Program Guidelines

Primary Residence

Purchase or No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR 900,000 80 80 720
Condo 900,000 80 80 740
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
740+ (0.375) (0.250) (0.250) (0.250) (0.125) 0.000
720-739 (0.375) (0.250) (0.250) (0.125) 0.125 0.375

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
740+ 0.000 0.125 0.125 0.125 N/A N/A
720-739 0.000 0.125 0.125 0.375 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
ALL 0.000 0.000 0.500 0.500 N/A N/A

No Escrow Account(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
ALL 0.125 0.125 0.125 0.125 0.125 0.125

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.

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.