FHLMC. Product. Guide

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1 FHLMC Product Guide Revised April 11, 2013 Page 1

2 Table of Contents 1. ELIGIBILITY Product Information Program Codes..4 Terms Available.4 ARM Products.4 Documentation Types..4 Loan Prospector 4 Maximum LTV, Loan Amounts, and Credit Score.5 Mortgage Insurance..7 Subordinate Financing.7 Temporary Buydown.7 Property Eligibility Property Types.7 Condominium Requirements..8 FHLMC Condo Streamline Review 9 Planned Unit Development..9 Geographic Restrictions..9 Auctioned Properties 10 Resale Deed Restrictions 10 Borrower Eligibility Borrower Eligibility 10 Non Occupying Co Borrowers 10 Occupancy 11 Borrower Vesting.11 Transaction Requirements Construction to Permanent Financing..11 Continuity of Obligation.11 Conversion of Primary Residence 12 Escrow Holdbacks 13 Financing Concessions/Interested Party Contributions.13 Land Contract/Contract for Deed..13 Maximum Number of Financed Properties..14 Non Arms Length / Identity of Interest 14 Property Ownership Flipping Requirement.15 Recently Listed Properties.15 Refinance Cash Out 16 Refinance Rate/Term 16 Refinance Special Refinance 16 Refinance Open Access..16 Sales Contract Changes 16 Short Refinance or Restructured Mortgage Loan.17 Revised April 11, 2013 Page 2

3 2. DOCUMENTATION Underwriting Decision 17 Manual Underwrites 17 Age of Documentation T Transcripts CREDIT Credit/Credit Scores.17 Foreclosure.17 Short Sales..17 Chapter 13 Bankruptcy..18 Chapter 7 Bankruptcy.18 Disputed Tradelines.18 Pay off vs Pay Down.18 Long Term Debt EMPLOYMENT / INCOME Verbal Verification of Employment 19 Salaried Borrower..19 Commission, Bonus, Overtime, 2 nd Jobs.19 Auto Allowance 19 Seasonal employment and unemployment compensation..19 Seasonal Employment / Unemployment Compensation 19 Significant increases or decreases in income level.19 Foreign Income.20 Note Receivable, Installment Sales & Land Contracts..20 Employment Gaps..20 Employed by Relative or Transaction Participant.20 Re Entering the Workforce..20 Self Employed Borrowers..20 Other Income (Non employment/non self employment).22 Rental Income ASSETS Borrower Investment..24 Asset Documentation..24 Business Assets 25 Gifts.25 Gifts of Equity..25 Reserves 25 Earnest Money Deposits..25 Large Deposits RATIOS Qualifying Ratios..25 Blended Ratios APPRAISERS AND APPRAISAL General Property Eligibility..26 Appraisers.27 Appraisal Reports...27 Revised April 11, 2013 Page 3

4 Required Exhibits & Addendums 29 Final Inspection and Completion Report..30 Non Permitted Additions.31 Super Conforming Appraisal Requirements 31 Eligibility Program Codes; T300 Conforming 30 year T301 Conforming 15 year T304 Conforming 20 year T300J Super conforming 30 year T301J Super Conforming 15 year Terms Available: 15 year Fixed 20 year Fixed (Not available for Super Conforming Loan Amounts 30 year Fixed Arm Products: Not available at this time. Documentation Types: Streamlined Accept Standard Accept Link to Documentation Matrix: Loan Prospector: All loans must receive an Accept/Eligible on the Feedback Certificate Loan Prospector A minus feedback is not acceptable Minimum Assessment Feedback MAF Maximum number of borrowers per LP transaction is 5 Revised April 11, 2013 Page 4

5 Loan must be submitted as LP in order to be underwritten as LP no switching between FNMA DU & FHLMC LP within same loan submission. A brand new loan submission required to include loan number & disclosure for loan to be underwritten as LP if previous DU. Loan Amount: Conforming Loan Amounts 0 to $417,000 Super Conforming Loan Amounts > $417,000 Click on to obtain the maximum loan amount for the geographic area. Make sure to choose Fannie/Freddie in the drop down. Loan Amounts > $650,000 require second signature from the Branch Operations Manager Maximum LTV: Revised April 11, 2013 Page 5

6 Revised April 11, 2013 Page 6

7 Revised April 11, 2013 Page 7

8 Mortgage Insurance: For Conforming: Mortgage insurance premiums may be paid as follows: Monthly, with a constant renewal Borrower paid single premium Lender Paid Single Premium Spilt premiums (HPMI) is not allowed Reduced premiums are not allowed Financed premiums are not allowed For Super Conforming Loan Amounts: Mortgage Insurance premiums may be paid as follows: Monthly, with a constant renewal Borrower single paid premium Lender Paid Single Premium Split premiums (HPMI) are not allowed Reduced Premiums are not allowed Financed premiums are not allowed Subordinate Financing: The LTV, TLTV, HLTLTV may not exceed the guideline limits for the product & occupancy as shown in the Matrices. If there is/will be an outstanding balance at the time of closing, the payment on the subordinate financing must be included in the DTI ratio Negative amortization is not allowed. Monthly scheduled payment must be sufficient to cover at least the interest due. Subordinate financing from Borrower s employer may not require repayment upon employee termination. Subordinate financing from property seller (seller carry back): Borrower made 5% down payment/cash investment from own funds Maximum TLTV/HTLTV is 95% or published limit Disclosed to appraiser for comment Should be at market rate, if <2% of FNMA posted yield for 2 nd mortgages, it is considered a sales concession and a dollar for dollar reductions is made to the sales price. Maturity date or amortization basis of Closed End 2 nd must be >5 years unless loan is fully amortizing. Closed End 2 nd cannot have a balloon or call option within 1 st five years HELOC s may provide for a balloon or call option within the 1 st five years No community seconds or affordable lending seconds Temporary Buydown: Not Available Revised April 11, 2013 Page 8

