Matrix A. T300RP, T304RP, and T300JRP ONLY 1

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Matrix A. T300RP, T304RP, and T300JRP ONLY 1"

Transcription

1 The Federal Housing Finance Agency (FHFA) Home Affordable Refinance Program (HARP) is designed to assist borrowers who have demonstrated an acceptable payment history on their existingfannie Mae mortgage loan, but may not have been able to refinance to obtain a lower payment or move to a more stable product. Only Rate/Term Refinance transactions are eligible (E.G. Limited cash-out refinance) paying off the existing first FannieMae mortgage, financing of closing costs, and no more than $250 cash back to borrower. FannieMae loan look up table: is provided for reference purposes only. DU will determine if the existing loan is eligible for the program. To be eligible for DU Refi Plus, the note date of the mortgage being refinanced need so be on or prior to May 31, This change is effective immediately for new or existing DU Refi Plus applications. FNMA B The updates reflected in this product guide are applicable to DU Refi Plus loan transactions with M.I. findings as stated in the Automated Underwriting topic and also meet all of the other M.I. requirements herein stated. PRIMARY RESIDENCE Rate & Term Refinance LTV w/ DU REFI PLUS APPROVE for findings on or after 9/12/ Property LTV w/o CLTV/HCLTV Fico score Max DTI Type Secondary Fin. 3 Secondary Fin. 1 Unit SFR or PUD >105% - 125% >105% - 125% Unlimited Unit SFR or PUD 105% 105% Unlimited 620 DU % 105% 110% 620 DU Matrix A SECOND HOME Rate & Term Refinance T300RP, T304RP, and T300JRP ONLY % 105% 110% 680 DU INVESTMENT PROPERTY- Rate & Term Refinance % 105% 110% 680 DU 1 Please refer to Matrix B for other eligible products 2 Eligible only with Accept/Eligible DU Refi Plus findingsexcept for specific B.P.M.I. transactions with certificates that can be transferred or modified by an approved M.I. company. Please refer to specific M.I. topic for details. 3 Subject to Geographic State Restrictions Note: while DU findings may indicate higher LTV/CLTV findings, these parameters must be met. 1 P a g e

2 MATRIX B T301RP, A341RP, A342RP, A343RP, T301JRP and A341JRP Products 1 PRIMARY RESIDENCE Rate & Term Refinance DU REFI PLUS APPROVE 2 Property LTV w/o LTV w/ CLTV/ Fico score Max DTI Type Secondary Fin. 3 Secondary Fin. HCLTV % 105% 110% 620 DU SECOND HOME Rate & Term Refinance 1 105% 105% 110% 680 DU INVESTMENT PROPERTY- Rate & Term Refinance % 105% 110% 680 DU 1 Please refer to Matrix A for 20 and 30 year Fixed Rate products 2 Eligible only with Accept/Eligible DU Refi Plus findingsexcept for specific B.P.M.I. transactions with certificates that can be transferred or modified by an approved M.I. company. Please refer to specific M.I. topic for details. 3 Subject to Geographic State Restrictions Note: while DU findings may indicate higher LTV/CLTV findings, these parameters must be met 2 P a g e

3 TOPIC Ability to Repay and Qualified Mortgage Rule Appraisal Property Valuations Require ARM Products CRITERIA Effective with all loan applications dated on or after January 10, 2014 (Retail) or applications received on or after January 10, 2014 (Wholesale), all loans must meet the Ability to Repay and Qualified Mortgage provision of the Dodd-Frank Act. Please refer to SPM Compliance for further details and/or questions DU Refi Plus Property Valuation Requirements: The lender must comply with the property fieldwork requirements issued by DU. For certain DU Refi Plus loan casefiles, DU offers to waive the requirement for property fieldwork. For loan casefiles that are not eligible for a DU Refi Plus property fieldwork waiver, DU will require an appraisal based on an interior and exterior inspection reported on the appropriate appraisal report form for the type of property being appraised. If the lender exercises a property fieldwork waiver, the lender is not responsible for the standard representations and warranties related to the value, marketability, and condition of the property. See B , DU Refi Plus and Refi Plus Eligibility (08/26/2014), for additional information related to appraisal representations and warranties. DU Refi Plus Property Fieldwork Waiver:When a lender exercises the DU Refi Plus property fieldwork waiver, Fannie Mae accepts the property value estimate submitted to DU as the market value for the subject property and as noted above, the lender is not required to make any representation or warranty as to value, marketability, or condition of the subject property. However, the lender continues to be required to represent and warrant that all of the information and data submitted to DU is complete and accurate. The property value the lender enters in DU may be based on: the lender s estimate of value, determined at the discretion of the lender, or the borrower s estimate of value. If DU does not offer a property fieldwork waiver, the lender must obtain an appraisal on the form specified in the DU Underwriting Findings report. Note: DU will issue a message on DU Refi Plus loan casefiles when the subject property address cannot be standardized, or Fannie Mae's databases do not have sufficient information about the property to determine eligibility for the DU Refi Plus property fieldwork waiver. This message will state that based on the address and other information available to DU, the property is not eligible for a DU Refi Plus property fieldwork waiver. A lender may only exercise the DU Refi Plus property fieldwork waiver if: the final submission of the loan casefile to DU resulted in a property fieldwork waiver offer, and the property fieldwork waiver offer is not more than four months old on the date of the note and the mortgage. Fannie Mae specifically does not warrant that the estimated value used in the determination of eligibility for the DU Refi Plus property fieldwork waiver represents the actual value of the subject property Margin: Libor Index: 2.25% Life Floor: The life floor will never be lower than the margin Index: Libor Index = the average of interbank offered rates for one year in U.S. dollar-denominated deposits in the London market (Libor) as published in The Wall Street Journal. 3 P a g e

4 Payment Adjustment Date: 1 st payment change date is the first month following the interest-rate adj. and every 12 mos. thereafter. Life Cap: 5/1, 7/1 & 10/1-5% over the Note Rate. Interest Rate Adjustment Cap and Date: o 5/1 ARM: Interest rate is fixed for the first 60 months. The maximum interest-rate adjustment at the first adjustment date is 5% maximum first-time adjustment. Thereafter the interest rate adjusts annually with a maximum interest-rate change of 2%, which will not cause deferred interest. o 7/1 ARM: Interest rate is fixed for the first 84 months. The maximum interest-rate adjustment at the first adjustment date is 5% maximum first-time adjustment. Thereafter the interest rate adjusts annually with a maximum interest-rate change of 2%, which will not cause deferred interest. o 10/1 ARM: Interest rate is fixed for the first 120 months. The maximum interest-rate adjustment at the first adjustment date is 5% maximum first-time adjustment. Thereafter the interest rate adjusts annually with a maximum interest-rate change of 2%, which will not cause deferred interest. Note: The interest rate must always be rounded to the nearest 1/8 th of 1% (0.125%) o Qualification: 5/1 ARMS qualify at the greater of Fully Indexed or Note Rate +2 %. 7/1 & 10/1 ARM: Qualify at the Note rate. ASSUMPTION Not allowed S 4 P a g e

5 AUTOMATED UW Borrower Benefit Requirement Approve/Eligible: ExpressLoanDU REFI PLUS A/E Finding is required. DU finding will state the following message: o This loan case file was underwritten according to the DU Refi Plus expanded eligibility guidelines offered on certain limited cash-out refinance loan case files where the borrower s existing loan is identified by DU as a Fannie Mae loan. This loan case file must be delivered with Special Feature Code 147. o Loans with >80% LTV requiring M.I: Certain loan transactions with existing B.P.M.I insurance from an SPM approved MI company may be eligible for financing. The DU finding will read: Fannie Mae s records indicate that the existing Fannie Mae loan being refinanced with this DU Refi Plus transaction contains the following mortgage insurance (MI) information MI Provider MI Coverage Obtained MI Certificate Number (Will state specific MI co) (Will indicate the % of insurance coverage) (Discloses cert. #) To be eligible for financing with existing B.P.M.I: ALL of the criteria listed in the M.I. topic must be met exactly as stated. The Loan Originator (LO) is responsible to obtain and validate certain information from the M.I. issuing company prior to submission (E.G. the DU findings will not indicate all of the necessary M.I. details). This specific information- as stated in the M.I. topic under Originator Responsibilities- must be provided in the submission package exactly as required. Exceptions to the policy requirements are not available. Please refer to M.I. topic for complete details and requirements. Accuracy of both the Borrower and Subject Address input is required. o DU matches Borrower(s) Social Security Number(s) with the FannieMae loan. o FannieMae guidelines for entering correct standardized property address (including applicable unit number) must be followed. LTV/CLTV/FICO requirements must be met as stated in applicable product matrix regardless if findings permit a higher LTV/CLTV. Please note that a loan may lose eligibility if the AUS is reran and there have been significant change (i.e. MI rescinded, current mortgage delinquent, etc. as both FHLMC & FNMA update their databases on a monthly basis) By selling a DU Refi Plus or Refi Plus mortgage loan to Fannie Mae, the lender represents and warrants that the borrower is receiving a benefit in the form of at least one of the following: a reduced monthly mortgage principal and interest payment, a more stable mortgage product, a reduction in the interest rate, or a reduction in the amortization term. The following table provides scenarios that meet the borrower benefit provision: The borrower benefit provision is met if... The amortization term is extended (for example, from 15 to 30 years) resulting in a reduction in the principal and interest payment. Note: An extension of the amortization term is not considered movement to a more stable product. The mortgage loan type changes from a fixed-rate to an ARM provided there is a reduction in the principal and interest payment. 5 P a g e

