |
|
Ratios
that provide an Accept or Approve rating from an
automated underwriting engine. |
|
|
|
| Income
Requirements |
|
No
maximum income requirements. |
|
|
|
| Settlement
Costs |
|
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. The gift letter must state
the relationship of the donor (must be an immediate
family member, finance, or domestic partner), state that
repayment is not required or expected, be signed by
donor, state the donor's current address and phone
number, identify the address of the property being
purchased, state the amount of the gift, and assert that
the funds given to the borrower were not made available
to the donor by any person or entity with an interest in
the sale of the property or mortgage transaction. |
|
|
|
| Escrow
Waiver |
|
Maximum
80% LTV, .250 discount points |
|
|
|
| Maximum
Seller Contributions |
|
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 |
|
|
|
| Secondary
Financing |
|
|
Purchase
& Refinance "No Cash Out" |
|
Refinance
"Cash Out" |
|
|
|
|
| 80-10-10 |
Maximum
LTV 80% (1-2 Units) |
|
Maximum
LTV 75% (3-4 Units) |
|
Maximum
LTV 90% (1-2 Units) |
|
Maximum
LTV 80% (3-4 Units) |
| 80-10-10 |
Maximum
LTV 80% (1-2 Units) |
|
|
|
Maximum
LTV 95% (1-2 Units) |
|
|
|
|
|
|
| Lock
Periods |
|
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 |
|
All
loan amounts 10K - 25K minus 1.500 |
|
|
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| Adjustments
subject to change without notice. Check daily rate
sheets to verify. |
|
All
refinances minus .375
FL Properties add .250 (Not applicable to rate sheets
labeled Florida Only.)
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. |
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