9 Property Eligibility Property Types: Eligible Property Types: Single Family Detached Unit Single Family Attached Unit 2 4 Unit Attached/Detached PUD s Low rise & High rise Condominiums (must be FHMLC eligible projects) Rural Properties (that meet FHLMC requirement AND residential in nature) Ineligible Property Types include: Manufactured Homes Mobile Homes Cooperatives Condominium Conversions that were converted within the last 3 years Condotels Hotel Condominiums Timeshares Geodesic Domes Working Farms and Ranches Unimproved Land Property currently in Litigation Land Trust Condition Rating of C5/C6or Quality Rating of C6 Home Possible Financing Condominium Requirements: FHLMC Streamline Condo Review is not allowed on Super Conforming (Ln Amt >$417,000) Acceptable Project Reviews include: FNMA PERS Final Project Review (both new and existing projects) FNMA CPM for existing projects FHLMC Streamline Condo Review (see below for parameters) FNMA Special Approval Designation for Established Florida Condo Freddie Mac Exempt Florida Condo Projects ARE NOT ACCEPTABLE Florida Attached Condos Owner Occupied up to 75% Second Homes up to 70% Non Owner Not Eligible FNMA Special Approval Designation for Established Florida Condo Revised April 11, 2013 Page 9

10 FHLMC Condo Streamline Review: The project must not be an ineligible project per Section 42.3 of FHLMC Seller/Servicer Guide The project has insurance that meets the requirements per Chapter 58 The Condominium Unit must be covered by a title insurance policy Project Ownership Unit owners must have an undivided fee simple ownership interest on the land on which the project is located. Ownership and use of Common Elements, unit owners must be sole owners of, and have the right to use the all the Common Elements. The Condominium Unit must be located in an Established Project, which is a project in which: The Condo Project (all condo units & common elements including common elements owned by any Master Association) is complete and not subject to any additional phasing At least 90% of the total units in the project have been conveyed to the unit purchasers The unit owners control the Homeowners Association There are no Manufactured Homes in the Condo Project The Mortgage must not exceed the LTV/TLTV/HTLTV ratios for occupancy type & underwriting path as indicated in the following chart: Streamlined review for attached Condominium Units in Established Condo Project not located in Florida Maximum LTV/TLTV/HTLTV Occupancy Type LP Accept Mortgages All Other Mortgages Primary Residence 90% Not Eligible Second Homes 75% Not Eligible Investment Property Not Eligible Not Eligible ** Super Conforming Condominium Unit Mortgage are not eligible for streamlined condominium review. Planned Unit Development: A PUD is a project subdivision that consists of common property and improvements that are owned and maintained by an HOA for the benefit and use of the individual PUD units. FHLMC has reciprocal project reviews for Planned Unit Developments, therefore the acceptable project approval will come from FNMA. Project Type E Established project where the developer has turned over voting control of the HOA to the unit purchasers. Project Type F New project where the developer has not turned over voting control of the HOA to the unit purchasers. Detached PUD projects do not require any review of a PUD project. Geographic Restrictions: Geographic restrictions may apply, Please see for full detail and SPM Geo Restrictions. Florida Condos: 1. Owner Occupied up to 75% LTV/CLTV 2. Second Homes up to 70% LTV/CLTV 3. Non Owner Occupied not eligible 4. Project must be FNMA PERS approved, CPM or FHLMC Limited Review Illinois Land Trust Vestings are not eligible Hawaii properties located in Lava Zones 1 or 2 are not eligible Revised April 11, 2013 Page 10

11 Massachusetts property located in the state of Massachusetts are not eligible Ohio No reduced documentation under any program. Texas Equity Section 50 (a)(6) refinance mortgage are eligible, and must meet the following: 15, 20, or 30 year terms First Lien Fixed interest rate, fully amortizing with level payment Texas Equity Section 50(a)(6) may not be an ARM Mortgage must be either a Cash Out refinance (sections 24.6) or a No Cash Out refinance (section 24.5) May not be a Special Purpose Cash Out 1 Unit Primary Residence The Borrower s homestead A residential Property, not a farm, ranch, or used for agriculture purposes Full Appraisal Report The seller and owner of the homestead must execute a written acknowledgment of the Fair Market Value of the homestead property as of the date of the extension of credit is made. The appraisal must be attached to the acknowledgment. The maximum LTV and TLTV ratios for Texas Equity Section 50(a)(6) Mortgages must not exceed 80% and must be lower if necessary to comply with the provisions of FHLMC Sections 23.4 and 24.5 for no cash out and cash out refinances as applicable. REFER TO SECTION 24.8 OF THE FHLMC SELLER/SERVICER GUIDE VOLUME I FOR FULL DETAILS Auctioned Properties: Properties sold at auction by the builder, developer, or construction lender are not eligible. Previously approved condo and PUD project are no longer acceptable if they have been sold at auction. Resale Deed Restrictions: Not Allowed Borrower Eligibility Borrower Eligibility: U.S. Citizens Permanent resident aliens, with proof of lawful permanent residence Nonpermanent resident alien immigrants, with proof of lawful permanent residence Properties vested in Revocable Trusts are permitted for owner occupancy and second homes only. Investment properties are ineligible to be vested in trusts. Borrower who receive Government/Public Assistance Income (commonly known as Section 8) ARE NOT ELIGIBLE BORROWERS. Non Occupying Co Borrowers: Not allowed at this time Revised April 11, 2013 Page 11