6 Note: Movement from a fixed-rate mortgage to an ARM is not considered a movement to a more stable mortgage product. Lenders are encouraged to provide fixed-rate mortgages to borrowers whenever possible. Fixed-rate mortgages are required if the LTV ratio exceeds 105%. The principal and interest payment is staying the same or increasing provided the borrower is moving to a shorter term mortgage or more stable mortgage product. Borrower Eligibility Borrower Eligibility: The following provides borrower eligibility requirements applicable to DU Refi Plus An existing borrower(s) may be removed from the new loan provided that at least one of the original borrower(s) is retained on the new loan. Borrower(s) may be added to the new loan, provided the existing borrower(s) is retained. Generally, the borrower(s) on the existing mortgage (or the current borrower(s) if the existing mortgage was assumed) must be identical to the borrower(s) on the new mortgage. However, an existing borrower may be removed from the new loan provided that at least one of the original borrower(s) is retained on the new loan and that one of the following conditions is met: The remaining borrower(s) meets the mortgage payment history requirements described in B , DU Refi Plus and Refi Plus Underwriting Considerations (05/27/2014), and provides evidence that he or she has been making the payments on the existing mortgage from his or her own funds for the most recent 12 months prior to the application of the new mortgage. This 12-month payment history must be on the existing mortgage, and may not be satisfied using multiple consecutive first mortgages; or The remaining borrower(s) may be qualified based on the eligibility and underwriting requirements applicable to Refi Plus loans with principal and interest increases > 20% (regardless of actual payment change). This includes, but is not limited to, a maximum total DTI ratio of 45%, a new credit report supporting a minimum credit score of 620, and documentation of income and assets required for closing. If the borrower is being removed due to death, evidence of the deceased borrower's death must be documented in the loan file. As a reminder, each person who has an ownership interest in the security property, even if the person s income is not used in qualifying for the mortgage loan, must sign the security instrument Benefit to the Borrower is required. o DU cannot determine if FannieMae requirements are met, therefore, the UW must represent and warrant that the borrower is receiving a benefit from refinancing as stated in FannieMae guidelines o Asset and income doc requirements apply payment increase is >20%. o Adding Borrowers: Permitted as long as one of the original Borrowers is retained on loan o Removing/Deleting Borrower: Permitted as long the existing Borrower(s) is retained Permanent Resident : o If the borrowers on new loan are the same as the borrowers on existing loan, no verification of residency status required o If the borrowers on new loan are not the same as the borrowers on existing loan are not the same, SPM residency policy applies Non-Permanent Resident: o If the borrowers on new loan are the same as the borrowers on existing loan, no verification of residency status required o If the borrowers on new loan are not the same as the borrowers on existing loan are not the same, SPM residency 6 P a g e

7 policy applies Cash Back Limitation Cash Reserves /Assets Borrower may receive cash back at closing $ Any excess cash representing the difference between the estimated and the actual payoff of the original loan plus closing costs and prepaid fees that is more than $250 must be applied as a principal curtailment to the new mortgage or a reduction in the actual loan amount. Fannie Mae policy B applies As per DU findings and DU Refi Plus documentation requirements. 7 P a g e

8 TOPIC Condo/PUD Approvals CREDIT ELIGIBILITY CRITERIA FOR DURP LOANS CRITERIA Condo or PUD project reviews: Not required. Limited Reps & Warrants: UW is required to represent and warrant: Property is not in a condominium hotel or motel or cooperative hotel or motel. Property is not in a houseboat project or a timeshare or segmented ownership project Insurance requirements are met If an appraisal report is obtained, and indicates the subject project consists of an in-complete conversion and/or there is a presence of a rental office for unconverted apt. units, the project will not be eligible for DU Refi Plus regardless of DU findings. Condo/PUD type: Condo type V and PUD type E must be selected and accurately reflected on 1008 DU will not apply FICO score requirement for DU Refi Plus: UW must ensure the min FICO scores are met for applicable Product Matrix o Previous SPM requirement for 0 x 30 day Mortgage late history in the past 12 months is hereby removed o Borrowers whom have applied for or received a loan modification may be eligible to refinance under DU Refi Plus o The standard waiting period & re-establishment of credit criteria following a bankruptcy, foreclosure, deed in lieu or Preforeclosure sale is being removed for DU Refi Plus loan casefile. DU will issue a message on loan casefiles for borrowers with significant derogatory credit letting the lender know that DU did identify the event and that the loan casefile would be eligible for delivery to FNMA, regardless of when the event occurred. o If DU is reading a short sale or foreclosure incorrectly, as of 9.1, the UW has the ability to override the DU and make the corrections in the Declarations section just like any regular DU 9.1 loan< Please refer to applicable DU Refi Plus guidelines DURP loan eligible: DU Refi Plus guidelines are posted in FannieMae sections B through B E-FannieMae website has also posted numerous FAQ s for DU Refi Plus and HARP /23/2013- Effective immediately FNMA revised the eligibility date to be based on the note date of the original loan, on or prior to May 31, 2009 for all new and existing applications. o All DURP requirements stated in product guide must be met including, but not limited to Acceptable DU Refi Plus and ExpressLoan findings, applicable MI messages, LTV/CLTV parameters, credit, income, appraisal and documentation criteria. o The new loan amount must meetrate/term Refinance (E.G. Limited cash-out refinance) criteria: ONLY paying off the existing first FannieMae mortgage, plus financing of closing costs, and no more than $250 cash back to borrower The UW must enter only the balance of the first mortgage being paid off with the new transaction on line d., Refinance of the Details of Transaction section of the loan application. This amount must match the balance of the mortgage being paid off, as shown in the liabilities section of the loan application. Escrow shortages, delinquent property taxes, delinquent HOA dues etc. may NOT be included in the loan amount DURP loan ineligible: o Any loan not meeting eligibility criteria herein stated o Loan products not specifically listed as being eligible, including but not limited to: 10 Year Fixed Rate, & 3/1 ARM o Loans secured by properties ineligible for SPM financing include, but not limited to: Florida Condo s, Coops, Manufactured Homes, etc. 8 P a g e

9 ESCROW Escrow waivers are not available. Standard SPM Escrow/Impound policy applies. WAIVERS Existing Eligible Mortgage Loan Types INCOME DOC REQUIREMENT. GEO RESTRICTIONS Mortgage loans with note dates prior to June 1, Jumbo-conforming mortgages and high-balance mortgage loans:the eligibility parameters for DU Refi Plus supersede those for the high-balance feature. The new loan may have a high-balance feature, subject to current loan limits Per DU findings and DU Refi Plus documentation requirements All income must be validated with processed #4506. An additional signed #4506 is required at closing Geographic restrictions may apply. Please refer to the Geographic Restrictions posted on SPM website. Higher Price Mortgage Loans HPML Income Documentati on Requirement with Payment Increases > 20%& HPML Because DU is unable to determine if a DU Refi Plus loan casefile is an HPML loan, it is the Lender s responsibility to make the determination, and comply in all respects with Regulation Z requirements for HPML loans as follows: Primary & 2 nd Homes ( Investment Properties are exempt from HPML) DU Approved/Eligible only No Manual UW Maximum DTI ratio of 45% Impounds Required (regardless of LTV) Prohibition on ARM loans with an initial fixed rate period of < 7 years (7/1 ARM eligible) Full Credit, Asset, and Income Documentation Full Income Documentation as noted below- Full Asset Documentation as follows: Full Property Appraisal Report(1004, 1073, 1025) as per property type- no reduced valuation tool No Appraisal Delivery Waivers allowed file must document full compliance with ECOA Appraisal Delivery Regulations effective 01/18/20014 Income Documentation Requirements All DU Refi Plus Loans, Refi Plus Loans with Payment Increases > 20%, and Refi Plus Higher-Priced Loans Type of Underwriting Loan Application All new mortgage loans originated under Refi Plus must be manually underwritten. A DU Refi Plus loan casefile may not be converted to a manually underwritten Refi Plus mortgage loan. A new executed Form 1003 or Form 1003(S) is required from the borrower(s) with all information 9 P a g e

