| Program Titles |
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EC30W, EC15W |
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| Program Description |
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Merging Market
A 30 Year/15 Year Fixed product with FHA features. |
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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 and Rate/Term Refinance |
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| Loan Size Limit |
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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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FICO Requirement
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580-619, 620+ |
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580-619, 620+ |
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1 Unit
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97%, 100% |
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97%, 100% |
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2 Unit
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N/A, 97% |
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N/A, 97% |
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PUD
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97%, 100% |
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97%, 100% |
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Condominium
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97%, 100% |
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97%, 100% |
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| Occupancy |
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Owner Occupied, Primary Residence |
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| Eligible Property Types |
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Single Family Detached and Attached (1-4 units), Condos, PUDs |
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| Mortgage Insurance |
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Borrower Paid Mortgage Insurance
and Lender Paid Mortgage Insurance are allowed.
| 40% |
Greater than 95.01 LTV |
| 35% |
85.01% - 95.00% LTV |
| 30% |
80.01% - 85.00% LTV |
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| Qualifying Ratios |
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Minimum FICO 580
Debt Ratio 45% (40% if using secondary stated
income)
If using a Non-Occupant
Co-borrower, borrower's debt ratio cannot exceed 55% and the combined debt of
the borrower and non-occupant co-borrower cannot exceed 45%. If using
secondary stated income, the combined debt cannot exceed 40%. |
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| Income Requirements |
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120% of the area median income.
Income limits can be waived if the property is located in a Concentrated area. |
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| Settlement Costs |
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Down payment assistance programs
allowed, however, prior approval is required. For borrower's with a FICO
score of 620 or more no down payment is required. For borrower's with a FICO
score of 580-619 a minimum down payment of 3% is required. The minimum cash
down payment from the borrower's own funds must be equal to the lesser of
$500 or 1% of the lessor of the sales price or the appraised value. The
HUD-1 Settlement Statement cannot reflect cash back to the borrower. |
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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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The maximum allowable
contributions from interested parties are 6% of the purchase price or the
appraised value, whichever is less. |
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| Prepay Penalty |
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None |
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| Secondary Financing |
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Only accept.able conventional DAPs are allowed and
the maximum CLTV is 105%
Nehemiah, Hart, or similar
seller-financed programs as well as any other type of subordinate financing
are not allowed. |
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| Lock Periods |
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3, 25, 40, 55, 85, 115, 145, 175 day locks are available.
An upfront fee of .250 is for 85
day, .500 for 115 day, .750 for 145 day, and 1.000 for 175 day locks is due
along with the Lock request. All extendable lock fees are
non-refundable and non-creditable. |
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MIscellaneous
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Homebuyer education required.
May be waived if borrower has previously owned a home and has timely mortgage
payment for the last 12 months. |
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Adjustments
Adjustments subject to change without notice. Check daily rate sheets to verify. |
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Contact Pricing for adjustments. |
