Sunday, March 21, 2010
The Eligibility Matrix provides the comprehensive loan-to-value ratios (loan-to-value [LTV], combined
loan-to-value [CLTV], and home equity combined loan-to-value [HCLTV]) and minimum credit scores (if
applicable) for conventional first mortgages eligible for delivery to Fannie Mae. Other eligibility criteria
and underwriting policies that are not covered in the Eligibility Matrix may be required for mortgage
loans to be eligible for delivery to Fannie Mae; see the Selling Guide for details.
Table of Contents
Standard Eligibility Requirements..................................................................................................... 2
Special Mortgage Products ................................................................................................................. 4
Refi PlusTM ............................................................................................................................................... 5
High-Balance Mortgage Loans ........................................................................................................... 6
Desktop Underwriter® (DU®)................................................................................................................ 8
Desktop Underwriter Expanded Approval® (EA) Eligibility ...................................................... 12
© 2010 Fannie Mae. Trademarks of Fannie Mae 1 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
ELIGIBILITY MATRIX
Standard Eligibility Requirements
Maximum Allowable LTV Ratios and Minimum Credit Scores
Manual Underwriting, Fully Amortizing Loans
(Excludes MyCommunityMortgage®, HomeStyle® Renovation, Refi PlusTM, High-Balance Mortgages)
Number of Maximum Minimum Credit
Transaction Type 1,2
LTV/CLTV 3 /HCLTV Score 4
Units
Principal Residence
1 Unit 660 if > 75%
95/95/95%
620 if 75%
No Co-ops
Purchase: 95%/NA/NA 660 if > 75%
1 Unit Co-op 5
Purchase 620 if 75%
LCOR: 90%/NA/NA
Limited Cash-Out Refinance
660 if > 75%
(LCOR) 2 Units 80/80/80%
640 if 75%
3 - 4 Units 75/75/75% 660
1 Unit 680 if > 75%
85/85/85%
620 if 75%
No Co-ops
680 if > 75%
1 Unit Co-op5 85%/NA/NA
620 if 75%
Cash-Out Refinance
2 Units 75/75/75% 680
3 - 4 Units 75/75/75% 680
6
Second Home
1 Unit 680 if > 75%
90/90/90%
620 if 75%
No Co-ops
Purchase
Purchase: 90%/NA/NA
Limited Cash-Out Refinance 680 if > 75%
1 Unit Co-op5
620 if 75%
LCOR: 75%/NA/NA
1 Unit
Cash-Out Refinance 75/75/75% 680
No Co-ops
Investment Property6,7
680 if > 75%
1 Unit 85/85/85%
620 if 75%
Purchase 2 Units 75/75/75% 660
3 - 4 Units 75/75/75% 660
1 Unit 75/75/75% 640
Limited Cash-Out Refinance 2 Units 75/75/75% 680
3 - 4 Units 75/75/75% 680
Cash-Out Refinance
1 Unit 75/75/75% 700
© 2010 Fannie Mae. Trademarks of Fannie Mae 2 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
2 Units 70/70/70% 680
3 - 4 Units 70/70/70% 680
Bolded fields indicate an update from previous version of document. References to LTV ratios include LTV,
CLTV, and HCLTV ratios.
1
If the property was purchased within the prior six months, the borrower is ineligible for a cash-out transaction. If the property
was listed for sale in the past six months, the LTV ratios for a cash-out transaction are limited to 70% (or maximum allowed if
less than 70%, such as for manufactured homes). If the borrower has been on title for at least six months but cannot
demonstrate an acceptable continuity of obligation, the loan is considered a cash-out transaction and the LTV ratios are limited
to 50% of the current appraised value. If the transaction is a single-closing construction-to-permanent loan, and the credit or
appraisal documents exceed standard guidelines, then the LTV ratios are limited to 70%.
2
The maximum allowable LTV ratios in this chart may not apply to certain mortgage loans secured by properties in
condo projects in Florida. Refer to the Selling Guide, Chapter B4-2, Project Standards, for additional information.
3
The CLTV may be up to 105% only if the mortgage is part of a Community Seconds® transaction.
