Program Guidelines

Primary Residence

Purchase or No Cash Out Refinance
Property Type Min FICO Score Max Loan Amount Max LTV1 Max CLTV2
SFR/Condo 720 1,000,000 80 80
SFR/Condo 700 1,000,000 70 70
2-Unit 740 1,000,000 75 75
Cash Out Refinance3
Property Type Min FICO Score Max Loan Amount Max LTV1 Max CLTV2
SFR/Condo 720 1,000,000 70 70
SFR/Condo 700 1,000,000 65 65

Second Home

Purchase or No Cash Out Refinance
Property Type Min FICO Score Max Loan Amount Max LTV1 Max CLTV2
SFR/Condo 740 1,000,000 70 70
SFR/Condo 720 1,000,000 65 65
Cash Out Refinance
Property Type Min FICO Score Max Loan Amount Max LTV1 Max CLTV2
N/A N/A N/A N/A N/A
Risk-Based Add-Ons(Added to Points, All Add-Ons are Cumulative)

Purchase or No Cash Out Refinance

FICO LTV
<=55
LTV
55.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
740+ 0.000 0.000 0.000 0.000 0.000
720-739 0.000 0.000 0.375 0.625 0.750
700-719 0.000 0.000 0.375 N/A N/A

Cash Out Refinance

FICO LTV
<=55
LTV
55.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
740+ 0.000 0.000 0.375 N/A N/A
720-739 0.000 0.000 0.500 N/A N/A
700-719 0.000 0.250 N/A N/A N/A

Second Home

FICO LTV
<=55
LTV
55.01-65
LTV
65.01-70
LTV
70.01-75
LTV
75.01-80
740+ 0.125 0.125 0.125 N/A N/A
720-739 0.125 0.125 N/A N/A N/A

No ESCROW/Impounds

FICO LTV
<=55
LTV
55.01-65
LTV
65.01-70
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. 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.

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