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Cash Out
FHA – 85% Max LTV ; Conv – 80% Max LTV;
VA – 90% Max LTV; Max LTV could vary by program
Second Homes
80% Max LTV; 640 Min FICO.
No cash out allowed.
Non-Owner Occupied
75% Max LTV;
No cash out allowed.
NOO - With landlord history. With 2 most recent years experience, 680 FICO, and can count rents as income (proposed rents for purchase – as taken from the OIS or comparable rent schedule, whichever is lower ---- or the actual rents for a refinance – as taken from the tax return). 1x30 (12 months), 0x60 (12 months), 0x90 (24 months) mortgage lates.
NOO - Without landlord history. 720 FICO score, qualifying with both payments, and max debt ratio of 45%. Mortgage Payments on time last 12 months.
Max DTI
Max DTI is 50%; some loan programs could be lower.
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Footnotes:
1Max 95% LTV Owner Occupied with 720 Min FICO®; Purchase/ R&T; Max 41% DTI; 1 unit SFR only. The states AZ, CA, FL, MI, NV and OH have max 90% LTV and 740 min FICO; Max 41% DTI; 1 unit SFR only.
2 TLTV must be met with HTLTV maximum. Max cash disbursed at close limited to TLTV.
3Any non-streamline VA is considered cash out.
4MI Guidelines apply for all conventional loans.
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.
8Not Eligible in CA, HI, & Miami-Dade, FL.
9Declining market and severely declining market restrictions apply.
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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