4
Minimum credit score requirements are for mortgage loans underwritten outside of DU and do not apply to loan casefiles
underwritten with DU or mortgage loans where the borrowers are relying solely on nontraditional credit to qualify. The
minimum credit score must be based on the highest of LTV, CLTV, or HCLTV, as applicable. Fannie Mae will allow
accommodations to the credit score based on the underwriter's comprehensive risk assessment. Regardless of the
documented circumstances or offsetting contributory risk factors, the minimum credit score may not be lower than 620 or 40
points below the minimum required, whichever is higher. See additional information in the Selling Guide for borrowers without
credit scores or with credit scores impacted by erroneous data.
5
No subordinate financing permitted on cooperative share loans.
6
Borrowers who own five to ten financed properties are subject to the following additional eligibility requirements:
Second home: purchase 75/75/75% LTV/CLTV/HCLTV and limited cash-out refinance 70/70/70%
LTV/CLTV/HCLTV
Investment property: purchase 1 unit 75/75/75%, 2 - 4 units 70/70/70%; limited cash-out refinance 1 4 units
70/70/70% LTV/CLTV/HCLTV
720 minimum credit score
Cash-out refinance transactions are not permitted.
7
Units in a cooperative project are not permitted as investment properties.
© 2010 Fannie Mae. Trademarks of Fannie Mae 3 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
Special Mortgage Products
Maximum Allowable LTV Ratios and Minimum Credit Scores
Manual Underwriting, Fully Amortizing Loans
(Excludes High-Balance Mortgages)
Number of Maximum Minimum Credit
Transaction Type 1
LTV/CLTV 2 /HCLTV Score 3
Units
MyCommunityMortgage®
Principal Residence
1 Unit
95/95/95% 660
No Co-ops
1 Unit Co-op 5 95%/NA/NA 660
Purchase
Limited Cash-Out Refinance 4
2 Units 95/95/95% 680
3 - 4 Units 95/95/95% 680
®
HomeStyle Renovation Mortgage
Principal Residence
1 Unit
95/95/95% 660
No Co-ops
1 Unit Co-op5 90/NA/NA 660
Purchase
Limited Cash-Out Refinance4
2 Units 75/75/75% 660
3 - 4 Units 75/75/75% 660
Second Home
1 Unit
90/90/90% 660
No Co-ops
Purchase
Limited Cash-Out Refinance4 Purchase: 90%/NA/NA
1 Unit Co-op5 660
LCOR: 75%/NA/NA
6
Investment Property
Purchase 1 Unit 75/85/85% 680
Limited Cash-Out Refinance4 1 Unit 75/75/75% 680
Bolded fields indicate an update from previous version of document. References to LTV ratios include LTV,
CLTV, and HCLTV ratios.
1
The maximum allowable LTV ratios in this chart may not apply to certain mortgage loans secured by properties
in condo projects in Florida. Refer to the Selling Guide, Chapter B4-2, Project Standards, for additional
information.
2
The CLTV may be up to 105% only if the mortgage is part of a Community Seconds® transaction.
3
Minimum credit score requirements are for mortgage loans underwritten outside of DU and do not apply to loan casefiles
underwritten with DU or mortgage loans where the borrowers are relying solely on nontraditional credit to qualify. The
minimum credit score must be based on the highest of LTV, CLTV, or HCLTV, as applicable. Fannie Mae will allow
accommodations to the credit score based on the underwriter's comprehensive risk assessment. Regardless of the
documented circumstances or offsetting contributory risk factors, the minimum credit score may not be lower than 620 or 40
points below the minimum required, whichever is higher. See additional information in the Selling Guide about borrowers
without credit scores, MyCommunityMortgage® borrowers with "thin" traditional credit files and borrowers with credit scores
impacted by erroneous data.
4
If the borrower has been on title for at least six months but cannot demonstrate an acceptable continuity of obligation,
the loan is not eligible for a limited cash-out refinance.
5
No subordinate financing permitted on cooperative share loans.
6
Units in a cooperative project are not permitted as investment properties.
