Program Guidelines

Primary Residence

Purchase or No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR 900,000 85 85 720
Condo 900,000 85 85 740
SFR/Condo 1,500,000 80 80 720
2-Unit 1,500,000 75 75 720
Cash Out Refinance3
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 1,000,000 70 70 720
SFR/Condo 1,500,000 65 65 720

Second Home

Purchase or No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 650,000 75 80 720
SFR/Condo 1,000,000 70 75 720
SFR/Condo 1,500,000 65 70 720
Risk-Based Add-onsAdded to Points (Subtracted from Points) or Subtracted from Rebate (Added to Rebate), All Add-Ons are Cumulative

Purchase or No Cash Out Refinance

FICO LTV
<=55
LTV
55.01-60
LTV
60.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
740+ (0.250) (0.250) (0.250) (0.250) (0.125) 0.000 1.000
720-739 (0.250) (0.250) (0.250) (0.125) 0.000 0.125 1.125

Cash Out Refinance

FICO LTV
<=55
LTV
55.01-60
LTV
60.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
740+ 0.125 0.125 0.125 0.125 N/A N/A N/A
720-739 0.125 0.250 0.250 0.375 N/A N/A N/A

California Cash Out Refinance(In addition to standard cash out refinance add-on)

FICO LTV
<=55
LTV
55.01-60
LTV
60.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
ALL 0.000 0.000 0.500 0.500 N/A N/A N/A

No Escrow Account4(For Payment of Taxes and Insurance)

FICO LTV
<=55
LTV
55.01-60
LTV
60.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
ALL 0.125 0.125 0.125 0.125 0.125 0.125 0.125

Subordinate Financing(For CLTV above 80%2)

FICO LTV
<=55
LTV
55.01-60
LTV
60.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
ALL 1.000 1.000 1.000 1.000 1.000 1.000 0.000

Notes:

(1)  LTV refers to Loan-to-Value, the maximum percentage allowed when the mortgage amount is divided by the property value. Max LTV may be reduced on jumbo loans in counties experiencing declining values for 12 months or more.  You will be notified if your property is within a county deemed to have declining values.

(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) The maximum cash out allowed is $250,000.

(4) 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.)

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