12 Occupancy: Primary Residence 1 4 Units Second Home 1 Unit only Investment Properties 1 4 Units Borrowers Vesting: Fractional or percentage vesting is not allowed (i.e. Tenants in Common with defined percentage of ownership) Mortgage must be vested in Natural Person or eligible Revocable Family Trust Vesting in legal entities (i.e. Corporation, S corporation, non revocable inter vivos, Life Estate, Land Trust, Partnership) are not eligible mortgages. Transaction Requirements Construction to Permanent Financing: This conversion much be treated as a refinance transaction. To be considered a construction to permanent financing transaction, one of the following must be met. 1. The borrower is the primary obligor on the construction financing which was obtained through a legitimate financial institution: or 2. The borrower is the owner of the lot on which the residence is constructed. If a single disbursement to a builder/contractor/ or other party for the purchase of a completed property, then the transaction is a purchase, and purchase transaction guidelines are to be followed. Borrower in Construction Industry If the borrower is acting as his own builder (general contractor or sub contractor) and his primary occupation is in the construction industry, the following must be met: Acquisition Cost Documented Acquisition cost must be fully documented, regardless of LTV/TLTV/CLTV To document acquisition cost, the borrower must provide copies of receipts, bills, lien waivers, lot purchase agreement, etc, in addition to an itemized cost breakdown. The LTV/TLTV/CLTV will be based on the lesser of the documented acquisition cost or appraised value. The subject property must be an owner occupied primary residence. The borrower cannot receive cash back at closing that is not a direct verifiable reimbursement of expenses Continuity of Obligation: When an existing Mortgage will be satisfied as a result of a refinance transaction, one of the following requirements must be met: a. At least 1 Borrower on the refinance Mortgage was a Borrower on the Mortgage being refinance, or Revised April 11, 2013 Page 12

13 b. At least 1 Borrower on the refinance Mortgage held title to and resided in the Mortgage Premises as a Primary Residence for the most recent 12 month period and the mortgage file contains documentation evidencing that the Borrower, either a. has been making timely Mortgage payments, including the payments for any secondary financing, for the most recent 12 month period, or b. is a related person to the Borrower on the Mortgage being refinanced. c. At least 1 Borrower on the refinance Mortgage inherited or was legally awarded the Mortgaged Premises by a court in the case of divorce, separation or dissolution of a domestic partnership. Conversion of Primary Residence: Existing Property Converting to Investment Property If the current primary residence will become an investment property & > 30 % equity in the current primary residence can be documented: 75 percent of the rental income may be used to offset the mortgage payment in qualifying for the departure residence when the following requirements are met: a. Rental income is documented with a fully executed lease agreement when the borrower s tax returns reflect a two year history of managing investment properties, as evidenced by the most current two years filed and signed Federal IRS 1040 tax returns; and b. Proof the security deposit was received from the tenant and deposited into the borrower s account and Reserve Requirements are the greater of: 2 months PITI for both properties, or Standard reserve requirements, or Reserve requirements as indicated by AUS If not using rental income to offset the mortgage payment in qualifying: Reserve Requirements are the greater of: a. 2 months PITI for both properties, or b. Standard reserve requirements, or c. Reserve requirements as indicated by AUS If the current primary residence will become an investment property and at least 30 percent equity in the current primary residence cannot be documented, or the borrower does not have a two year history of managing investment properties as evidenced by the most current two years filed and signed Federal IRS 1040 tax returns: Rental income may not be used to offset the mortgage payment and Both the current & the new mortgage PITI payments must be used to qualify the borrower, & Reserve Requirements are the greater of: a. Six months PITI for both properties, or b. Standard reserve requirements, or c. Reserve requirements as indicated by AUS Departure Residence Appraisal Hierarchy The following product order should be adhered to when documenting the 30% equity position in the departure property. Users may select either product from the list below to calculate the LTV/CLTV; however, a lower level product or moving backwards in the list is not allowed. Full Appraisal Generic VECTOR AVM ordered through Rels Valuation Please note: The following property types are ineligible for Generic VECTOR AVM: Revised April 11, 2013 Page 13