© 2010 Fannie Mae. Trademarks of Fannie Mae 4 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
Refi PlusTM
Maximum Allowable LTV Ratios and Minimum Credit Scores for Manual Underwriting
Number Maximum Minimum
Transaction Type 1
LTV 2,3 Credit Score 4
of Units
Limited Cash-Out Refinance, Fully Amortizing Only
Fixed-Rate and ARMS with Initial Fixed Periods 5 years
Principal Residence 1 - 4 Units 105% No minimum
Second Home 1 Unit 105% No minimum
Investment Property 1 - 4 Units 105% No minimum
Limited Cash-Out Refinance, Fully Amortizing Only
Fixed-Rate, > 15-30 Year Term
Principal Residence 1 - 4 Units 105.01 - 125% No minimum
Second Home 1 Unit 105.01 - 125% No minimum
Investment Property 1 - 4 Units 105.01 - 125% No minimum
Bolded fields indicate an update from previous version of document.
1
All property types are eligible including condominiums, cooperatives, manufactured housing and PUDs.
MyCommunityMortgage® loans and HomeStyle® Renovation mortgage loans are not eligible. Refi Plus has its own limited
cash- out definition.
2
There is no maximum CLTV or HCLTV limit. All existing subordinate financing must be resubordinated, new subordinate
financing is not permitted, and existing purchase subordinate financing may not be satisfied with the proceeds of the new
mortgage loan.
3
High-balance mortgage loans are eligible according to the requirements of this chart.
4
The borrower's representative credit score from a merged credit report must be provided at delivery for pricing purposes.
© 2010 Fannie Mae. Trademarks of Fannie Mae 5 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
High-Balance Mortgage Loans
Maximum Allowable LTV Ratios and Minimum Credit Scores 1,2
Manual Underwriting: All high-balance mortgage loans with application dates on or after June 1, 2009.
Desktop Underwriter® (DU®): All high-balance mortgage loans underwritten with DU Version 8.0 and later
versions.
Number of Maximum Minimum Credit
Transaction Type 3
LTV/CLTV 4 /HCLTV Score 5
Units
Principal Residence
FRM: 700 if >75%
1 Unit
FRM 90/90/90%
660 if 75%
No Co-ops
ARM 75/75/75%
MH 7 ARM: 680
Purchase FRM: 700 if >75%
FRM 90%/NA/NA
Construction 6 1 Unit Co-op 8 660 if 75%
ARM 75%/NA/NA
ARM: 680
2 4 Units 75/75/75% 740
1 Unit
Loan Amount $625,500
1 Unit Co-op8
FRM: 90/90/90%
MH7 FRM: 700 if >75%
ARM: 75/75/75%
660 if 75%
Limited Cash-Out Refinance Loan Amount > $625,500
(CLTV and HCLTV ARM: 680
FRM: 80/80/80%
do not apply to
ARM: 75/75/75%
co-ops)
2 4 Units 75/75/75% 740
1 Unit
60/60/60% 740
No Co-ops
MH7
Cash-Out Refinance 9
1 Unit Co-op8 60%/NA/NA 740
2 4 Units N/A N/A
Second Home
1 Unit
Purchase
No Co-ops 65/65/65% 740
Limited Cash-Out Refinance
MH7
Construction6
1 Unit Co-op8 65%/NA/NA 740
Investment Property 10
Purchase
1 4 Units 65/65/65% 740
Limited Cash-Out Refinance
Construction6
Bolded fields indicate an update from previous version of document. References to LTV ratios include
LTV, CLTV, and HCLTV ratios.
1
The maximum LTV ratios apply to HomeStyle® Renovation, MyCommunityMortgage®, and Flexible mortgage loans based on
the allowable transaction types and number of units for each product (e.g., Flexible mortgages can only be one unit with
maximum LTV ratios of 90%, cash-out refinances are not permitted for either HomeStyle or Flexible mortgages, etc.) These
requirements do not apply to Refi PlusTM or DU Refi PlusTM. If the transaction is a single-closing construction-to-permanent loan,
and the credit or appraisal documents exceed standard guidelines, then the LTV ratios are limited to 70%.
2
Balloon mortgages are not permitted and interest-only is restricted to certain DU transactions (not permitted on manufactured
homes, HomeStyle, cooperative properties, or two-unit construction transactions.). Mortgage loans with an interest-only feature
are not permitted with the following: interest-only periods of less than ten years, balloons, units in a cooperative project,
amortization terms of less than 30 years, ARMs with temporary buydowns, and ARMs other than 5/1 ARMs on
MyCommunityMortgage loans.
3
The maximum allowable LTV ratios in this chart may not apply to certain mortgage loans secured by properties in
condo projects in Florida. Refer to the Selling Guide, Chapter B4-2, Project Standards, for additional information.
