Fannie Mae High Balance

Transcription

1 Mortgage insurers may have additional restrictions not listed within this document. Please refer to each mortgage insurance company s Web site for complete eligibility details. FIXED RATE PRIMARY RESIDENCE - PURCHASE AND RATE/TERM REFINANCE LTV CLTV/HCLTV 1 90% 90% % 75% to 4-Unit 75% 75% 680 DU Approve/Eligible PRIMARY RESIDENCE SH-OUT REFINANCE LTV CLTV/HCLTV 1 60% 60% 640 DU Approve/Eligible SECOND HOME PURCHASE AND RATE/TERM REFINANCE LTV CLTV/HCLTV 1 65% 65% 640 DU Approve/Eligible INVESTMENT PROPERTY PURCHASE AND RATE/TERM REFINANCE LTV CLTV/HCLTV 1 1 to 4-Unit Warrantable 65% 65% 680 DU Approve/Eligible 1. CLTV refers to the maximum combined loan-to-value of drawn and outstanding liens secured by the subject property. HELOC CLTV refers to the maximum potential combined loan-to-value of all liens using the full amount of the line of credit. All loans must meet the LTV, CLTV and HELOC CLTV criteria. ADJUSTABLE RATE PRIMARY RESIDENCE PURCHASE AND RATE/TERM REFINANCE LTV CLTV/HCLTV 2 75% 75% to 4-Unit 65% 65% 680 DU Approve/Eligible V. Product Guidelines 1 of 11 Document #5346

2 PRIMARY RESIDENCE SH-OUT REFINANCE LTV CLTV/HCLTV 2 60% 60% 640 DU Approve/Eligible SECOND HOME PURCHASE AND RATE/TERM REFINANCE LTV CLTV/HCLTV 2 65% 65% 640 DU Approve/Eligible INVESTMENT PROPERTY PURCHASE AND RATE/TERM REFINANCE LTV CLTV/HCLTV 2 1 to 4-Unit Warrantable 65% 65% 680 DU Approve/Eligible 2. CLTV refers to the maximum combined loan-to-value of drawn and outstanding liens secured by the subject property. HELOC CLTV refers to the maximum potential combined loan-to-value of all liens using the full amount of the line of credit. All loans must meet the LTV, CLTV and HELOC CLTV criteria. PROGRAM SUMMARY Fixed- and adjustable- rate and term, fully amortizing, conventional jumbo-conforming first lien mortgage loan program. PRODUCTS OFFERED Product Name Term ARM Plan ARM Disclosure Fannie Mae High Balance 30-Year Fixed 30 years n/a n/a Fannie Mae High Balance 25-Year Fixed 25 years n/a n/a Fannie Mae High Balance 20-Year Fixed 20 years n/a n/a Fannie Mae High Balance 15-Year Fixed 15 years n/a n/a Fannie Mae High Balance 10-Year Fixed 10 years n/a n/a Fannie Mae High Balance 3/1 LIBOR ARM 30 years 2723 Doc. #3380 Fannie Mae High Balance 5/1 LIBOR ARM 30 years 3252 Doc. #3381 Fannie Mae High Balance 7/1 LIBOR ARM 30 years 2727 Doc. #3381 V. Product Guidelines 2 of 11 Document #5346

3 LOAN AMOUNTS Contiguous States & District of Columbia Alaska & Hawaii No. of Units Loan Amount 3 Loan Amount 4 Loan Amount 3 Loan Amount 4 1 $417,001 $625,500 $625,501 $938,250 2 $533,851 $800,775 $800,776 $1,201,150 3 $645,301 $967,950 $967,951 $1,115,800 4 $801,951 $1,202,925 $1,202,926 $1,386, Loans below the Loan Amount are eligible under standard Fannie Mae/Freddie Mac products. 4. The Loan Amounts listed are the maximum amounts that may apply; the limit may be lower for a specific high-cost area. A complete list of the high-cost areas eligible for financing under this program is attached as Exhibit A. A complete list of the 2012 loan limits for the entire United States, both those eligible under this program and those eligible under standard Fannie Mae and/or Freddie Mac products, may be located at the following Web address: ELIGIBLE PROPERTY TYPES 1 to 4-Unit properties Fannie Mae warrantable condominiums Planned unit developments (PUD) Modular homes INELIGIBLE PROPERTY TYPES Non-warrantable condominiums Cooperative properties Manufactured homes MINIMUM CREDIT SCORES Refer to the product eligibility grids above. Mortgage insurers may have additional restrictions. Refer to each specific mortgage insurance company s website for complete eligibility details. QUALIFYING RATE QUALIFYING RATE Fixed Rate 3/1 & 5/1 ARMs 7/1 ARMs Note rate using a fully amortizing payment. Greater of note rate plus 2% or fullyindexed. Greater of fully indexed or Note rate. QUALIFYING RATIOS Determined by Desktop Underwriter RESERVES Determined by Desktop Underwriter V. Product Guidelines 3 of 11 Document #5346