14 Condominium Cooperative 2 4 unit property Manufactured home The Full Appraisal or Generic VECTOR AVM documenting the current residence s equity must be dated within 60 days of the Note Date of the current transaction Reserves Gift funds cannot be used for reserves. Escrow Holdbacks: Not Allowed Financing Concessions/Interest Party Contribution Financing concessions for primary residences and second homes must be within the following allowable percentages: 9% of value with LTV/TLTV ratios < 75% 6% of value with LTV/TLTV ratios > 75% to < 90% 3% of value with LTV/TLTV ratios >90% Maximum financing concession for investment properties is 2% of value regardless of the LTV/TLTV ratio. HOA subsidies or the payment of HOA fees may not be made by the builder, property seller, or any other interested third party even if within the allowable interested party contribution limits or if treated as a sales concession and deducted from the sales price. Interested parties may still contribute any fees charged to the borrower at closing to set up or administer an HOA account, provided the combined contributions from interested parties do not exceed allowable limits. Land contract; Contract for deed: When the proceeds of a Mortgage are used to pay the outstanding balance under a land contract or contract for deed, the Mortgage may be considered either a purchase or a "no cash out" refinance Mortgage if the requirements in this section are met. A copy of the executed land contract or contract for deed must be included in the Mortgage file. Purchase For the transaction to be considered a purchase transaction: The land contract or contract for deed must have been executed less than 12 months prior to the Application Received Date All of the loan proceeds must be used to pay the outstanding balance under the land contract or contract for deed and no loan proceeds may be disbursed to the Borrower The loan to value (LTV) ratio must be calculated using the lesser of the following: T he current appraised value of the Mortgaged Premises, or T he total acquisition cost (the purchase price indicated in the original land contract or contract for deed, plus any cost the Borrower has expended for rehabilitation, renovation, and refurbishment or Revised April 11, 2013 Page 14

15 energy conservation improvements). The Mortgage file must contain sufficient documentation on which to calculate the total acquisition cost. "No cash out" refinance For the transaction to be considered a "no cash out" refinance transaction: The land contract or contract for deed must have been executed at least 12 months prior to the Application Received Date. The LTV ratio must be calculated using the current appraised value. The Mortgage file must include third party documentation evidencing payments in accordance with the land contract or contract for deed for the most recent 12 month period The Mortgage must meet the requirements for "no cash out" refinance. Maximum Number of Financed Properties: Borrower can have up to 4 financed properties, regardless of occupancy, after closing. Commercial Property which include multifamily (>5 units) are excluded only residential properties. Non Arms Length NAL / Identity of Interest: Non Arms Length is a transaction wherein there is a direct relationship exists between any of the parties to the transaction (including borrower, Realtor, Employer, Lender, Broker, Appraiser, Seller, Builder). All Non Arms Length transactions MUST BE for Primary Residences only. (Owner Occupied) Family Transactions require extra due diligence to include: Verify transaction is not a Bail Out, evidence the seller s mortgage has been current past 12 months. Fully Executed Purchase contract required Written explanation of the relationship If Sales Price is less than current market value, a written explanation is required from seller to explain why. Full Documentation of borrower s income to include 2 years complete tax returns, Written VOE, current paystub, and verified assets. Chain of Title for purchases cannot reflect the borrower is or has been on title for the subject property in the last 24 months. Full Appraisal and one Field Review from approved national firm Appraiser to verify (1) purchase price,(2) last sale date, (3)comment on the transaction structure and any impact on property value No Subordinate Financing allowed Real Estate Commission plus any non lien disbursements < 8% total (Non Lien fee includes marketing fees, finder fees, referral fees, consulting fee) At Interest Transactions (AIT) is a transaction where persons or parties not related to the Borrower or Seller serving in multiple roles for the same Purchase transaction. Although these parties are not closely tied or related to the Borrower of Seller, they have a greater vested interest in the transaction and therefore pose an increased risk requiring due diligence. AIT policy does not apply to refinance transactions. Revised April 11, 2013 Page 15

16 Full Documentation of borrower s income to include 2 years complete tax returns, Written VOE, current paystub, and verified assets. Chain of Title for purchases cannot reflect the borrower is or has been on title for the subject property in the last 24 months. Full Appraisal and one Field Review from approved national firm Appraiser to verify (1) purchase price,(2) last sale date, (3)comment on the transaction structure and any impact on property value No Subordinate Financing allowed Real Estate Commission plus any non lien disbursements < 8% total (Non Lien fee includes marketing fees, finder fees, referral fees, consulting fee) Property Ownership Flipping Requirement : Defined as a Resale occurring within the first 90 days of ownership. The sellers acquisition date as evidence by the Prelim recordation of Grant Deed to date Borrower s purchase contract ratified: Single Family 1 unit Owner Occupied properties only (include PUD & Condo) Maximum 80% LTV. If entire down payment comprised of gift funds, the maximum LTV is 70% Secondary Financing permitted if from an institutional lender. Max CLTV 90% Multiple title/ownership transfers (>1) within a 90 day period is not permitted. Must be a bona fide fully ARMS length transaction FSBO or other Non Arms length transactions are not permitted. At Interest transaction are not permitted. If Seller is an entity (LLC, trusts, etc.) documentation showing legal registration of entity such as Articles of Operation w/seal, or business license. The borrower can have no affiliation with the entity of any kind. A full appraisal report will be required with a Field Review which must support appraisal value. Limited Appraisal reports or PIA are not acceptable. Appraiser must confirm property improvements made for properties that were purchased through a distressed sale & where substantial renovations to the property were made. (1) The renovations must be documented and verified, and (2) Increase in value must be supported by Appraiser comments and photo s reflecting the improvements/rehab/capital improvements. Properties that involve a re sale that occurred within the last 180 days that have a non arms length relationship between buyer and seller are prohibited. Please refer to Best Practices for Loans Involving Possible Property Flips, found at ( for more information Recently Listed Properties: No Cash Out Transactions The subject property must not be currently listed for sale. The property must have been taken off the market a minimum of 31 days prior to the date of the application. Borrower must confirm their intent to occupy the subject property (Primary Residence)> Revised April 11, 2013 Page 16

