FNMA Matrix

Sunday, March 21, 2010

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 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
Selling
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
Selling
Guide
for details.



Table of Contents



Standard Eligibility Requirements.....................................................................................................2



Special Mortgage Products.................................................................................................................4



Refi Plus™.............................................................................................................................................5



High-Balance Mortgage Loans...........................................................................................................6



Desktop Underwriter® (DU®)................................................................................................................8



Desktop 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 Standard
Eligibility Requirements



Maximum Allowable LTV Ratios and Minimum Credit Scores


Manual Underwriting, Fully Amortizing Loans



(Excludes MyCommunityMortgage®,
HomeStyle
® Renovation, Refi
Plus
, High-Balance
Mortgages)


Transaction Type1,2


Number of Units


Maximum LTV/CLTV3/HCLTV


Minimum Credit Score4


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-op5


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-op5


85%/NA/NA


680 if > 75%


620 if
75%


2 Units


75/75/75%


680


3 - 4 Units


75/75/75%


680


Second Home6


Purchase


Limited Cash-Out Refinance


1 Unit


No Co-ops


90/90/90%


680 if > 75%


620 if
75%


1 Unit Co-op5


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 Property6,7


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

Followers