4 SUBORDINATE FINANCING Refer to the Subordinate Financing section of the Conventional Underwriting Guidelines for details. INTERESTED PARTY CONTRIBUTIONS Interested party contributions include funds contributed by the property seller, builder, real estate agent/broker, mortgage lender, or any other party with an interest in the real estate transaction. Interested party contributions may be used exclusively to cover closing costs and prepaid expenses. INTERESTED PARTY CONTRIBUTION LIMITS CLTV Up to 75% % Primary Residences 9% 6% Second Homes 9% 6% Investment Property 2% 2% TEMPORARY BUYDOWNS Not eligible APPRAISAL A Field Review (One-Unit Residential Appraisal Field Review Report, Form 2000) is required if: The loan amount is greater than $625,500 and the LTV/CLTV/HCLTV is greater than 80%, or The property is valued at $1,000,000 or more and the LTV/CLTV/HCLTV is greater than 75% UNDERWRITING Items not covered below must meet the parameters as set out in Home Path Lending current Residential Underwriting Guidelines. Income should be documented per DU Assets should be documented per DU Credit score is required for all borrowers. Nontraditional credit is not permitted Streamline refinances are not eligible SFC 808 must be attached to all loans TEXAS REFINANCES All refinance loans in Texas will be evaluated against the criteria outlined in our Conventional Underwriting Guidelines, Texas Refinances section to determine if the loan must be originated under the requirements of Section 50(a)(6) of the Texas Constitution. Refer to Texas Homestead 50(a)(6) Refinance - Correspondent, Doc. #5906 or Texas Homestead 50(a)(6) Refinance - Broker, Doc. #5907 for eligibility, documentation/disclosure, and title/closing requirements. MORTGAGE INSURANCE Mortgage insurance providers may have additional restrictions not listed within this document. Due to rapid changes within the industry, please refer to each mortgage insurance company's website for complete details. Refer to MI Company Parameter Matrix to assist you with keeping up with these changes. However, this document is to be used as a reference only. All loans above 80% LTV require mortgage insurance coverage according to the following guidelines: V. Product Guidelines 4 of 11 Document #5346

5 STANDARD MORTGAGE INSURANCE GUIDELINES LTV 30-year & All ARMs 15-year % 25% 12% % 12% 6% NEW YORK PROPERTIES For purposes of determining whether or not mortgage insurance will be required, use the loan-to-value ratio that results from dividing the loan amount by the appraised value of the property. If the loan-to-value resulting from this method is greater than 80%, then use the standard method of determining loan-to-value (based on the lesser of sales price or appraised value) to determine the required MI coverage level. Reduced MI is not available. For Single Financed Mortgage Insurance (SFMI) and Lender Paid Mortgage Insurance (LPMI) eligibility see Single Financed Mortgage Insurance Lender Paid Mortgage Insurance, Doc. #5010. STATE ELIGIBILITY Refer to Exhibit A for a complete list of eligible locations and loan amount limits. PREPAYMENT PENALTY None ADJUSTABLE RATE DETAILS Interest Rate Adjustment Caps Margin Index Interest Rate Floor Change Dates Conversion Option Assumption Negative Amortization 3/1: Initial 2% up/down; subsequent 2% up/down; lifetime 6% up. 5/1: Initial 5% up/down; subsequent 2% up/down; lifetime 5% up. 7/1: Initial 5% up/down; subsequent 2% up/down; lifetime 5% up. See Price Indication Sheet 1-Year LIBOR (London InterBank Offer Rate) The interest rate floor is equal to the margin 3/1: The first change date is the 36 th payment due date. 6 5/1: The first change date is the 60 th payment due date. 6 7/1: The first change date is the 84 th payment due date. 6 None Subject to conditions, fees and rate adjustment None CLOSING DOCUMENTATION V. Product Guidelines 5 of 11 Document #5346