17 Cash Out Transactions Properties listed for sale in the 6 months preceding the application date for new financing are limited to 70% LTV/CLTV. Properties that were listed for sale must be taken off the market a minimum of 31 days prior to the application date. Refinance Cash Out: 6 months seasoning required; measured from the settlement date to the initial application date, unless delayed financing is met. Continuity of Obligation requirements apply. Refinance Rate/Term: Proceeds can be used to pay off a first mortgage as long as there is at least 120 days seasoning when the mortgage being refinanced was from a purchase money transaction (Note date to Note date is used to calculate the 120 days.) If the lien being paid off is < 1 year old and was cash out refinance with an LTV greater than 80%, the new loan will not be eligible for rate/term. The last transaction was a cash out refinance within the last 6 months; the new loan must be treated as a cash out refinance. (Note date to note date is used to calculate 6 months). IF the first mortgage is a Home Equity Line of Credit (HELOC) a copy of the HUD 1 Settlement Statement from purchase of subject property required to evidence proceeds were used in entirety to acquire the subject property. Payoff of any subordinate mortgage lien that was used in its entirety to acquire the subject property. Provide copy of HUD 1 to evidence all funds used to acquire subject. Pay related closing costs and prepaid items. Cannot include late fee or other past due amounts. Continuity of Obligation requirements apply. Disburse cash out to the Borrower in an amount not to exceed 2% or the new Mortgage or $2000, whichever is less. Refinance Special Refinance : A Special Refinance is a buy out of a co owner s equity such as in the case of Divorce or Domestic Partnership dissolution. These transaction types ARE NOT eligible. Refinance Open Access : Not available at this time. Maximum Loan Amount $417,000 Sales Contract Changes: Sales Contracts that are re negotiated increasing the sales price after the original appraisal has been completed are unacceptable if: The appraised value is higher than the contracted sales price provided to the appraiser, and The new purchase agreement and/or addendum to used to modify the sales price is dated after the appraisal is received, and The only change to the purchase agreement is an increase in sales price. Revised April 11, 2013 Page 17

18 If the purchase agreement is re negotiated subsequent to the completed of the appraisal, the loan to value will be based on the lower of the original purchase price or the appraised value. Short Refinance or Restructured Mortgage Loan Requirement: Not allowed for subject property currently owned by borrower. Documentation Underwriting Decision: All loans must be ran through Loan Prospector LP, and receive an Approve/Accept. Loan Prospector A Minus findings ARE NOT acceptable! Manual Underwrites: Not Allowed Age of Documentation: All credit documentation must be dated within 90 days old on the note date, including credit reports, employment, income, and asset documentation. Paystubs & Asset Statements should be dated within 30 days of the initial application 4506T Transcripts: Tax transcripts are required for each borrower whose income is utilized as a source of repayment. The most recent available tax transcripts are required to support the income used to qualify the borrower. If tax transcripts are not available, (due to recent filing), a copy of the IRS notice showing No record of return filed is required along with documented acknowledgement Credit Credit / Credit Scores: All Borrowers must have at least 2 valid scores. A valid score consists of a minimum 3 tradelines. Foreclosure: Foreclosure seasoning 7 years Short Sales Not allowed as requires a manual underwrite. Revised April 11, 2013 Page 18

19 Bankruptcy: Bankruptcy seasoning 4 years from date of discharge Multiple Bankruptcy filings in the past 7 years requires a minimum seasoning of 60 months from the date of the last Bankruptcy Discharge to date of Application Disputed Tradelines: Credit Reports that show an account in dispute generate a False Fico Score. The dispute needs to be resolved, and a new credit report pulled and ran through the AUS credit supplements showing the disputed account resolved are not acceptable. Payoff vs Pay Down: Accounts may not be paid down to 10 months or less to allow borrower to qualify. Installment of Mortgage accounts must be paid in full. Payoff of revolving accounts in order to qualify the borrower. Long Term Debt: The monthly payment on every revolving and open end account with a balance, regardless of the number of payments remaining, must be included in the borrower s long term debt and ratio calculation. If the credit report does not reflect a payment, and the actual payment cannot be determined, a minimum payment may be calculated as follows: HELOC at 1% of the outstanding balance or the payment reflected on the billing statement. Revolving 5% of balance if no payment provided Deferred Payments These debts must be included in the qualifying ratio(s) if there are more than 10 months of payments remaining. If the payment is not provided on the credit report or listed as deferred, documentation supporting the required payment must be provided. (Copy of installment loan agreement or direct verification from creditor) Student Loans if the actual payment cannot be determined, a payment may be calculated using 2% of the original loan balance or outstanding balance, whichever is higher. Co Signed Loans Copy of note evidencing account is co signed and cancelled checks for the last 6 months, paid as agreed. Court Order If the obligation has been assigned to another person, such as a divorce decree, the payment may be excluded with the following documentation: Copy of the court order or divorce decree Copy of the document transferring ownership of the property If the transfer has not taken place, any late payments should be taken into account when reviewing the borrower credit profile. Lease Payments Monthly lease payments should be included regardless of the number of payments remaining. If the lease is at near or at the end, a new lease payment should be determined and included in the total monthly debt Revised April 11, 2013 Page 19

