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´╗┐ Untitled Document

**Version: 03.04.2014**    

   Click the Program Number to open guidelines. Download PDF
Program Number Program Description Program Type Max Loan Amount Max LTV/ CLTV Min FICO7 Occupancy Types Purpose Doc Types
6010 Conforming Fixed (LP)4 Conventional Conforming Loan Limit 95% LTV1
90% LTV w/sub fin:
95% TLTV - 95% HTLTV2
N/A4,9 OO/2nd/NOO P/R&T/CO Full
6012 Conforming LIBOR ARM (LP)4 Conventional Conforming Loan Limit 95% LTV1
90% LTV w/sub fin:
95% TLTV - 95% HTLTV2
N/A4,9 OO/2nd/NOO P/R&T/CO Full
6051 FHA Fixed and ARM Refinance (LP) Government HUD County Limit5 97.75%/97.75% 5808 OO R&T/CO Full
6052 FHA Streamline Fixed and ARM Refinance (no credit qualifying) Government HUD County Limit5 N/A /125% 5808 OO/NOO R&T Streamline
6059 FHA Streamline Fixed and ARM Refinance (credit qualifying) Government HUD County Limit5 N/A /125% 5808 OO/NOO R&T Full
6068 FHA Fixed and ARM Purchase (LP) Government HUD County Limit5 96.5% 5808 OO P Full
6113 Conforming Fixed (DU)4 Conventional Conforming Loan Limit 97% LTV9
90% LTV w/sub fin:
97% TLTV - 97% HTLTV2
N/A4,9 OO/2nd/NOO P/R&T/CO Full
6151 DU FHA Refinance Government HUD County
Limit5
97.75%/97.75% 5808 OO R&T/CO Full
6152 DU FHA Purchase Government HUD County
Limit5
96.5% 5808 OO P Full
6154 Conforming ARM (DU)4 Conventional Conforming
Loan Limit
95% LTV1
90% LTV w/sub fin:
95% TLTV - 95% HTLTV2
N/A4,9 OO/2nd/NOO P/R&T/CO Full
6176 VA IRRRL (Interest Rate Reduction Refinance Loan)
Government
$417,000
100%
5808
OO
R&T
IRRRL
6178 VA DU Purchase
Government $417,000 100% 5808 OO P Full
6179 VA DU Refinance Government $417,000 100% 5808 OO CO Full
6185 DU Super Conforming Fixed4
Conventional
HUD County
Limit6
90% OO
65% 2nd/NOO
N/A4,9
OO/2nd/NOO
P/R&T/CO
Full
6186 DU Super Conforming Arm4
Conventional
HUD County
Limit6
90% OO
65% 2nd/NOO
N/A4,9
OO/2nd/NOO
P/R&T/CO
Full
6187 LP Super Conforming Fixed4
Conventional
HUD County
Limit6
80% OO
65% 2nd/NOO
N/A4,9
OO/2nd/NOO
P/R&T/CO
Full
6188 LP Super Conforming Arm4
Conventional
HUD County Limit6
80% OO
65% 2nd/NOO
N/A4,9
OO/2nd/NOO
P/R&T/CO
Full
6189 LP High Balance Fixed FHA
Government
HUD County Limit6
96.5% (P)
97.75% (R&T)
5808
OO
P/R&T/CO
Full
6191 DU High Balance Fixed FHA
Government
HUD County Limit6
96.5% (P)
97.75% (R&T)
5808
OO
P/R&T/CO
Full
6197 VA Jumbo Purchase
Government VA County Limit 100% 5808 OO P Full
6198 VA Jumbo Refinance Government VA County Limit 100% 5808 OO CO3 Full
6203 FHA High Balance Streamline
Government
HUD County Limit6
97.75%
5808
OO
R&T
Streamline
6205 USDA Rural Housing
USDA
USDA Limits
100%
5808
OO
P
Full
6206 FHA Streamline with Appraisal Government HUD County Limit5 97.75%/97.75% 5808 OO R&T Streamline
6209 DU Single Life of Loan BPMI4,10 Conventional Conforming Loan Limit 95%1 N/A4,9 OO P/R&T Full
6210 USDA Rural Housing Refinance
USDA
USDA Limits
100%
5808
OO
R&T
Full
6213 DU Refi Plus Conventional Conforming Loan Limit 105%12 N/A4,9 OO/2nd/NOO R&T Full
6214 LP Relief Refinance Conventional Conforming Loan Limit 105%11 N/A4,9 OO/2nd/NOO R&T Full
6215 LP Relief Refinance Conventional Conforming Loan Limit 125%11 N/A4,9 OO/2nd/NOO R&T Full
6216 DU Refi Plus Conventional Conforming Loan Limit 125%12 N/A4,9 OO/2nd/NOO R&T Full
6217 DU Super Refi Plus Conventional Conforming Loan Limit 105% N/A4,9 OO/2nd/NOO R&T Full
6218 USDA Rural Housing Streamline
Temporarily Unavailable
USDA
USDA Limits
100%
5808
OO
R&T
Full
6220 DU Super Refi Plus < 125% Conventional Conforming Loan Limit 125%12 N/A4,9 OO/2nd/NOO R&T Full
6228 DU 6228
5-10 Properties
Conventional
Conforming Loan Limit
70%
720
2nd/NOO
P/R&T
Full
6231 DU FHA Purchase 90 Day Waiver
Government
HUD County Limit5
96.5%
5808
OO
P
Full
6233 LP FHA Purchase 90 Day Waiver
Government
HUD County Limit5
96.5%
5808
OO
P
Full
6234 DU Refi Plus > 125% Conventional Conforming Loan Limit Unlimited12 5808 OO/2nd/NOO R&T Full
6235 DU Super Refi Plus > 125% Conventional Conforming Loan Limit Unlimited12 N/A4,9 OO/2nd/NOO R&T Full
6255 LP Relief Refi > 125% Conventional Conforming Loan Limit Unlimited11 N/A4,9 OO/2nd/NOO R&T Full
6259 DU Refi Plus <105% With MI Conventional Conforming Loan Limit 105%12 N/A4,9 OO/2nd/NOO R&T Full
6260 DU Refi Plus < 125% With MI Conventional Conforming Loan Limit 125%12 N/A4,9 OO/2nd/NOO R&T Full
6261 DU Refi Plus > 125%
With MI
Conventional Conforming Loan Limit Unlimited12 N/A4,9 OO/2nd/NOO R&T Full
6263 LP Relief Refinance With MI Conventional Conforming Loan Limit 105%11 N/A4,9 OO/2nd/NOO R&T Full
6268 LP Relief Refinance With MI Conventional Conforming Loan Limit 125%11 N/A4,9 OO/2nd/NOO R&T Full
6269 LP Relief Refinance With MI Conventional Conforming Loan Limit Unlimited11 N/A4,9 OO/2nd/NOO R&T Full
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Cash Out
Conv – 80% Max LTV; 2nd Home - 75% Max LTV; NOO- 75% Max LTV; FHA – 85% Max LTV;
VA – 100% Max LTV;
Max LTV could vary by program.