6 ALL LOANS Fannie Mae/Freddie Mac Uniform Security Instrument, 3000-series Standard title commitment with all applicable endorsements FIXED RATE LOANS Fannie Mae/Freddie Mac multi-state Fixed Rate Note, 3200-series ADJUSTABLE RATE LOANS 3/1 ARM Fannie Mae Multistate Adjustable Rate Note, Form #3526 Fannie Mae Multistate Adjustable Rate Rider, Form #3189 5/1 & 7/1 ARM Fannie Mae Multistate Adjustable Rate Note, Form #3528 Fannie Mae Multistate Adjustable Rate Rider, Form #3187 IF APPLIBLE Fannie Mae High Balance Fannie Mae/Freddie Mac multi-state Condo Rider, Form# 3140 Fannie Mae/Freddie Mac multi-state PUD Rider, Form# 3150 Fannie Mae/Freddie Mac multi-state 1 to 4-Family Rider, Form# 3170, (for 2 to 4-Unit primary residences and all investment property mortgages) Fannie Mae/Freddie Mac multi-state Second Home Rider, Form# 3890 V. Product Guidelines 6 of 11 Document #5346

7 EXHIBIT A Fannie Mae High Balance Metropolitan Statistical Areas, Micropolitan Statistical Areas and Rural Counties where loan limits are set based on high-cost area provisions of HERA (areas where one-unit loan limit exceeds $417,000 in continental U.S. or is above $625,500 for locations in Alaska, Hawaii and U.S. Virgin Islands). Fannie Mae and Freddie Mac conforming loan limits for the high cost areas below may not exceed the corresponding levels listed. The 2015 conforming loan limit of $417,000 is in place everywhere else. State Metropolitan, Micropolitan or County Name Component Counties Limit 1-Unit Limit 2-Unit Limit 3-Unit Limit 4-Unit Los Angeles-Long Beach- Santa Ana (Metropolitan Los Angeles, Orange Napa Napa $615,250 $787,650 $952,050 $1,183,200 Oxnard-Thousand Oaks- Ventura Sacramento-Arden-Arcade- Roseville Ventura $603,750 $772,900 $934,250 $1,161,050 El Dorado, Placer, Sacramento, Yolo $474,950 $608,000 $734,950 $913,350 Salinas Monterey $502,550 $643,350 $777,650 $966,450 San Diego-Carlsbad-San Marcos San Francisco-Oakland- Fremont San Jose-Sunnyvale-Santa Clara San Luis Obispo-Paso Robles Santa Barbara-Santa Maria- Goleta Santa-Cruz-Watsonville Santa Rosa-Petaluma San Diego $562,350 $719,900 $870,200 1,081,450 Alameda, Contra Costa, Marin, San Francisco, San Mateo San Benito, Santa Clara San Luis Obispo $561,200 $718,450 $868,400 $1,079,250 Santa Barbara Santa Cruz Sonoma $520,950 $666,900 $806,150 $1,001,850 Truckee-Grass Valley (Micropolitan Nevada $477,250 $610,950 $738,500 $917,800 Alpine County Alpine $463,450 $593,300 $717,150 $891,250 Garfield County Garfield Mono County Mono $529,000 $677,200 $818,600 $1,017,300 CO Denver Aurora Lake Wood Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, Park $424,350 $543,250 $656,650 $816,050 V. Product Guidelines 7 of 11 Document #5346

8 State Metropolitan, Micropolitan or County Name Component Counties Fannie Mae High Balance Limit 1-Unit Limit 2-Unit Limit 3-Unit Limit 4-Unit CO Boulder Boulder $456,550 $584,450 $706,500 $878,000 CO Edwards (Micropolitan Eagle, Lake CO Silverthorne (Micropolitan Summit CO Hinsdale County Hinsdale $427,800 $547,650 $662,000 $822,700 CO Ouray County Ouray $425,500 $544,700 $658,450 $818,250 CO Pitkin County Pitkin CO Routt County Routt CO San Miguel County San Miguel CT DC Bridgeport-Stamford-Norwalk Washington-Arlington- Alexandria, DC-VA-MD-WV Fairfield $601,450 $769,950 $930,700 $1,156,650 District of Columbia FL Key West (Micropolitan Monroe $529,000 $677,200 $818,600 $1,017,300 FL Naples-Marco Island Collier $448,500 $574,150 $694,000 $862,500 GA Greene County Greene $515,200 $659,550 $797,250 $990,800 HI Honolulu Honolulu $721,050 $923,050 $1,115,800 $1,386,650 HI Kahului-Wailuku (Micropolitan Maui $657,800 $842,100 $1,017,900 $1,265,000 HI Kapaa (Microplitan Kauai $713,000 $912,750 $1,103,350 $1,371,150 HI KalawaoCounty Kalawao $657,800 $842,100 $1,017,900 $1,265,000 ID Jackson, WY-ID (Micropolitan Teton ID Blaine County Blaine ID Camas County Camas ID Lincoln County Lincoln MA Boston-Cambridge-Newton, MA-NH Essex, Middlesex, Norfolk, Plymouth, Suffolk $517,500 $662,500 $800,800 $995,200 MA Providence-New Bedford-Fall River, RI-MA (Metropolitan Bristol $426,650 $546,200 $660,200 $820,500 MA Dukes County Dukes MA Nantucket County Nantucket MD Baltimore-Towson Anne Arundel, Baltimore, Carroll, Harford, Howard, Queen Anne s & City of Baltimore $517,500 $662,500 $800,800 $995,200 V. Product Guidelines 8 of 11 Document #5346