10 completed including borrower income, employment, and assets. Payment History of the Existing Mortgage The existing mortgage must be current. The lender must determine that the borrower has not had any 30 day mortgage delinquencies on the existing mortgage in the most recent six-month period, and no more than one 30 day delinquency in months The loan file for the new mortgage must contain documented proof from the lender's servicing system (printed after the date of the borrower's new mortgage application and prior to the date of the new mortgage note) that evidences the payment history requirements have been met for the required 12 month period. Credit Score and Credit Report Requirements Payment change 20%: minimum credit score of 620 is required. Payment increase > 20%: minimum representative credit score of 620. A new merged credit report with credit scores is required. The representative credit score will be used for pricing purposes and to determine eligibility. Higher-Priced Loan Requirements If the lender does determine that under Regulation Z the loan is either a higher-priced mortgage loan or a higher-priced covered transaction, the loan must have a representative credit score of 620 or more and a debt-to-income ratio of 45% or less in order to be eligible for delivery to Fannie Mae. Lenders are not relieved of complying with Regulation Z by only adhering to the stricter representative credit score and debt-to-income ratio. The mortgage loan 10 P a g e

11 must comply in all respects with Regulation Z requirements for higher-priced mortgage loans and higher-priced covered transactions, including the underwriting and consumer protection requirements. Significant Derogatory Credit Events Lenders are not required to comply with the waiting period and re-establishment of credit requirements for significant derogatory credit events for Refi Plus loans or the payoff or satisfaction of a judgment identified on the credit report. In addition, Form 1003 or (1003(S)) VIII, Declarations a through f are not required to be reviewed or considered in the underwriting evaluation. Mortgage Modifications DTI Ratio A borrower who has applied for or received a loan modification is eligible to refinance under Refi Plus. Note the following: The borrower benefit provision (described above) must be met. The terms of the modified loan (trial or permanent) must be used for this comparison. If the borrower was previously in a trial period plan, but denied a permanent modification, the current terms of the loan must be used for this purpose. Borrower must have made 24 months paid as agreed according to the new terms. The borrower must meet the mortgage payment history requirements for Refi Plus measured by either contractual or modified payments, as applicable. Payment increase > 20%: maximum DTI ratio of 45%. 11 P a g e

12 Verification of Income Income source: at least one borrower must have a source of income from an eligible source, per the Eligible Income Sources listed in the Income Documentation Requirements table below. Verification of the borrower's employment or self-employment can be completed with a verbal VOE, or an other (nonemployment) income source must be documented. Payment increase > 20%: verification of all income sources and amounts in accordance with the Income Documentation Requirements table below. Verification of Assets Multiple Financed Properties for the Same Borrower Property Listing Requirements Request for Transcript of Tax Return (IRS Form Payment change 20%: verification of assets required to close is required. Payment increase > 20%: verification of assets to close if the borrower is required to bring funds to closing. The assets must be verified in accordance with the Asset Documentation Requirements table below. Lenders are required to investigate large deposits that appear on account statements. Proof of liquidation of assets is required. There are no limits on the number of financed properties the borrower may own. The additional eligibility requirements for borrowers with multiple financed properties in B2-2-03, Multiple Financed Properties for the Same Borrower (06/24/2014), do not apply. Special Feature Code 150 must not be delivered even if the Refi Plus mortgage loan otherwise meets the requirements of SFC 150. The lender does need to confirm the subject property is not currently listed for sale. Payment change 20%: borrowers are required to 12 P a g e

13 4506 T) complete and sign an IRS Form 4506 T. Payment change > 20%: each borrower (regardless of income source) must complete and sign a separate IRS Form 4506 T at or before closing. See B , Requirements and Uses of IRS Form 4506-T (07/30/2013), for additional information. Mortgage Note, Security Instrument A new mortgage note, security instrument, and applicable riders and addenda are required. Except as otherwise expressly provided under DU Refi Plus described herein, all other loan documentation requirements contained in this Selling Guide applicable to newly-originated mortgages apply Income Documentation Requirements All DU Refi Plus Loans with Payment Increases > 20%, and Refi Plus Higher-Priced Loans Income Type/Eligible Income Sources All Employment Income Documentation Requirement Verbal verification of employment See B , Verbal Verification of Employment (08/20/2013), for additional requirements. Base Pay (salary or hourly) Bonus and Overtime Income Commission Income One paystub Applies to primary employment, secondary employment (second job and multiple jobs), and seasonal income. One paystub or one year personal tax return Applies without regard to the percentage of commission earnings. 13 P a g e

14 Self-Employment One year personal tax return Applies to primary and secondary self-employment. Alimony or Child Support Employment-Related Assets as Qualifying Income Rental Income Copy of divorce decree, separation agreement, court order or equivalent documentation, and one month documentation of receipt. Lender must obtain standard documentation for this type of income as described in B , Other Sources of Income (05/27/2014). The maximum LTV, CLTV, HCLTV ratio and minimum credit score requirements are not applicable to DU Refi Plus or Refi Plus transactions. Lease or one year personal tax return (Form 1007 is not required) Applies to rental income from subject or other properties owned by the borrower. Retirement and Pension Social Security Temporary Leave Income One of the following: award letter, one year personal tax return, W-2 or 1099 form, or one month bank statement reflecting direct deposit. One of the following: award letter, one year personal tax return, Form SSA-1099, or one month bank statement reflecting direct deposit. Lender must receive: the borrower s written confirmation of his or her intent to return to work, and no evidence or information from the borrower's employer indicating that the borrower does not have the right to return to work after the leave period. Regardless of the date of return, the amount of the 14 P a g e

15 regular employment income the borrower received prior to the temporary leave must be used to qualify. All Other Income Types Automobile Allowance Boarder Income Capital Gains Income Disability Income Long-Term Foreign Income Foster-Care Income Interest and Dividends Income Mortgage Credit Certificates Mortgage Differential Payments Income Notes Receivable Income Public Assistance Income Royalty Payment Income Tip Income Trust Income Unemployment Benefits (seasonal or nonseasonal in nature) VA Benefits Income Lender must determine appropriate documentation. Examples include (but are not limited to): an award letter or equivalent documentation or agreement, one paystub or equivalent documentation, one year personal tax return, IRS 1099 Form, or one month bank statement reflecting direct deposit. Asset Documentation Requirements DU Refi Plus Loans with Payment Increases > 20% Asset Type Checking Accounts Savings Accounts Documentation Requirement One recent statement (monthly, quarterly, or annual) showing asset balance 15 P a g e

16 Certificates of Deposit Money Mark Accounts Stocks, Bonds, Mutual Funds Retirement Accounts Trust Accounts Secured Borrowed Funds Donations from Entities (Hardest Hit Fund) Gifts Ineligible New Mortgage Types Loan Purpose Loan Term MAX FINANCED The following are ineligible new mortgage loan types for DU Refi Plus and Refi Plus transactions: ARM loans with initial fixed periods of less than five years; HomeStyle Renovation mortgage loans prior to the completion of the property; MyCommunityMortgage loans; and mortgage loans with temporary interest rate buydowns, unless dated before July 1, 2009, and delivered to Fannie Mae prior to December 1, Loan Purpose: The standard limited cash-out refinance requirements are modified as follows for DU Refi Plus and Refi Plus loan transactions. All other guidelines for limited cash-out refinances continue to apply. See B , Limited Cash-Out Refinance Transactions (05/28/2013). DU Refi Plus and Refi Plus loans must be originated according to the following limited cash-out refinance requirements: The new loan amount can include: payoff of the unpaid principal balance on the existing first mortgage; the financing of the payment of closing costs, prepaid items, and points; cash back to the borrower in an amount of no more than $250. For DU Refi Plus, if the borrower is receiving more than $250 cash back, as reflected in the Details of Transaction section of the loan application, the loan casefile will not be underwritten as a DU Refi Plus transaction. Any excess funds at closing must be applied as a principal curtailment. See B , DU Refi Plus and Refi Plus Closing, Pricing, and Delivery (05/28/2013). Subordinate financing is permitted. See the Eligible Subordinate Financing section below for additional requirements. Loan Terms are only available as stated in the project header at the top of the page. There is no 25 year fixed rate term available. No Limit regardless of occupancy type as per DU Refi Plus guidelines 16 P a g e