Second Homes
Purchase 90% Max LTV;
Cash Out - 75% Max LTV.

Non-Owner Occupied
Purchase - 80% Max LTV;                                      
Rate and Term - 75% Max LTV;
Cash Out - 75% Max LTV.

Max DTI — FHA Loans
Max DTI is 55% with the following restrictions: Minimum FICO: 660; No gifts allowed; VOM/VOR or cancelled checks if private landlord/lender; Payment shock of 125%; Residual Income - Follow VA guidelines.



 

Footnotes:
1Max 95% LTV Owner Occupied; Purchase/ R&T; 1 unit SFR only.
2 TLTV must be met with HTLTV maximum.  Max cash disbursed at close limited to TLTV.
3Any non-streamline VA Refi is considered cash out.
4MI guidelines apply to all conventional loans. Minimum fico score is 620.
5Max loan amount is $417,000 or HUD county limit, which ever is lower (excluding Hawaii); Hawaii is $544,185.
6Min loan amount is $417,001 (excluding Hawaii); Hawaii is $544,186.
7All Borrowers must have a qualifying credit score. Exceptions granted on a case-by-case basis when the primary borrower has a qualifying score. Pricing adjustment applies.
8Underwritten to DU/LP/GUS findings, with a 580 minimum fico score.
9Underwritten to DU/LP findings (no minimum fico score requirement).
10MI must be paid by borrower with cash.
11May use the HVE values received on the Loan Prospector feedback certificate instead of obtaining an appraisal to determine the property value for certain 1 or 2 unit properties.
12Property Inspection Waiver allowed per DU.

NOTE: Values shown are examples of maximums and minimums allowed. Consult Direct Mortgage Loan Program Guidelines for details regarding any specific loan.

*Loan programs subject to change at any time without prior notice.*
 
 
 

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Legend:
OO = Owner Occupied
NOO = Non Owner Occupied or Investment
2nd = Second Home
P = Purchase
R&T = Rate & Term Refinance
CO = Cash Out Refinance
Stated=Stated Income Verified Assets
SISA = Stated Income Stated Asset
NINA = No Income No Asset
NIVA = No Income Verified Asset
Balloon = Balance Due Before End of Amortized Term
No Doc = Income, Assets, & Employment Neither Stated Nor Verified
No Ratio = Income Not Stated, Employment & Assets Verified
FHA = Federal Housing Administration
HUD = Housing & Urban Development, U.S. Department of
DU® = Desktop Underwriter®
LP = Loan Prospector®
FICO« score=Fair Isaac Corporation score or Beacon« score
VA = Veterans Affairs, United States Department of
USDA = United States Dept. of Agriculture
   
 
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