9 State Metropolitan, Micropolitan or County Name Component Counties Limit 1-Unit Limit 2-Unit Limit 3-Unit Limit 4-Unit MD Washington-Arlington- Alexandria, DC-VA-MD-WV Calvert, Charles, Frederick, Montgomery, Prince George s NC Elizabeth City (Micropolitan Camden, Pasquotank, Perquimans NC Virginia Beach-Norfolk- Newport News, VA-NC Currituck $458,850 $587,400 $710,050 $882,400 NC Gates County Gates $458,850 $587,400 $710,050 $882,400 NC Hyde County Hyde $483,000 $618,300 $747,400 $928,850 NH Boston-Cambridge-Newton, MA-NH Rockingham, Strafford $517,500 $662,500 $800,800 $995,200 NJ New York-Northern New Jersey-Long Island, NY-NJ- PA Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union NY New York-Northern New Jersey-Long Island, NY-NJ- PA Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester NY PA Poughkeepsie-Newburgh- Middletown, NY (Metropolitan New York-Northern New Jersey-Long Island, NY-NJ- PA Dutchess, Orange Pike RI Providence-New Bedford-Fall River, RI-MA (Metropolitan Bristol, Kent, Newport, Providence, Washington $426,650 $546,200 $660,200 $820,500 V. Product Guidelines 9 of 11 Document #5346

10 State TN UT VA VA Metropolitan, Micropolitan or County Name Nashville, Davidson, Murfreesboro, Franklin Salt Lake City (Metropolitan Charlottesville (Metropolitan Culpeper, VA (Micropolitan Component Counties Cannon, Cheatham, Davidson, Dickson, Hickman, Macon, Maury, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson, Wilson, Salt Lake, Summit, Tooele Albemarle, Fluvanna, Greene, Nelson, City of Charlottesville Fannie Mae High Balance Limit 1-Unit Limit 2-Unit Limit 3-Unit Limit 4-Unit $425,500 $544,700 $658,450 $818,250 $600,300 $768,500 $928,950 $1,154,450 $437,000 $559,450 $676,200 $840,400 Culpeper VA Richmond Amelia, Caroline, Charles City, Chesterfield, Cumberland, Dinwiddie, Goochland, Hanover, Henrico, King and Queen, King William, Louisa, New Kent, Powhatan, Prince George, Sussex Component Cities: Colonial Heights, Hopewell, Petersburg, Richmond $535,900 $686,050 $829,250 $1,030,600 VA Virginia Beach-Norfolk- Newport News, VA-NC Gloucester, Isle of Wight, James City, Mathews, Surry, York Component Cities: Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, Williamsburg $458,850 $587,400 $710,050 $882,400 V. Product Guidelines 10 of 11 Document #5346

11 State Metropolitan, Micropolitan or County Name Component Counties Limit 1-Unit Limit 2-Unit Limit 3-Unit Limit 4-Unit VA Washington-Arlington- Alexandria, DC-VA-MD-WV Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotslvania, Stafford, Warren Component Cities: Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, Mannnassas Park VA Buckingham County Buckingham $437,000 $559,450 $676,200 $840,400 VA Lancaster County Lancaster $442,750 $566,800 $685,100 $851,450 VA Rappahannock County Rappahannock WA Seattle-Tacoma-Bellevue King, Pierce, Snohomish $517,500 $662,500 $800,800 $995,200 WA San Juan County San Juan $483,000 $618,300 $747,400 $928,850 WV WY Washington-Arlington- Alexandria, DC-VA-MD-WV Jackson, WY-ID (Micropolitan Jefferson Teton V. Product Guidelines 11 of 11 Document #5346