20 Employment/Income Verbal Verification of Employment: For salaried borrowers, Verbal VOE must be dated within 10 days prior to note date For Self Employed, Verbal VOE must be dated within 30 days prior to note date and include both independent validation of business location AND additional third party validation such as a CPA letter, licensing, etc. Salaried Borrower: Borrower income and employment must be stable, and reasonably be expected to continue for at least the next three years. Most recent YTD paystub or salary vouched documenting at least 1 month earnings. Handwritten paystubs unacceptable as they require a manual UW. Commission, Bonus, Overtime, 2 nd Jobs: The borrower must have a two year consecutive history of receiving the income from commission, bonus, overtime, or a second job for the income and employment to be considered stable, and the income must be reasonably expected to continue for the next 3 years. Most recent YTD paystub or salary voucher documenting at least 1 month of income.. W 2s and/or 1099 s covering the most recent 2 years Complete, signed 1040 s for most recent 2 years reflecting at least 6 months of commission income Applicable for Commission Income only. Documentation to verify continuance likely for next 3 years Auto Allowance: The borrower must have a two year consecutive history of receiving an automobile allowance, and must be likely to continue for the next 3 years. Add the full amount of the allowance to the Borrower s qualifying income, and add the full amount of the auto loan/lease (as applicable) to the liabilities for calculation of debt ratios. Cannot subtract the auto payment from the auto allowance. Seasonal employment and unemployment compensation: Borrower must have a 2 year consecutive history of receiving the income from seasonal employment and the employment income is likely to continue for the next 3 years. Unemployment compensation associated with seasonal employment may also be considered if there is a 2 year history of receipt of the unemployment compensation and is likely to continue for the next 3 years. Both the seasonal income and unemployment compensation has to have been reflected on the Borrower s 1040 s for the past 2 years in order for the income to be considered as qualifying income. Significant increases or decreases in income level: Revised April 11, 2013 Page 20

21 When the borrower has experienced a significant decrease in income, the income cannot be averaged using a previous higher level unless there is documentation of a one time occurrence the prevented the borrower from working or earning full income and evidence that the Borrower is back to the income amount they previously earned. When the Borrower has experienced a significant increase in income, sufficient documentation to determine that the increase is stable and likely to continue at the level used for qualifying must be included in the file. Foreign Income: Acceptable only if income can be verified on US personal tax returns. Notes Receivable, Installment Sales & Land Contracts: Evidence of receipt for the last 12 months Terms <12 months MAY NOT be considered in qualifying income, but as a compensating factor only. Copy of Note verify payment amount and remaining term of at least 3 years. Employment Gaps: Gaps in employment > 60 days require written explanation. Employed by Relative or Transaction Participants: Borrower signed and complete personal 1040 s for the most recent 2 years Verification of Employment form (Written VOE) W 2 s for the most recent years. Documentation to support borrower has no ownership. Computer generated paystub (handwritten paystubs require a manual UW which is not available). Re entering the Workforce: Income from borrowers who re enter the workforce and currently have less than a continuous (gap > 30 days) 24 month previous employment and income history may be used to qualify, if: The borrower has been at current employer for minimum of 6 months, and Evidence of a previous employment history. Self Employed Borrowers: A Borrower who has an ownership interest of 25% or more in a business is considered to be self employed The business may be sole proprietorship, a partnership (general or limited), or a corporation. Self employed documentation requirements below are for Standard Documentation. Refer to the LP Feedback Certificate for the documentation level required, (Streamline or Standard). A two year history of self employment is required to ensure the income is stable. When the borrower has been self employed for less than two years, the file must document that the Borrower has a 2 year history of receipt of Revised April 11, 2013 Page 21