4
The CLTV may be up to 105% only if the mortgage is part of a Community Seconds® transaction (except for manufactured
homes).
© 2010 Fannie Mae. Trademarks of Fannie Mae 6 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
5
Minimum credit score requirements apply to all high-balance mortgage loans. All borrowers must have a credit score, and the
representative score for the transaction must be based on the highest of LTV, CLTV, or HCLTV, as applicable.
6
Construction applies only to DU transactions. The following are not permitted: units in a condominium or cooperative
project, manufactured homes, and 2-4 unit properties.
7
Manufactured housing (MH) must be underwritten with DU and is only permitted where noted. Amortization term can not
exceed 30 years. Interest-only is not permitted.
8
No subordinate financing permitted on cooperative share loans.
9
If the property was purchased within the prior six months, the borrower is ineligible for a cash-out refinance transaction.
10
Units in a cooperative project and manufactured homes are not permitted as investment properties.
© 2010 Fannie Mae. Trademarks of Fannie Mae 7 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
Desktop Underwriter® (DU®)
Maximum Allowable LTV Ratios 1
Effective with DU Version 8.0
(Excludes High-Balance)
Amortization 4
Transaction Maximum
Occupancy #Units and Property
Type 2,3 LTV/CLTV 5 / HCLTV
Restrictions
Standard Eligibility Requirements
Co-op Purchase: 95%/NA/NA
1
Fully amortizing LCOR: 90%/NA/NA
Fully amortizing
95/95/95%
1
Interest-Only 95/95/95%
1
Principal
2 80/80/80%
Fully amortizing
Interest-Only 75/75/75%
Purchase 2
Limited Cash-Out
Refinance All 75/75/75%
3-4
(LCOR)
Purchase: 90%/NA/NA
Co-op
1
LCOR: 75%/NA/NA
Fully amortizing
6
Second Home
All 90/90/90%
1
Purchase, All 85/85/85%
1
LCOR, All 75/75/75%
Investment6,7
2-4 75/75/75%
Fully amortizing
Co-op
Cash-Out Refinance 1 Fully amortizing 85%/NA/NA
Principal
All 85/85/85%
1
All 75/75/75%
2-4
75/75/75%
Fully amortizing
Second Home6 1
Interest-Only 70/70/70%
Investment6,7 1 Fully amortizing 75/75/75%
1 Interest-Only 70/70/70%
© 2010 Fannie Mae. Trademarks of Fannie Mae 8 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
Desktop Underwriter® (DU®)
Maximum Allowable LTV Ratios 1
Effective with DU Version 8.0
(Excludes High-Balance)
Amortization 4
Transaction Maximum
Occupancy #Units and Property
Type 2,3 LTV/CLTV 5 / HCLTV
Restrictions
2-4 70/70/70%
Fully amortizing
Flexible Mortgages
Purchase
Flexible
Limited Cash-Out Principal 1 97/97/97%
Requirements
Refinance
MyCommunityMortgage® (MCM®)
1 All 97/97/97%
Purchase
Limited Cash-Out Principal
Refinance 2-4 All 95/95/95%
Manufactured Housing
Fully amortizing
Purchase Principal 1 95/95/95%
Term 30 years
Limited Cash-Out
Fully amortizing
Second6
Refinance 1 90/90/90%
Term 30 years
Fully amortizing
Cash-Out Refinance Principal 1 65/65/65%
Term 20 years
®
HomeStyle Renovation Mortgages
Purchase: 95%/NA/NA
Co-op
1
Fully amortizing LCOR: 90%/NA/NA
Fully amortizing
Principal 1 95/95/95%
Fully amortizing
2-4 75/75/75%
Purchase
Limited Cash-Out
Co-op
Refinance Purchase: 90%/NA/NA
1 Fully amortizing
LCOR: 75%/NA/NA
Second Home
1 90/90/90%
Fully amortizing
Purchase
75/85/85%
Fully amortizing
7
Investment 1
LCOR
75/75/75%
Fully amortizing
© 2010 Fannie Mae. Trademarks of Fannie Mae 9 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
Desktop Underwriter® (DU®)
Maximum Allowable LTV Ratios 1
Effective with DU Version 8.0
(Excludes High-Balance)
Amortization 4
Transaction Maximum
Occupancy #Units and Property
Type 2,3 LTV/CLTV 5 / HCLTV
Restrictions
Construction 8 (One-time Close)
No Condo
Principal 95/95/95%
1
No Co-op
6
Second Home 1 90/90/90%
Construction Fully amortizing
Interest-Only
Investment6 85/85/85%
1
DU Refi PlusTM 9
Principal 1-4
Limited Cash-Out DU Refi Plus
Second Home 1 LTV: 125% 10,11
Refinance Requirements
Investment 1-4
Bolded fields indicate an update from previous version of document. References to LTV ratios
include LTV, CLTV, and HCLTV ratios, unless otherwise noted.
