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Affordable Lending

AFFORDABLE LENDING

National MI TrueGuide can help you seize significant portfolio opportunities with our Affordable Lending programs.

  • Designed for Lower Income Borrowers and Low Down Payment Purchases
  • 100% Gift Funds Allowed
  • Minimum Credit Scores as Low as 620
  • May be paired with Down Payment Assistance (DPA)
  • Up to 105% CLTV allowed per GSE guidelines
  • Reduced Mortgage Insurance Requirements = Lower Monthly Payments

AUS AFFORDABLE LENDING

OCCUPANCY LOAN PURPOSE1 PROPERTY TYPE2,3 LOAN AMOUNT4,5 MAXIMUM LTV/CLTV MINIMUM FICO6 MAXIMUM DTI
Primary Residence Purchase or Rate/Term Refinance or Construction to Perm1 Single Family Condo, Co-op or Manufactured Hm2 $548,2504 $822,3755 97% / 105% 95% / 95% 6206 Per AUS Approval
Cash-Out Refinance All All Not Eligible Not Eligible Not Eligible
Purchase or Rate/Term Refinance or Construction to Perm Two-Unit $702,0004 $1,053,0005 95% /105% 85% / 95% 6206 Per AUS Approval
3 - 4 Units3 $848,5004 95% / 105% 700
Second Home All All All Not Eligible Not Eligible Not Eligible
Investment Property All All All Not Eligible Not Eligible Not Eligible
OCCUPANCY Primary Residence
LOAN PURPOSE1 Purchase or Rate/Term Refinance or Construction to Perm1
PROPERTY TYPE2,3 Single Family Condo, Co-op or Manufactured Hm2
LOAN AMOUNT4,5 $548,2504 | $822,3755
MAXIMUM LTV/CLTV 97% / 105%1 | 95% / 95%
MINIMUM FICO6 6206
MAXIMUM DTI Per AUS Approval
OCCUPANCY Primary Residence
LOAN PURPOSE1 Cash-Out Refinance
PROPERTY TYPE2,3 All
LOAN AMOUNT4,5 All
MAXIMUM LTV/CLTV Not Eligible
MINIMUM FICO6 Not Eligible
MAXIMUM DTI Not Eligible
OCCUPANCY Primary Residence
LOAN PURPOSE1 Purchase or Rate/Term Refinance or Construction to Perm
PROPERTY TYPE2,3 Two-Unit | 3 - 4 Units
LOAN AMOUNT4,5 $702,0004 | $848,5004 $1,053,0005
MAXIMUM LTV/CLTV 95% /105% | 95% /105% 85% / 95%
MINIMUM FICO6 6206 | 700
MAXIMUM DTI Per AUS Approval
OCCUPANCY Second Home
LOAN PURPOSE1 All
PROPERTY TYPE2,3 All
LOAN AMOUNT4,5 All
MAXIMUM LTV/CLTV Not Eligible
MINIMUM FICO6 Not Eligible
MAXIMUM DTI Not Eligible
OCCUPANCY Investment Property
LOAN PURPOSE1 All
PROPERTY TYPE2,3 All
LOAN AMOUNT4,5 All
MAXIMUM LTV/CLTV Not Eligible
MINIMUM FICO Not Eligible
MAXIMUM DTI Not Eligible
  1. 1Construction to Permanent excludes attached condos and co-ops
  2. 2Manufactured home:
    • a) Must meet requirements in Section 2.2.14; and
    • b) If > 95% LTV, then limited to Manufactured Home Advantage or CHOICEHome properties; and must be submitted to National MI for non-delegated underwriting review (ineligible for delegated underwriting).
  3. 3Minimum 6 months reserves (PITIA) for 3-4 units
  4. 4Maximum loan amounts for AK and HI are $822,375 (1 unit), $1,053,325 (2 units), and $1,272,750 (3-4 units)
  5. 5Available only for loan amounts eligible according to Fannie Mae high balance or Freddie Mac super conforming limits. For 2021, the GSEs have not established different high balance/super conforming amount for AK and HI. Refer to county specific loan limits to determine the maximum amount for a specific area.
  6. 6Minimum 700 FICO required if DTI > 45% for loans not using Rate GPS® (National MI’s granular pricing system)