17 PROPERTIES MAXIMUM LOAN AMOUNT Standard: Subject to standard Fannie Mae loan limits High Balance/Jumbo: Subject to current High Balance/ Jumbo loan limits regardless if original FNMA loan was originated at a higher loan amount that was permitted at that time. 17 P a g e

18 MORTGAGE INSURANCE (BPMI transfer/mod of M.I. cert) SPM will permit the assignment/transfer/modification of an existing Borrower Paid M.I. (BPMI) policy from the current loan to the new loan for transactions >80% LTV from SPM approved M.I. companies. Eligible M.I.: BPMI (monthly) Ineligible M.I.: Any type of M.I coverage LPMI, HPMI, financed or single paid premium or M.I. certifications from companies not deemed an SPM approved company will not be eligible. ALL of the criteria must be met exactly as stated herein. Exceptions to these policies are not available. Approved companies: The DU findings must identify the insuring company. It must be one of the specifically SPM approved M.I. companies: Either Radian, MGIC, Genworth, or (UGICfor loans in processprior to ) o New M.I. certification option is not available. o Only the existing M.I. company listed on the DU finding will be able to transfer or modify the existing M.I. cert Ineligible insuring M.I. companies: PMI, Triad and RMIC. UGIC will be an ineligible company for new loans after (Note: Essent is not participating in this program). M.I. DU findings: Must be received exactly as illustrated in the Automated Underwriting topic. o The DU findings will NOT indicate the type of M.I. present on the current loan: Prior to loan submission, the Originator is responsible to contact the individual company listed on the DU findings to ensure that the current policy consists of an eligible Borrower Paid (BPMI) as stated in the Originator s responsibility section outlined below. o Level of MI coverage stated in DU findings MI Coverage Obtained will be acceptable subject to the M.I. Company s confirmation as outlined in below Originator Responsibility requirements. (Refer to Automated Underwriter topic for example) Originator s Responsibilities: Requirements must be completed PRIOR to loan submission without exception: o Ensure the M.I. policy reflected on DU findings was issued by one of the SPM approved companies listed above. o Contact issuing M.I. company listed on DU findings and obtain/confirm all of the following required information: Existing policy is an active/valid, policy AND Coverage type consists of Borrower Paid Mortgage Insurance (BPMI) AND The BPMI policy is transferrable/eligible for modification AND Obtain the factors for first 10 years and factors for remaining term o Certify in the loan submission package that: M.I. Company was contacted and all required information was confirmed with the issuing M.I. Company. The Originator s cert must include the exact and complete information for all FOUR requirements stated above. DURP Loan Originator s Certification of MI Information form posted on Doc Library website under Submission/Doc Draw tab. o ExpressLoan must be ran with the M.I. company provided factors Note: The Mortgage Insurance company may deny the request to modify or assign/extent the coverage due to any of the following reasons: No active certificate Certificate cancelled for LTV drop Eligibility requirement stating one of the borrower s must be present on the current certificate Current MI certificate is reported as delinquent in a CAT 10 or greater MI company is not the current MI provider Approved M.I. contact information: 18 P a g e

19 Note: The individual company may have a different processes or requirements for disclosing this information. Any specific company s requirement posted herein is provided strictly as a courtesy and may be subject to their revisions or changes. o Radian: Customer Care #: o MGIC: Customer Service #: o Genworth: Genworth Action Center #: Continued on following page MORTGAGE INSURANCE (transfer/mo d of M.I. cert) NON- Occupant CO- BORROWERS Occupancy & Property Eligibility o UGI: Customer Quality Center: Signed 1003 or Third Party Authorization form (available on their website) is required Completed form or 1003 must be sent to: Website information: Note: UGI information is being retained as a courtesy for loans already in process prior to Premiums:The SPM approved MI companies listed above have the same process with regard to the MI premium transfer. o Monthly BPMI: For borrower-paid monthly premiums, the premium rate on the existing MI cert remains the same. The monthly payment will be based on the new loan amount. The new loan amount may be higher or lower than the original loan amount. Monthly gap coverage owed may be required to be collected at closing. State tax/assessment fees may apply and must also be collected at closing. MI cert must be accurately reviewed to ensure the loan is closed correctly. SPM personnel: must follow the individual M.I. company s procedure to ensure the cert will meet FannieMae requirements including, but not limited to: o If a change or update occurs on the loan file (E.G. the loan amount increases or decreases), the request form must be re-sent with the updated information. o Ensuring that the M.I approval document matches the information on the DU cert: Loan #, New Loan Amount, Borrower s Name, Property address, MI cert #, monthly payment (if applicable), amount and type of MI coverage Discrepancy in Premium Coverage: If the M.I. Company confirms different coverage than reported in DU, Fannie Mae has confirmed that the coverage currently in effect will be the accurate MI coverage. Therefore, the MI coverage per the MI cert should be used to close the loan. o Any amount due at closing must be taken into consideration Non-occupant co-borrowers are permitted The following occupancy and property types are eligible for securing a DU Refi Plus or Refi Plus mortgage loan: one- to four-unit principal residences, one-unit second homes, and one- to four-unit investment properties. All property types are eligible including detached, attached, manufactured housing, and units in a PUD, condo, or co-op 19 P a g e

20 project. See Leasehold Estates Eligibility (below) for leasehold estate requirements and B , DU Refi Plus and Refi Plus Property Valuation and Project Standards (09/24/2013) for project standards requirements. The existing mortgage and the new DU Refi Plus or Refi Plus mortgage loan do not have to represent the same occupancy. The occupancy of the subject property may have changed by the time of the new mortgage transaction. Because the loan represents existing Fannie Mae risk, there is no requirement that the occupancy has stayed the same. PREPAY There are no prepayment penalties PENALTY SUBORDINAT E FINANCING Texas Section 50(a)(6) Mortgage The following policies apply to subordinate financing: New subordinate financing is only permitted if it replaces existing subordinate financing. Existing subordinate financing may not be satisfied with the proceeds of the new DU Refi Plus or Refi Plus mortgage loan. Existing subordinate financing can remain in place as long as it is resubordinated to the new DU Refi Plus or Refi Plus mortgage loan. Existing subordinate financing may be simultaneously refinanced as long as the new subordinate lien loan amount does not exceed the existing unpaid principal balance. Lenders must comply with the following provisions outlined in B , Subordinate Financing (08/20/2013), related to any subordinate financing for DU Refi Plus and Refi Plus transactions: Subordinate Financing Requirements, and Resubordination Requirements for Refinance Transactions. The remaining provisions related to existing subordinate financing, including acceptable subordinate financing types, do not apply to DU Refi Plus and Refi Plus transactions If the existing loan was originated as a Texas Section 50(a)(6) mortgage, then the new DU Refi Plus or Refi Plus loan will be a Texas Section 50(a)(6) mortgage and must meet the most restrictive of the Texas Section 50(a)(6) mortgage requirements, per the Selling Guide or the DU Refi Plus and Refi Plus requirements, as applicable. The only exceptions to this requirement are that a minimum credit score does not apply (unless the monthly principal and interest payment is increasing more than 20%) and the DU Refi Plus and Refi Plus loan-level price adjustments are applicable. All Texas Section 50(a)(6) mortgage requirements apply, including the following, which may be different than the standard DU Refi Plus or Refi Plus requirements: lender must be approved to deliver Texas 50(a)(6) mortgages; maximum 80% LTV and CLTV ratio; minimum 12 months seasoning; one-unit principal residences only; a new full appraisal is required Uniform Residential Appraisal Report (Form 1004), Manufactured Home Appraisal Report (Form 1004C), or Individual Condominium Unit Appraisal Report (Form 1073), as applicable; title insurance requirements for Texas Section 50(a)(6) loans must be met. See B5-4-05, Texas Section 50(a)(6) Mortgage Legal Considerations (03/29/2010); all applicable special feature codes must be delivered, including but not limited to 304, 147, or 288 (identifying the loan as a Texas Section 50(a)(6), DU Refi Plus or Refi Plus, respectively); and only mortgage products approved for Texas Section 50(a)(6) mortgages are eligible. DU is not able to determine if Texas Section 50(a)(6) applies to specific limited cash-out loan casefiles; therefore, the lender must make the determination and apply the corresponding eligibility requirements. All other DU Refi Plus or Refi 20 P a g e