1
A minimum representative credit score of 620 applies to all loan casefiles underwritten with DU, with the exception of DU
Refi Plus.
2
If the property was purchased within the prior six months, borrower is ineligible for a cash-out transaction. If the property
was listed for sale in the past six months, the LTV ratios for a cash-out transaction are limited to 70% (or maximum
allowed if less than 70%, such as for manufactured homes). If the borrower has been on title for at least six months but
cannot demonstrate an acceptable continuity of obligation, the loan is considered a cash-out transaction and the LTV
ratios are limited to 50% of the current appraised value.
3
The maximum allowable LTV ratios in this chart may not apply to certain mortgage loans secured by properties
in condo projects in Florida. Refer to the Selling Guide, Chapter B4-2, Project Standards, for additional
information.
4
Mortgage loans with an interest-only feature are not permitted with the following: interest-only periods of less than ten
years, balloons, units in a cooperative project, amortization terms of less than 30 years, ARMs with temporary buydowns,
and ARMs other than 5/1 ARMs on MyCommunityMortgage loans.
5 ®
The CLTV ratio may be up to 105% only if the mortgage is part of a Community Seconds transaction (except for
manufactured homes.)
6
Borrowers who own five to ten financed properties are subject to the following additional eligibility requirements. (These
must be manually applied to DU loan casefiles.):
Second home: purchase 75/75/75% LTV/CLTV/HCLTV and limited cash-out refinance 70/70/70%
LTV/CLTV/HCLTV
Investment property: purchase 1 unit 75/75/75%, 2 - 4 units 70/70/70%; limited cash-out refinance 1 4 units
70/70/70% LTV/CLTV/HCLTV
720 minimum credit score
Cash-out refinance transactions are not permitted.
7
Units in a cooperative project are not permitted as investment properties.
8
Construction refers to the loan purpose entered on the loan application as "Construction," which in DU is used for one-
time close transactions (also known as single-closing transactions). Construction transactions are not permitted for units
in condominium or cooperative projects or manufactured housing. Loan casefiles submitted as "Construction-Permanent"
are considered two separate closing transactions and are subject to standard limited cash-out or cash-out refinance
eligibility guidelines as defined in the Selling Guide.
9
All property types are eligible including condominiums, cooperatives, manufactured housing and PUDs.
MyCommunityMortgage loans and HomeStyle Renovation mortgage loans are not eligible. DU Refi Plus has its own
limited cash-out definition. The DU Refi Plus eligibility guidelines (including the maximum allowable LTV ratios) are
applied to high-balance mortgage loans underwritten as DU Refi Plus.
© 2010 Fannie Mae. Trademarks of Fannie Mae 10 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
10
There is no maximum CLTV or HCLTV limit for DU Refi PlusTM. All existing subordinate financing must be
resubordinated, new subordinate financing is not permitted, and existing purchase money subordinate financing may not
be satisfied with the proceeds of the new mortgage loan.
11
DU Refi Plus loan casefiles with an LTV over 105% must be a fully amortizing, fixed-rate mortgage with an
amortization term greater than 15 years, but not more than 30 years.
© 2010 Fannie Mae. Trademarks of Fannie Mae 11 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
Desktop Underwriter Expanded Approval® (EA) Eligibility
Effective with DU Version 8.0
(Refer to the Desktop Underwriter Maximum Allowable LTV Ratios Chart for specific eligibility criteria)
EA-I EA-II EA-III
Transaction Type Refer W Caution/IV
Approve SFC SFC SFC
Ineligible
062 062 062
Standard Eligibility Criteria
NA
NA NA
Flexible Mortgages
NA
NA NA
1
MyCommunityMortgage® NA
NA NA
Manufactured Housing NA
NA NA
HomeStyle® Renovation
NA
NA NA
Mortgages
Construction
NA
NA NA
(One-time Close)
DU Refi PlusTM NA
High-Balance Mortgage Loans NA NA NA NA
1
Special Feature Code 062 is not applicable to MyCommunityMortgage loan deliveries.
