Program Guidelines

Primary Residence

Purchase or No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR 1,500,000 80 80 700
Condo3 750,000 80 80 720
Condo3 1,500,000 75 75 700
2-Unit 1,500,000 75 75 700
Cash Out Refinance4
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 1,500,000 70 70 720

Second Home

Purchase or No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR 650,000 80 80 700
Condo 650,000 80 80 720
Condo 650,000 75 75 700
SFR 1,500,000 75 75 700
Condo 1,500,000 75 75 720
Condo 1,500,000 70 70 700
Risk-Based Add-onsAdded to Points (Subtracted from Points) or Subtracted from Rebate (Added to Rebate), All Add-Ons are Cumulative

FICO Score

FICO LTV
<=50
LTV
50.01-60
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
740+ (0.250) (0.250) (0.125) 0.125 0.625
720-739 0.000 0.000 0.250 0.500 1.000
700-719 0.125 0.125 0.625 0.875 1.375

Loan Amount ≥ $1,000,000

FICO LTV
<=50
LTV
50.01-60
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
All (0.125) (0.125) (0.125) (0.125) (0.125)

Cash Out Refinance

FICO LTV
<=50
LTV
50.01-60
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
All 0.125 0.250 0.375 N/A N/A

Second Home

FICO LTV
<=50
LTV
50.01-60
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
All 0.250 0.250 0.250 0.250 0.250

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) Maximum LTV/CLTV for condos in Miami-Dade County, FL is 70%.

(4) Maximum cash out allowed is $400,000 for LTV >65%, $500,000 for LTV ≤ 65%.

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