21 Plus requirements apply The following table provides underwriting and documentation requirements applicable to DU Refi Plus mortgage loans: Type of Underwriting Mortgage loans originated under DU Refi Plus must be underwritten through DU, and are not eligible for underwriting through any other automated underwriting system. When a loan is delivered as a DU Refi Plus loan, the DU Refi Plus message must be issued on the final submission to DU. In addition, for loan casefiles underwritten with DU Version 9.1 and subsequent versions, the DU Underwriting Findings report will clearly indicate that the recommendation received was for DU Refi Plus. A DU Refi Plus loan may be re-underwritten manually and delivered as a Refi Plus loan. See Converting DU Refi Plus to Refi Plus below. Underwriting and Document Requirements Loan Application Accurate Property Addresses A new executed Form 1003 or Form 1003(S) is required from the borrower(s) with all information completed including borrower income, employment, and assets. An accurate property address is critical to determining if the subject property address on the loan casefile matches a subject property address for an existing Fannie Mae loan. Incomplete or inaccurate property address data may prevent a loan casefile from being underwritten according to the DU Refi Plus underwriting flexibilities. If DU is unable to match the subject property address on the loan casefile with an existing eligible Fannie Mae loan, the DU Underwriting Findings report will issue one or more messages, and the loan casefile will be underwritten according to the standard DU eligibility guidelines and documentation requirements. See Converting DU Refi Plus to Refi Plus below. 21 P a g e

22 DU Risk Assessment DU performs its standard credit risk assessment for DU Refi Plus loans, which includes a comprehensive review of the borrower's credit and mortgage payment history. Payment History of the Existing Mortgage The borrower must meet DU's mortgage delinquency policy. See B , DU Credit Report Analysis (07/29/2014). Credit Score and Credit Report Requirements A new merged credit report with the borrower's minimum credit score of 620 is required. Minimum credit score of 620 is required to establish eligibility. The representative credit score will be used for pricing purposes. Higher-Priced Loan Requirements Because DU is unable to determine if a DU Refi Plus loan casefile is either a higher-priced mortgage loan or a higher-priced covered transaction under Regulation Z, the lender must make this determination. If the lender does determine that the loan casefile is either a higher-priced mortgage loan or a higher-priced covered transaction, the loan casefile must have a representative credit score of 620 or more and a debt-to-income ratio of 45% or less in order to be eligible for delivery to Fannie Mae. Lenders are not relieved of complying with Regulation Z by only adhering to the stricter representative credit score and debt-to-income ratio. The mortgage loan must comply in all respects with Regulation Z requirements for higher-priced mortgage loans and higher-priced covered transactions, including the underwriting and consumer protection requirements. Significant Derogatory Credit Events Lenders are not required to comply with the waiting period and reestablishment of credit requirements for significant derogatory credit events for DU Refi Plus loans. DU will issue a message when a significant derogatory credit event is identified that indicates the loan is eligible for delivery regardless of when the event occurred. DU will not require the payoff or satisfaction of a judgment shown on the credit report. In addition, DU will require Form 1003 (or 1003 (S)) VIII, Declarations a through f to be reviewed or DU will not consider them in the underwriting evaluation. 22 P a g e

23 Mortgage Modifications DTI Ratio Verification of Income Verification of Assets A borrower who has applied for or received a loan modification is eligible to refinance under DU Refi Plus. Note the following: The borrower benefit provision (described above) must be met. The terms of the modified loan (trial or permanent) must be used for this comparison. If the borrower was previously in a trial period plan, but denied a permanent modification, the current terms of the loan must be used for this purpose. Borrower must have made 24 monthly payments as agreed according to the terms of the modificiation The borrower must meet DU's mortgage delinquency policy. DU Refi Plus loan casefiles are subject to the maximum allowable total expense ratio (DTI) currently applied to DU Refi Plus loan casefiles. DU Refi Plus loan casefiles that exceed the maximum allowable total expense ratio will receive an Ineligible recommendation. Income must be verified in accordance with the Income Documentation Requirements table below. Lenders are required to verify or assess the borrower s history or receipt of income or the anticipated continuity of the income. The amount of assets (which may include reserves) must be verified to the extent that the DU Underwriting Findings report requires such verification. Assets must be verified in accordance with the Asset Documentation Requirements table below. Lenders are required to investigate large deposits that appear on account statements. Proof of liquidation of assets is required. Furthermore, Fannie Mae's standard policy regarding discounting of certain assets applies if the assets are required to satisfy DU reserve requirements. Multiple Financed Properties for the Same Borrower There are no limits on the number of financed properties the borrower may own. The additional eligibility requirements for borrowers with multiple financed properties in B2-2-03, Multiple Financed Properties for the Same Borrower (06/24/2014), do not apply. Special Feature Code 150 must not be delivered even if the Refi Plus mortgage loan 23 P a g e

24 otherwise meets the requirements of SFC 150. Property Listing Requirements The lender does need to confirm the subject property is not currently listed for sale. Request for Transcript of Tax Return (IRS Form 4506 T) Mortgage Note, Security Instrument Each borrower must complete and sign a separate IRS Form 4506 T at or before closing. See B , Requirements and Uses of IRS Form 4506-T (07/30/2013), for additional information. A new mortgage note, security instrument, and applicable riders and addenda are required. Except as otherwise expressly provided under DU Refi Plus described herein, all other loan documentation requirements contained in this Selling Guide applicable to newly-originated mortgages apply. 24 P a g e

Conventional DU Refi Plus

Conventional DU Refi Plus Endeavor America Loan Services Conventional DU Refi Plus Guidelines Conventional Guidelines... 3 Matrix... 3 Overview... 3 Program Expiration... 3 Loan Purpose... 4 Maximum LTV, CLTV, and HCLTV Ratios

More information

Page 1 of 9 Table of Contents

Page 1 of 9 Table of Contents Page 1 of 9 Table of Contents LTV MATRIX... 2 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 Conforming... 3 High Balance... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 4 ELIGIBLE PROPERTY

More information

Conforming DU Refi Plus (HARP 2)

Conforming DU Refi Plus (HARP 2) Conforming DU Refi Plus (HARP 2) Investor 04 Retail Only SNMC will accept loan submissions for the Home Affordable Refinance Program - HARP 2. These loan submissions will be subject to the current FNMA

More information

HARP DU REFI PLUS Training

HARP DU REFI PLUS Training HARP DU REFI PLUS Training Offered by FIRST MORTGAGE CORPORATION JUNE 14, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This

More information

DU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations

DU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations This matrix is intended as an aid to assist in determining if a property/loan qualifies for the DU Refi Plus program. It is not intended as a replacement for the full DU Refi Plus guidelines. Users are

More information

1030HARP DU REFI PLUS (6/8/12)

1030HARP DU REFI PLUS (6/8/12) 1030HARP DU REFI PLUS (6/8/12) DESCRIPTION REQUIRED BORROWER BENEFIT DU Refi Plus is a limited cash-out refinance program that allows for expanded eligibility criteria, as well as reduced documentation

More information

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS

E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS PRODUCT GUIDELINES 12/8/2014 MORTGAGE ELIGIBILITY Product Description and Product Codes Code Short Description Long Description CF30RP 30 YR REFI PLUS CF30RP

More information

DU Refi Plus Program Guide Fixed Rate

DU Refi Plus Program Guide Fixed Rate DU Refi Plus Program Guide Fixed Rate Wholesale Lending October 19, 2015 Table of Contents DU Refi Plus Program Guide... 1 Fixed Rate... 1 Table of Contents... 1 Program Overview... 3 Highlights... 3 Credit

More information

Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans

Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans Why DU Refi Plus Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans 2 Why DU Refi Plus Provides a competitively-priced, streamline refinance option to qualified borrowers