Bolded fields indicate an update from previous version of document.
© 2010 Fannie Mae. Trademarks of Fannie Mae 12 of 12 September 22, 2009
Rev. October 29, 2009 and January 14, 2010
This document is incorporated by reference into the Fannie Mae Selling Guide.
Friday, January 22, 2010
© 2010 Fannie Mae. Trademarks of Fannie Mae 1 of 12 September
22, 2009 Rev. October 29, 2009 and January 14, 2010 This document is
incorporated by reference into the Fannie Mae
Guide. ELIGIBILITY
MATRIX
The Eligibility Matrix provides the comprehensive
loan-to-value ratios (loan-to-value [LTV], combined loan-to-value [CLTV], and
home equity combined loan-to-value [HCLTV]) and minimum credit scores (if
applicable) for conventional first mortgages eligible for delivery to Fannie
Mae. Other eligibility criteria and underwriting policies that are not covered
in the Eligibility Matrix may be required for mortgage loans to be eligible for
delivery to Fannie Mae; see the
Guide for details.
Table of Contents
Standard Eligibility Requirements
.....................................................................................................2Special Mortgage Products
.................................................................................................................4Refi Plus™
.............................................................................................................................................5High-Balance Mortgage Loans
...........................................................................................................6Desktop Underwriter
® (DU®)................................................................................................................8Desktop Underwriter Expanded Approval
®(EA) Eligibility......................................................12
© 2010 Fannie Mae.
Trademarks of Fannie Mae 2 of 12 September 22, 2009 Rev. October 29, 2009 and
January 14, 2010 This document is incorporated by reference into the Fannie Mae Selling
Guide.
LIGIBILITY MATRIX StandardEligibility Requirements Maximum Allowable LTV Ratios and Minimum Credit Scores Manual Underwriting, Fully Amortizing Loans (Excludes MyCommunityMortgage ®,HomeStyle® Renovation, Refi Plus™, High-Balance Mortgages) | ||||||
Transaction Type 1,2 | Number of Units | Maximum LTV/CLTV 3/HCLTV | Minimum Credit Score 4 | |||
Principal Residence | ||||||
Purchase Limited Cash-Out Refinance (LCOR) | 1 Unit No Co-ops | 95/95/95% | 660 if > 75% 620 if ≤75% | |||
1 Unit Co-op 5 | Purchase: 95%/NA/NA | 660 if > 75% 620 if ≤75% | ||||
LCOR: 90%/NA/NA | ||||||
2 Units | 80/80/80% | 660 if > 75% 640 if ≤75% | ||||
3 - 4 Units | 75/75/75% | 660 | ||||
Cash-Out Refinance | 1 Unit No Co-ops | 85/85/85% | 680 if > 75%620 if ≤75% | |||
1 Unit Co-op 5 | 85%/NA/NA | 680 if > 75%620 if ≤75% | ||||
2 Units | 75/75/75% | 680 | ||||
3 - 4 Units | 75/75/75% | 680 | ||||
Second Home 6 | ||||||
Purchase Limited Cash-Out Refinance | 1 Unit No Co-ops | 90/90/90% | 680 if > 75%620 if ≤75% | |||
1 Unit Co-op 5 | Purchase: 90%/NA/NA | 680 if > 75%620 if ≤75% | ||||
LCOR: 75%/NA/NA | ||||||
Cash-Out Refinance | 1 Unit No Co-ops | 75/75/75% | 680 | |||
Investment Property 6,7 | ||||||
Purchase | 1 Unit | 85/85/85% | 680 if > 75% 620 if ≤75% | |||
2 Units | 75/75/75% | 660 | ||||
3 - 4 Units | 75/75/75% | 660 | ||||
Limited Cash-Out Refinance | 1 Unit | 75/75/75% | 640 | |||
2 Units | 75/75/75% | 680 | ||||
3 - 4 Units | 75/75/75% | 680 | ||||
Cash-Out Refinance | 1 Unit | 75/75/75% | 700 |