Program Guidelines

Primary Residence

Purchase
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 95 95 620
2-Unit 543,000 80 80 620
3-Unit 656,350 80 80 620
4-Unit 815,650 80 80 620
No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 95 95 620
2-Unit 543,000 80 80 620
3-Unit 656,350 80 80 620
4-Unit 815,650 80 80 620
Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 80 80 620
2-Unit 543,000 75 75 620
3-Unit 656,350 75 75 620
4-Unit 815,650 75 75 620

Second Home

Purchase
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 85 85 620
No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 85 85 620
Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 75 75 620

Investment Property

Purchase
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 80 85 620
2-Unit 543,000 75 75 620
3-Unit 656,350 75 75 620
4-Unit 815,650 75 75 620
No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 75 75 620
2-Unit 543,000 75 75 620
3-Unit 656,350 75 75 620
4-Unit 815,650 75 75 620
Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 75 75 620
2-Unit 543,000 70 70 620
3-Unit 656,350 70 70 620
4-Unit 815,650 70 70 620
Risk-Based Add-OnsAdded to Points or Subtracted from Rebate, All Add-Ons are Cumulative

FICO Score(Loan Terms Greater than 15 years)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
740+ 0.000 0.250 0.250 0.500 0.250 0.250 0.500
720-739 0.000 0.250 0.500 0.750 0.500 0.500 0.750
700-719 0.000 0.500 1.000 1.250 1.000 1.000 1.250
680-699 0.000 0.500 1.250 1.750 1.500 1.250 1.500
660-679 0.000 1.000 2.250 2.750 2.750 2.250 2.500
640-659 0.500 1.250 2.750 3.000 3.250 2.750 3.000
620-639 0.500 1.500 3.000 3.000 3.250 3.250 3.500

Cash Out Refinance(All Loan Terms)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
740+ 0.375 0.625 0.625 0.875 n/a n/a n/a
720-739 0.375 1.000 1.000 1.125 n/a n/a n/a
700-719 0.375 1.000 1.000 1.125 n/a n/a n/a
680-699 0.375 1.125 1.125 1.750 n/a n/a n/a
660-679 0.625 1.125 1.125 1.875 n/a n/a n/a
640-659 0.625 1.625 1.625 2.625 n/a n/a n/a
620-639 0.625 1.625 1.625 3.125 n/a n/a n/a

Condo(Loan Terms Greater than 15 years)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
ALL 0.000 0.000 0.000 0.750 0.750 0.750 0.750

2-4 Units(All Loan Terms)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
ALL 1.000 1.000 1.000 1.000 n/a n/a n/a

Investment Property(All Loan Terms)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
ALL 2.125 2.125 2.125 3.375 n/a n/a n/a

No Escrow Account3(For Payment of Taxes and Insurance)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
ALL 0.250 0.250 0.250 0.250 0.250 0.250 n/a

Subordinate Financing(All Loan Terms)

LTV RANGE CLTV RANGE FICO <720 FICO >=720
<=75% <=80% 0.375 0.375
<=65% 80.01-95% 0.875 0.625
65.01-75% 80.01-95% 1.125 0.875
75.01-95% 76.01-95% 1.375 1.125

Notes:

(1)  LTV refers to Loan-to-Value, the maximum percentage allowed when the mortgage amount is divided by the property value.

(2) CLTV refers to Combined Loan-to-Value, the maximum percentage allowed when all mortgages on the property (including home equity loans and lines of credit) are combined and that total is divided by the property value.

(3) You are required to have an escrow account for the payment of taxes and insurance if the LTV ratio on your loan is over 80% (89.99% in California.)

A popular option for borrowers expecting to be in the loan no more than 10 years. The interest rate and payment are fixed for the first 10 years, then adjust annually for the next 20, fully paying off the mortgage over a 30 year term.
A popular option for borrowers expecting to be in the loan no more than 7 years. The interest rate and payment are fixed for the first 7 years, then adjust annually for the next 23, fully paying off the mortgage over a 30 year term.
A popular option for borrowers expecting to be in the loan no more than 5 years. The interest rate and payment are fixed for the first 5 years, then adjust annually for the next 25, fully paying off the mortgage over a 30 year term.