More information

PennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016

PennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016 PennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016 Overlays to Fannie Mae are underlined Maximum Loan Amounts Units Contiguous States,

More information

Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012

Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012 Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012 The Federal Housing Finance Agency (FHFA) announced changes to the

More information

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY 1. PRODUCT DESCRIPTION Conventional Conforming five year/one year adjustable rate mortgage Servicing retained 30-year term Fully amortizing Non-convertible ARM Plan ID 2725 Manufactured homes not eligible

More information

FNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed

FNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed These guidelines cover the new Temporary Increase in conforming loan limits for high-cost areas authorized by the American Recovery and Reinvestment Act (ARRA). Specifically, the ARRA permits loans originated

More information

Conventional Jumbo seven year/one year adjustable rate mortgage 30 year term Fully amortizing

Conventional Jumbo seven year/one year adjustable rate mortgage 30 year term Fully amortizing 1. PRODUCT DESCRIPTION Conventional Jumbo fixed rate mortgage 15 and 30 year terms Fully amortizing Conventional Jumbo five year/one year adjustable rate mortgage 30 year term Fully amortizing Conventional

More information

Underwriting Guideline Matrix

Underwriting Guideline Matrix : Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 06/10/2014 Copyright 2015 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage

More information

Section 2.04 - DU Refi Plus Loan Program

Section 2.04 - DU Refi Plus Loan Program Section 2.04 - DU Refi Plus Loan Program In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 5 Existing Mortgage Eligibility Requirements...

More information

Product Overview. Minimum Loan Amount $25,000. Maximum Loan Amount 1 Unit $417,000. Occupancy Owner occupied primary residence and second homes.

Product Overview. Minimum Loan Amount $25,000. Maximum Loan Amount 1 Unit $417,000. Occupancy Owner occupied primary residence and second homes. Product Overview The Federal Housing Finance Agency (FHFA) announced changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing

More information

Home Affordable Refinance Program (HARP) Training

Home Affordable Refinance Program (HARP) Training 3/19/2012 Home Affordable Refinance Program (HARP) Training Moderated By: Fowler Williams, CMB President Mike Perkins, VP Underwriting and Credit Policy David Attaway, VP Secondary Marketing Crescent Mortgage

More information

DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012

DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012 DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012 DEFINITION OF DU REFI-PUS: Loan is serviced by an Outside Lender Existing Loan is owned by Fannie Mae All loans must

More information

DU Refi Plus Matrix (Wholesale)

DU Refi Plus Matrix (Wholesale) DU Refi Plus Matrix (Wholesale) SFR/PUD Condo Conforming DURP Fixed Rate 30yr=2103, 20yr=2104, 15yr=2105 for LTV's from 105.01 to 125% 30yr=2106, 20yr=2107, 15yr=2108 for LTV's from 125.01 to 175% High

More information

Announcement 09-13 May 11, 2009. Home Affordable Refinance Updates and Clarifications to Announcement 09-04

Announcement 09-13 May 11, 2009. Home Affordable Refinance Updates and Clarifications to Announcement 09-04 Announcement 09-13 May 11, 2009 Amends these Guides: Selling Home Affordable Refinance Updates and Clarifications to Announcement 09-04 Introduction On March 4, 2009, Fannie Mae announced two new refinance

More information

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2 Desktop Originator/Desktop Underwriter Release Notes DU Version 9.2 October 14, 2014 Last updated December 8, 2014 During the weekend of December 13, 2014, Fannie Mae will implement Desktop Underwriter

More information

Freddie Mac Relief Refinance-Open Access

Freddie Mac Relief Refinance-Open Access Freddie Mac Relief Refinance-Open Access Investor 12 - Retail Only Revisions Date Revisions 5-18-15 Updated Section 4.5-A Overview 4.5-A Overview The Freddie Mac Relief Refinance Mortgage Open Access supports

More information

Fannie Mae DU Refi Plus

Fannie Mae DU Refi Plus This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for Fannie Mae guidelines. Users are expected to know and

More information

RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE

RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE Occupancy Max Loan Amount Maximum LTV Maximum CLTV Min FICO Max Ratios Minimum Cash Investments Mortgage/Rental History Reserves Primary 1 Unit $417,000 80%

More information

Portfolio High Balance Fixed

Portfolio High Balance Fixed Minimum Credit Score: 620 Minimum Loan 1 unit: $417,001 2 unit: $533,851 AUS: DU Approve Eligible Maximum LTV: 90% Amount*: 3 unit: $645,301 4 unit: $801,951 Primary Residence 3 Purpose Units LTV CLTV

More information

HARP 2.0. 360 Mortgage Group, LLC 11305 Four Points Drive, 1-200 Austin, Tx 78726 (866)418-2997

HARP 2.0. 360 Mortgage Group, LLC 11305 Four Points Drive, 1-200 Austin, Tx 78726 (866)418-2997 HARP 2.0 360 Mortgage Group, LLC 11305 Four Points Drive, 1-200 Austin, Tx 78726 (866)418-2997 Effective Dates DU REFI PLUS Harp 2.0 Immediate release Application dates: 12/1/2011 DU Approve/Eligible Date:

More information

ELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2

ELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2 ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix

More information

Standard Eligibility Matrix. DU Refi Plus Matrix. Refi Plus Matrix. Desktop Underwriter Version 9.3 (P. 2 3) (P. 4) (P.

Standard Eligibility Matrix. DU Refi Plus Matrix. Refi Plus Matrix. Desktop Underwriter Version 9.3 (P. 2 3) (P. 4) (P. PROGRAMS: Standard Eligibility Matrix Desktop Underwriter Version 9.3 (P. 2 3) DU Refi Plus Matrix (P. 4) Refi Plus Matrix (P. 5) COMMERCE HOME MORTGAGE WHOLESALE / 2030 MAIN STREET, SUITE 500 / IRVINE,

More information

Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs

Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs May 8, 2015 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more

More information

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount

PURCHASE AND RATE TERM REFINANCE 1. Occupancy Units FICO LTV/CLTV Loan Amount EXPRESS JUMBO FIXED RATE AND ARM PROGRAM MATRIX: PURCHASE AND RATE TERM REFINANCE 1 Occupancy Units FICO LTV/CLTV Loan Amount 80/80 $1,500,000 Primary Residence 1 720 75/75 $1,750,000 70/70 $2,000,000

More information

Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs

Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs May 15, 2012 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more

More information

E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES

E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES E MORTGAGE MANAGEMENT, LLC 504 FHA STREAMLINES PRODUCT GUIDELINES 2/10/2015 504 FHA Streamlines Mortgage Eligibility Product Code Short Description Long Description Description FF15SL FHA 15 YR SL FF15SL

More information

Home Affordable Refinance FAQs March 31, 2011

Home Affordable Refinance FAQs March 31, 2011 Home Affordable Refinance FAQs March 31, 2011 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more than the home s current

More information

ditech BUSINESS LENDING DU REFI PLUS TEXAS HOME EQUITY PRODUCT

ditech BUSINESS LENDING DU REFI PLUS TEXAS HOME EQUITY PRODUCT 1. PRODUCT DESCRIPTION ditech BUSINESS LENDING DU REFI PLUS TEXAS HOME EQUITY PRODUCT Conventional Conforming fixed rate mortgage DU Version 9.3 Servicing retained 10, 15, 20, 25 and 30 year terms Fully

More information

Section 2.08 - Jumbo Solution Second Mortgage

Section 2.08 - Jumbo Solution Second Mortgage - In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 3 Loan Terms... 4 Assumptions... 4 Eligible First and Second Mortgage Products...