22 income at the same or greater level in the same or similar occupation in order to consider the income for qualifying. In addition, the file must document the Borrower s experience in the business before considering the income for qualifying purposes. The Borrower s individual federal tax returns must reflect at least one year of selfemployment income. Self Employment for 1 year or less would not be considered stable, therefore ineligible to include the income for qualifying purposes. Calculation of a self employed Borrower average monthly must be based on a review of the Borrower s completed 1040 s including W 2 s and K 1 s, as well as the Borrower s business tax returns as applicable. The file must contain a written analysis of the Borrower s self employed income on Form 91 or a comparable form. Noncash items such as depreciation, depletion, and amortization may be added back to adjusted gross income for the purpose of determining qualifying income. If the analysis reflects that the Borrower s income has significantly increased or decreased, the file must contain sufficient documentation and justification to support the determination that the income used to qualify the Borrower is stable, and likely to continue for the next 3 years. It may be necessary to obtain additional year s tax returns when the income fluctuates in order to determine the stability of the income. If the Borrower is selfemployed and the self employment income is not used to qualify, the Borrower s 1040 a must be obtained to determine if there is a business loss that may have an impact on the stable monthly income used for qualifying. If a business loss is reported, additional documentation must be obtained to fully evaluate the impact of a business loss on the income used for qualifying. Sole Proprietor: a. Complete signed 1040 s (Personal Returns)for the 2 most recent years. b. YTD Income/Expense Statement and Balance sheet if > 120 days lapsed since last fiscal year end. c. The 1040 s must reflect at least 12 months of self employed income d. Verification of business through 3 rd party source e. Income Analysis Form 91 S Corporation: a. Complete signed 1040 s for the 2 most recent years b. Complete signed 1120S (S Corporation returns) including K 1 s for the 2 most recent years c. YTD Income/Expense Statement and Balance sheet if > 120 days lapsed since last fiscal year end. d. The 1040 s must reflect at least 12 month of self employed income. e. Verification of business through 3 rd party source f. Income Analysis Form 91 Partnership: a. Complete signed 1040 s for the 2 most recent years b. Complete signed 1065 s(partnership returns) including K 1 s for the 2 most recent years c. YTD Income/Expense Statement and Balance sheet if > 120 days lapsed since last fiscal year end. d. The 1040 s must reflect at least 12 month of self employed income. e. Verification of business through 3 rd party source f. Income Analysis Form 91 Corporation: a. Complete signed 1040 s for the 2 most recent years b. Complete signed 1120 s(corporation returns) including K 1 s for the 2 most recent years Revised April 11, 2013 Page 22

23 c. YTD Income/Expense Statement and Balance sheet if > 120 days lapsed since last fiscal year end. d. The 1040 s must reflect at least 12 month of self employed income. e. Verification of business through 3 rd party source f. Income Analysis Form 91 Income Analysis Form 91: Other Income (Non employment/non self employmen)t: This category includes many sources of passive income such as Social Security, Retirement, Pension, Annuities etc. Trust Income May be considered qualifying if the file contain evidence of the amount, frequency, and duration of payments. A history of receipt is not required for the income to be considered stable; however, the trust income must be likely to continue for the next 3 years. Capital Gains 2 year history as evidence on the most recent 2 year 1040 s, and documentation of sufficient assets remaining after closing to support a 3 year continuance Retirement Income Retirement income (includes Social Security, Pension, Annuity). File contains evidence of the type of retirement income source, amount, and consistent receipt for the most recent 2 months. Income must be likely to continue for at least 3 years. Long Term Disability Income Long Term Disability (included SS Disability, VA Disability, Worker s comp, Private Disability Insurance). Unless there is a pre determined insurance and/or benefit expiration date that is less than 3 years, the income may be considered as qualifying income that has a reasonable expectation of continuance for 3 years. Evidence of the source, amount, insurance and/or benefit type, and consistent receipt for the most recent 2 months must be obtained. Rental Income: Rental income may be used to qualify the Borrower, provided the requirements of this section and the documentation requirements contained in Sections through are met. Rental income may be generated from: A subject 1 unit Primary Residence A subject 2 to 4 unit Primary Residence A subject 1 to 4 unit Investment Property Investment property owned by the Borrower other than the subject property Whenever rental income is to be used, reasonable adjustments to gross rental income must be made to compensate for vacancies, operating and maintenance expenses and rental income received for furniture. If the Borrower owned a rental property during the previous tax year, the Borrower's individual federal income tax returns must be obtained to determine the net rental income or loss for qualifying. In some instances, the income reported on the Borrower's individual federal tax returns may not reflect the property's current rental value (i.e., the tax returns show large one time expenses or the property was under renovation). In these instances, individual federal tax returns must be obtained; however, Form 998, Operating Income Statement, may be used to determine rental income. The Seller must explain the reasons for not using the income or loss from the individual federal tax returns to determine rental income, in the Mortgage file. Revised April 11, 2013 Page 23