More information

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY 1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are

More information

Maximum loan amounts, LTV, CLTV & HCLTV per Desktop Underwriter (DU) or Loan Prospector (LP) guidelines

Maximum loan amounts, LTV, CLTV & HCLTV per Desktop Underwriter (DU) or Loan Prospector (LP) guidelines Section 500 Loan Products 500.01 Product Overview In general, Loans eligible for purchase by LAKE MICHIGAN FINCIAL must meet the standards and guidelines of Fannie Mae and Freddie Mac (Agencies), dependent

More information

FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY

FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY To determine if the mortgage is currently owned or securitized by Freddie Mac, the following website may be used: https://ww3.freddiemac.com/corporate/

More information

Home Affordable Refinance FAQs December 20, 2011

Home Affordable Refinance FAQs December 20, 2011 Home Affordable Refinance FAQs December 20, 2011 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more than the home s current

More information

GMAC BANK JUMBO FIXED RATE PRODUCT

GMAC BANK JUMBO FIXED RATE PRODUCT GMAC BANK PRODUCT 1. PRODUCT DESCRIPTION Conventional Jumbo Fixed Rate 10 to 30 years in five-year increments Fully amortizing 2. PRODUCT CODES 002 15 Yr Jumbo Fixed 004 30 Yr Jumbo Fixed 3. INDEX N/A

More information

Freddie Mac Relief Refinance Open Access Program Guide Fixed Rate

Freddie Mac Relief Refinance Open Access Program Guide Fixed Rate Freddie Mac Relief Refinance Open Access Program Guide Fixed Rate Wholesale Lending October 19, 2015 Table of Contents Freddie Mac Relief Refinance Open Access Program Guide... 1 Fixed Rate... 1 Table

More information

CHAPTER 9 PRODUCT MATRIX

CHAPTER 9 PRODUCT MATRIX Contents CHAPTER 9 PRODUCT MATRIX Conventional Conforming Loans 2 Secondary Market Arms... 4 HARP (Fannie DU Refi Plus & Freddie Open Access)... 5 Rural Housing 5 VA Programs. 5 Jumbo Programs 5 My Community

More information

PRODUCT MATRIX 11/1/2011

PRODUCT MATRIX 11/1/2011 PRODUCT MATRIX 11/1/2011 For Information on any of our products, please contact: For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at

More information

VA Refinance Cash Out

VA Refinance Cash Out VA Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected

More information

VA FIXED RATE PROGRAM HIGHLIGHTS

VA FIXED RATE PROGRAM HIGHLIGHTS Program Summary Loan Term & Program Category Entitlement These guidelines represent underwriting requirements for VA fixed rate mortgages. Also review the VA Lender s Handbook for any guidelines not specifically

More information

VA Product Profile 05.01.2014

VA Product Profile 05.01.2014 Maximum LTV / CLTV and FICO Requirements Purchase VA IRRRL / Rate & Term Cash-out Refinance Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 100% 640

More information

E MORTGAGE MANAGEMENT, LLC 704 VA

E MORTGAGE MANAGEMENT, LLC 704 VA E MORTGAGE MANAGEMENT, LLC 704 VA IRRRLs PRODUCT GUIDELINES 1/26/2015 Mortgage Eligibility Product Code Short Long Description Description Description VF15IRL VA 15 YR IRRRL VF15IRL - VA 15 YR IRRRL VF30IRL

More information

PRODUCT MATRIX 7/25/2012

PRODUCT MATRIX 7/25/2012 PRODUCT MATRIX 7/25/2012 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing, registration and closing

More information

CONVENTIONAL - DU FANNIE MAE

CONVENTIONAL - DU FANNIE MAE PRODUCT DESCRIPTION * Fully-Amortized Fixed Rate and ARMs * DU Approve/Eligible required. No manual underwriting (Updated 03/16/2015) * Minimum Credit Score is 620 * Electronic Fraud Detection required

More information

Oaktree Funding Corporation

Oaktree Funding Corporation Freddie Mac s Relief Refinance Open Access Agenda What is Relief Refinance Mortgages Open Access? AUS and Qualifications FAQ s Questions 2 What is Relief Refinance Mortgages Open Access? The Freddie Mac

More information

201 - DU Refi Plus Product Summary 12/22/2015

201 - DU Refi Plus Product Summary 12/22/2015 201 - DU Refi Plus Product Summary 12/22/2015 Equal Housing Lender 2015 Ocwen Loan Servicing, LLC - 1661 Worthington Road, Suite 100 - West Palm Beach, FL 33409. (800-766- 4622). NMLS#1852, applicable

More information

ELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2

ELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2 ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix

More information

Conforming Fixed RateTexas Section 50(a)(6) (Texas Cash-out)

Conforming Fixed RateTexas Section 50(a)(6) (Texas Cash-out) Minimum Credit Score: 620 Doc Type: Full Doc Maximum LTV: Maximum CLTV: 80% Maximum Loan Amount: $417,000 AUS: DU Approve/ 80% Maximum DT: 45% Standard Fixed Rate Purpose Units LTV CLTV Cash-out 1 80%

More information

Choice Jumbo Mortgage

Choice Jumbo Mortgage Finance Type Purchase/Rate and Term Refinance Property Type Primary Residence Second Home Investment Max Loan Max LTV Min FICO Max LTV Min FICO Max LTV Min FICO $1,000,000 80% 70% 80% N/A N/A SFR/PUD/

More information

Selling Guide Announcement SEL-2011-12

Selling Guide Announcement SEL-2011-12 Selling Guide Announcement SEL-2011-12 Updates to Refi Plus and DU Refi Plus November 15, 2011 The Federal Housing Finance Agency (FHFA) recently announced changes to the Home Affordable Refinance Program

More information

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.1

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.1 Desktop Originator/Desktop Underwriter Release Notes DU Version 9.1 August 20, 2013 During the weekend of November 16, 2013, Fannie Mae will implement Desktop Underwriter (DU ) Version 9.1, which will

More information

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE FIXED RATE TEXAS HOME EQUITY PRODUCT

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE FIXED RATE TEXAS HOME EQUITY PRODUCT 1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage Servicing retained 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are permitted Qualified

More information

FHA STREAMLINE REFINANCE PRODUCT PROFILE

FHA STREAMLINE REFINANCE PRODUCT PROFILE Terms 30 Year Terms 15 Year Terms Maximum LTV/CLTV LTV/CLTV Score LTV/CLTV Score Non-Credit Qualifying N/A N/A Credit Qualifying 97.75% 97.75% Applies to Case Numbers assigned on or after January 26, 2015

More information

Multiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents

Multiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property

More information

VA Product Guidelines

VA Product Guidelines July 16, 2015 VA Product Guidelines Purchase Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 100 100 620 Rate/Term Refinance Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 90 90 620

More information

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended.

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended. This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

Max LTV/CLTV. Units. Max Debt Ratio Purchase or Refinance. 700 1 70% $1,500,000 40% Rate/Term Refinance Cash-Out N/A

Max LTV/CLTV. Units. Max Debt Ratio Purchase or Refinance. 700 1 70% $1,500,000 40% Rate/Term Refinance Cash-Out N/A Jumbo Series 3 Summary Product Types Minimum Loan Amount 5/1 and 7/1 ARMs $417,001 or Fannie/Freddie loan limits 5/1 ARM qualifies at the greater of the fully indexed rate or Note rate +2%. 7/1 ARM qualifies

More information

Announcement 08-22 September 5, 2008. Miscellaneous Eligibility, Policy, and Pricing Updates

Announcement 08-22 September 5, 2008. Miscellaneous Eligibility, Policy, and Pricing Updates Announcement 08-22 September 5, 2008 Amends these Guides: Selling Miscellaneous Eligibility, Policy, and Pricing Updates Introduction This Announcement contains updates and clarifications to Fannie Mae

More information

Guidelines Correspondent. Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits:

Guidelines Correspondent. Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: Occupancy Investment & Non-Owner Type 1 Unit Max LTV w/o Sec Fin. PURCHASE MORTGAGES

More information

VA Refinance IRRRL. VA Refinance IRRRL

VA Refinance IRRRL. VA Refinance IRRRL This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply

More information

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score PROGRAM NAME: REVISION DATE: 08/26/2015 5/1, 7/1, 10/1 Libor ARMs Jumbo OPTION I 15-Year Fixed Jumbo PRODUCT DESCRIPTION: MAXIMUM LOAN AMOUNTS: Note All loan amounts must be even dollar amount (i.e., $100,000.01

More information

E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES

E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES 2/24/2015 Mortgage Eligibility Product Code Short Description Long Description Description VF31 VA 3 YR ARM VF31 - VA 3-1 ARM VF51 VA 5 YR ARM

More information

NOTE: This matrix includes overlays, which may be more restrictive than VA requirements. A thorough reading of this matrix is recommended.