24 Rental income from the subject 2 to 4 unit Primary Residence: Rental income from unit(s) in the Borrower's 2 to 4 unit Primary Residence that are not occupied by the Borrower may be used to qualify the Borrower. If rental income from the subject 2 to 4 unit Primary Residence is being used to qualify the Borrower, the following requirements apply: Must obtain and use Form 998 unless the subject property has been owned for at least one year and is reported on Schedule E of the Borrower's prior year tax year. If income from the subject property is reported on the Borrower's tax returns, must use Schedule E to determine the net rental income. If Form 998 is used to determine rental income, it must be completed up to the Monthly Operating Income (MOI) reconciliation. To substantiate the rental income, the income approach must be completed on the appraisal and copies of the present lease(s), if applicable, must support the rental income used to qualify the Borrower The Borrower must demonstrate at least a two year history of managing 1 to 4 unit Investment Properties Regardless of whether rental income is used in qualifying, the Borrower must have reserves equal to six monthly payments of principal, interest, taxes and insurance (PITI). The Form 998 is not required if rental income from the subject property is not considered in qualifying the Borrower. Regardless of whether rental income is used in qualifying the Borrower, the ULDD Data Point Property Dwelling Unit Eligible Rent Amount for each non owner occupied unit in a 2 to 4 unit Primary Residence must be delivered. Monthly Operating Income from the Form 998 or net rental income from Schedule E is entered under "Gross Monthly Income" in Section V of the Form 65, Uniform Residential Loan Application, and may be considered as stable monthly income (Section 37.13) in qualifying the Borrower, provided the Borrower meets the reserve requirement. If Monthly Operating Income or net rental income from Schedule E is a negative number, it must be included as a liability for qualification purposes. Rental income from the subject 1 to 4 unit Investment Property: If the Borrower qualifies with the full PITI plus operating expenses for the subject Investment Property included in the Borrower's monthly debt to income ratio, no further evaluation or calculation of rental income from the subject property is required and Form 998 is not required. Regardless of whether rental income from the subject Investment Property is being used to qualify the Borrower, the ULDD Data Point Property Dwelling Unit Eligible Rent Amount for each 1 unit Investment Property and each unit in a 2 to 4 unit Investment Property must be delivered Regardless of whether rental income from the Mortgaged Premises is used in qualifying, the Borrower must have: 1. Reserves equal to six monthly payments of PITI that could be used to supplement payments during vacancies and make regular and emergency repairs to the property as necessary, and 2. Reserves equal to two monthly payments of PITI for each other financed second home and 1 to 4 unit Investment Property in which the Borrower has an ownership interest or on which the Borrower is obligated. If rental income from the subject Investment Property is to be considered in qualifying the Borrower, the following requirements apply: Revised April 11, 2013 Page 24

25 Must obtain and use Form 998 unless the subject property has been owned for at least one year and is reported on the Schedule E of the Borrower's prior year federal tax return. If income from the subject property is reported on the Borrower's federal tax returns, the Seller must use Schedule E to determine the net rental income. If Form 998 is used, it must be completed up to the MOI reconciliation. The income approach on the appraisal and copies of the present leases, if applicable, must support the rental income used to qualify the Borrower The Borrower must have reserves that are equal to at least six months payments of PITI There must be proof of 6 months rent loss insurance in the Mortgage file (see Section ) The Borrower must demonstrate at least a two year history of managing 1 to 4 unit Investment Properties Rental income from investment property owned by the Borrower other than the subject property: Rental income from investment properties that are owned by the Borrower, other than the subject property, must be shown in the "Schedule of Real Estate Owned" in Section VI of Form 65. When rental income from other investment properties owned by the Borrower in the previous tax year is reported on the Borrower's individual federal tax returns, use Schedule E of the Borrower's tax returns to determine the net rental income. If the Borrower's federal income tax returns reflect a two year history of managing investment properties, signed leases may be used to determine the net rental income for an investment property not owned during the previous tax year. Additionally, signed leases may be used to substantiate gross rents that are higher than the rental income documented on the tax returns; however, no more than 75% of the gross rental income from the signed leases may be used, unless the prior two years' individual federal tax returns clearly support the use of a higher percentage. The aggregate net rental loss must be considered a liability for qualification purposes. Aggregate net rental income may be counted as stable monthly income, provided the reliability of receipt is clearly supported by the documentation in the file. Link to FHLMC Reference Rental Matrix: Gifts funds may never be used for reserves, must be borrower own funds. Assets Borrower Investment: For Primary residence or second home with an LTV >80%, gift funds are allowed only after a minimum downpayment of at least 5% has been made from borrower s own funds. Asset Documentation: Bank or Brokerage Statement: a. Must be computer generated or typed and ID clearly Revised April 11, 2013 Page 25

26 b. Depository Institution c. Account Holder(s) d. Account number e. Time period covered by statement minimum of 60 days f. Deposit and Withdrawal transactions g. Beginning & Ending balances Business Assets: When business assets are used for down payment, closing costs, and reserves, the assets must be verified per FHLMC Sections , and must be related to the business that the Borrower owns that is documented in the file. Because the withdrawal of business assets may have a negative impact on the business, an analysis of the cash flow of the business must be completed, and included in the loan file. The analysis of the withdrawal of the funds from the business must demonstrate that the withdrawal will not have a negative impact on the business. Link for Comparative Income Analysis: Gifts: Gift Funds are not allowed on Second Homes or Investment property transactions. Gift Funds may not be used towards reserve requirements. Donor must be related to borrower. Written Gift letter include donor s name, address, relationship to borrower, dollar amount of the gift, signed by donor. Verify Donor availability of funds Document the Transfer of Gift Funds Gifts of Equity: Gift equity in the subject property is an acceptable source of down payment, provided: The donor must provide a complete gift letter. 5% of the sales price must be verified as being saved by the borrower; however these funds do not have to be used toward the down payment. Reserves: Primary Residence FHLMC requires the following reserves when the existing primary is pending sale or is converting to an investment property: If the equity on the current residence is 30% or more, 2 months PITI on the subject and 2 months PITI on the current principal residence. If the equity on the current residence is less than 30%, 6 months PITI on the subject and 6 months on the current principal residence Second Homes 2 months PITI on the subject property and 2 month PITI for each other financed second home and/or 1 4 unit Investment Property in which the borrower has an ownership interest or on which the Borrower is obligated. Revised April 11, 2013 Page 26

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