NOTE: This matrix includes overlays, which may be more restrictive than VA requirements. A thorough reading of this matrix is recommended. VA Refinance IRRRL This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected

More information

PORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents

PORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised

More information

Magnolia Bank VA Refinance Options

Magnolia Bank VA Refinance Options Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA

More information

HARP 2.0. Home Affordable Refinance Program - 2012

HARP 2.0. Home Affordable Refinance Program - 2012 HARP 2.0 Home Affordable Refinance Program - 2012 Home Affordable Refinance Program (HARP) On October 24, 2011,the Federal Housing Finance Agency (FHFA), with Fannie Mae and Freddie Mac, announced a series

More information

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3 Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3 September 29, 2015 During the weekend of December 12, 2015, Fannie Mae will implement Desktop Underwriter (DU ) Version 9.3, which will

More information

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15 1. PRODUCT FHA Fixed Rate and ARM Mortgages for Rate and Term Refinance, Cash-Out Refinance and Simple Refinance Transactions DESCRIPTION Fixed Rate 5 to 30 year term in annual increments Fully amortizing

More information

NATIONAL UNDERWRITING SUMMARY

NATIONAL UNDERWRITING SUMMARY NATIONAL UNDERWRITING This summary highlights our most common loan programs. It does not replace our Underwriting Guide, which contains definitions and full details (www.mgic.com/uwguide). We do not approve

More information

VA Product Guidelines

VA Product Guidelines August 10, 2015 VA Product Guidelines Purchase Occupancy Units LTV CLTV Primary 1-4 100 100 620 Rate/Term Refinance Occupancy Units LTV CLTV Primary 1-4 100 100 620 IRRRL Occupancy Units LTV CLTV Primary

More information

SONYMA FHA Plus Correspondent Term Sheet

SONYMA FHA Plus Correspondent Term Sheet Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee

More information

Announcement 09-19 June 08, 2009. Miscellaneous Underwriting, Eligibility, and Property-Related Updates

Announcement 09-19 June 08, 2009. Miscellaneous Underwriting, Eligibility, and Property-Related Updates Announcement 09-19 June 08, 2009 Amends these Guides: Selling Miscellaneous Underwriting, Eligibility, and Property-Related Updates Introduction Fannie Mae conducted a comprehensive review of current underwriting

More information

E MORTGAGE MANAGEMENT, LLC 701 VA FIXED PRODUCT GUIDELINES

E MORTGAGE MANAGEMENT, LLC 701 VA FIXED PRODUCT GUIDELINES E MORTGAGE MANAGEMENT, LLC 70 VA FIXED PRODUCT GUIDELINES 2/24/205 Mortgage Eligibility Product Code Short Description Long Description Description VF5 VA 5 YR VF5 - VA FIXED 5 YEAR VF20 VA 20 YR VF20

More information

Announcement 08-05 March 6, 2008. Temporary Increase to Our Conventional Loan Limits

Announcement 08-05 March 6, 2008. Temporary Increase to Our Conventional Loan Limits Announcement 08-05 March 6, 2008 Amends these Guides: Selling Temporary Increase to Our Conventional Loan Limits Introduction The Economic Stimulus Act of 2008, signed into law on February 13, 2008, establishes

More information

VA Quick Reference Guides

VA Quick Reference Guides Finance Type Occupancy Product Codes Purchase, Cash-Out and Rate & Term Refinance, Interest Rate Reduction Refinance Loan (IRRRL) Owner Occupied only, Second Homes not allowed, Investment properties not

More information

FHA Standard Refinance Cash Out

FHA Standard Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

Non-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines.

Non-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines. PRODUCT CHEAT SHEET-CA FHA $729,750 max loan amount in Orange County. If doing a loan in another county you can check max loan amount on the following link: https://entp.hud.gov/idapp/html/hicostlook.cfm

More information

Affiliated Mortgage Company

Affiliated Mortgage Company Affiliated Mortgage Company Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, UG and Essent Minimum 720 credit score for LTV/CLTV/HCLTV

More information

FANNIE MAE FIXED 5/1 LIBOR ARM REVISED 5/25/2012

FANNIE MAE FIXED 5/1 LIBOR ARM REVISED 5/25/2012 FANNIE MAE FIXED 5/1 LIBOR ARM REVISED 5/25/2012 Transaction Type (1) Primary Residences Purchase Money Mortgage and Limited Cash-Out Refinance Cash-Out Refinance Number of Units Eligible Property Types

More information

Conforming Fannie Mae Matrix (Wholesale) Lender Paid Mortgage Insurance

Conforming Fannie Mae Matrix (Wholesale) Lender Paid Mortgage Insurance SFR / PUD/Condos 2 2 units 3-4 Units 2 80/80% (Fixed) SFR / PUD / Condos 75/75% (ARM) 2-4 Units Purchase & Rate/Term Refinances Owner Occupied Second Home Max LTV/CLTV Min FICO Max LTV/CLTV Min FICO Max

More information

FHA Streamline (Full Credit and Non-Credit Qualifying)

FHA Streamline (Full Credit and Non-Credit Qualifying) . This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement Training: Origination Through Post-Closing/ Endorsement 1 Module 8A Programs and Products: Refinance Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination

More information

Desktop Originator /Desktop Underwriter Version 5.5

Desktop Originator /Desktop Underwriter Version 5.5 Desktop Originator /Desktop Underwriter Version 5.5 Release Notes May 20, 2005 Updated June 8, 2005 In July 2005, we will implement DU Version 5.5. This new version will contain a number of enhancements

More information

ditech BUSINESS LENDING VA PURCHASE PRODUCTS DELEGATED CLIENTS ONLY

ditech BUSINESS LENDING VA PURCHASE PRODUCTS DELEGATED CLIENTS ONLY 1. PRODUCT DESCRIPTION VA Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Servicing retained All transactions are considered Qualified Mortgage (QM) Safe Harbor loans ditech BUSINESS

More information

Multiple (5-10) Financed Properties Retail and Wholesale

Multiple (5-10) Financed Properties Retail and Wholesale Multiple (5-10) Financed Properties Retail and Wholesale Revisions Date Revisions 2/3/15 Updated Sections: Overview, Subject Property is Second Home or Investment Property, Delayed Financing Exception,

More information

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined.

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined. Assets Section 2.04 DU Refi Plus Loan Program DU Refi Plus STM to STM Transactions Asset Documentation Requirements Assets must be documented in accordance with DU Refi Plus eligible DU Findings report.

More information

FREDDIE MAC RELIEF REFINANCE PROGRAM SUMMARY

FREDDIE MAC RELIEF REFINANCE PROGRAM SUMMARY Freddie Mac Relief Refinance rev. 17 Revised 10/28/2013 Program Summary Sections (Click the hyperlink to go straight to the section) 1 Program Summary 13 Borrower Eligibility 25 Gifts/Down Payment 2 Program

More information

Contents. VA Credit Overlays

Contents. VA Credit Overlays Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL...

More information

AMX / Land Home Financial Services Wholesale Lending Division

AMX / Land Home Financial Services Wholesale Lending Division SECTION: 1 PAGE: 1 of 13 VA MORTGAGE LIMITS FOR ALL AREAS: http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp Regardless of loan amount, the VA guaranty plus cash/equity must be equal to at

More information

CalSTRS Home Loan Program Special Programs

CalSTRS Home Loan Program Special Programs Great Rates. Great Programs. Great Service. CalSTRS Home Loan Program Special Programs Built On Knowledge, Commitment, and Trust Since 1988 REV: 9-07-11 About CalSTRS! CalSTRS History Loan Officer Certification

More information

Texas Home Equity Program Guide Fixed Rate

Texas Home Equity Program Guide Fixed Rate Fixed Rate Wholesale Lending July 20, 2015 Table of Contents Texas Home Equity Program Guide... 1 Fixed Rate... 1 Program Overview... 2 Employee Loan Policy... 2 Credit Philosophy... 2 Ability to Repay

More information

Announcement 08-11 May 16, 2008. Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products

Announcement 08-11 May 16, 2008. Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products Announcement 08-11 May 16, 2008 Amends these Guides: Selling Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products Introduction Announcement 08-05, Temporary Increase to Our Conventional Loan

More information

Product Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years. Property Type Lowest Maximum (Floor)

Product Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years. Property Type Lowest Maximum (Floor) FHA Guidelines Product Description FHA Fixed Rate 15 and 30 Year Terms Fully Amortizing Product Codes Maximum s Product Product Code Loan Term 30-Year FRM FHA FHA30 30-years 15-Year FRM FHA FHA15 15-Years

More information

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES 5. CACULATING THE MORTGAGE AMOUNT WITH A NEW APPRAISAL If the junior lien is a home equity line of credit, the maximum CLTV is based on the full credit

More information