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Portfolio Edge Purchase/Rate Term Refi & Seconds

Purchase/Rate Term Refi & Seconds

PURCHASE/RATE TERM REFI & SECONDS/INVESTMENT PROP. Loan Programs


  • Primary Residence / Second Home / Investment Property
  • Credit score down to 620 for Primary (680 for Second Home; 720 for Investment Property)
  • No income limits or census tract restrictions on 97% LTV

NON-AUS CONFORMING LOANS

 
NON AUS GUIDELINE SUMMARY – CONFORMING LOANS

Loans that are not originated in accordance with one of National MI’s “AUS Plus Overlays” programs must meet the following underwriting rules and be originated in accordance with National MI’s Standard Underwriting Guidelines:
  • - Full income documentation is required (Paystub + W2s; 2 Years Tax Returns; and/or standard requirements as applicable)1.
  • - DU® Approve/Ineligible or LPA® Accept/Ineligible loans which meet the requirements in this matrix and are otherwise eligible in accordance with Section 3.0 guidelines may follow the AUS documentation requirements for income, assets, and employment.
  • - Minimum reserves (unless indicated differently in Section 3.5.3.5):
 
# UNITS OCCUPANCY LOAN PURPOSE # MONTHS RESERVES
1-unit Primary Rate/Term Refinance with lower payments 0
Primary Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances 2
2-unit Primary All Eligible 6
3-4-unit Primary All Eligible 6
1-unit 2nd Home or Investment Property All Eligible 6
# UNITS 1-unit
OCCUPANCY Primary
LOAN PURPOSE Rate/Term Refinance with lower payments | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances
# MONTHS RESERVES 0 | 2
# UNITS 2-unit
OCCUPANCY Primary
LOAN PURPOSE All Eligible
# MONTHS RESERVES 6
# UNITS 3-4 unit
OCCUPANCY Primary
LOAN PURPOSE All Eligible
# MONTHS RESERVES 6
# UNITS 1-unit
OCCUPANCY 2nd Home or Investment Property
LOAN PURPOSE All Eligible
# MONTHS RESERVES 6
 
  • - ARM maximum LTV/CLTV 95%, minimum initial fixed term 1 year (5 years for Investment Property) (see Section 3.1.4).
  • - ARM cash-out refinance ineligible for insurance (see Section 3.1.4).
  • - Minimum occupant borrower’s own funds is 5% for 2-4 units and 3% for 1-unit ( except for 1 unit only gifts/grants apply toward the 3% if Primary residence with no secondary financing and either: (i) 3% verified in occupant borrower’s asset accounts, or (ii) occupant borrower has minimum 720 FICO) (see Section 3.5.3.1).
  • - Non-occupants are not considered when determining qualifying DTI.
  • - New secondary financing is not permitted.
  • - Exterior only appraisals or evaluations; appraisal waivers, AVMs, or BPOs are not permitted.
  • - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
    •  
    OCCUPANCY LOAN PURPOSE2,3 PROPERTY TYPE3,4 LOAN AMOUNT5 MAXIMUM LTV/CLTV MINIMUM FICO6 MAXIMUM DTI7
    Primary Residence Purchase or Rate/Term Refinance2 or Construction to Permanent3 Single Family, Condo or
    Co-op3    		 $766,550 97% 6206 45%7
    Single Family, Condo or
    Co-op3    		 $1,149,8255 95% 6606 45%7
    Manufactured Hm4 $766,5505 90% 6406 45%7
    Cash-Out Refinance Single Family, Condo or
    Co-op    		 $766,550 85% 6806 45%7
    Purchase or Rate/Term Refinance or Construction to Permanent Two-Unit $981,5005 $1,472,2505 95% 85% 6806 45%7
    Purchase or Rate/Term Refinance Three-Unit3 $1,186,3505 90% 7206 45%7
    Four-Unit3 $1,474,4005
    Second Home Purchase or Rate/Term Refinance or Construction to Permanent3 Single Family, Condo,
    Co-op or Manufactured Hm3,4    		 $766,550 90% 6806 45%7
    Investment Property Purchase or Rate/Term Refinance or Construction to Permanent3 Single Family, Condo or
    Co-op3    		 $766,550 85% 7206 45%7
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance2 or Construction to Permanent3
    PROPERTY TYPE3,4 Single Family, Condo or Co-op3
    LOAN AMOUNT5 $766,550
    MAXIMUM LTV/CLTV 97%
    MINIMUM FICO6 6206
    MAXIMUM DTI7 45%7
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance2 or Construction to Permanent3
    PROPERTY TYPE3,4 Single Family, Condo or Co-op3
    LOAN AMOUNT5 $1,149,8255
    MAXIMUM LTV/CLTV 95%
    MINIMUM FICO6 6606
    MAXIMUM DTI7 45%7
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance2 or Construction to Permanent3
    PROPERTY TYPE3,4 Manufactured Hm4
    LOAN AMOUNT5 $766,5505
    MAXIMUM LTV/CLTV 90%
    MINIMUM FICO6 6406
    MAXIMUM DTI7 45%7
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Cash-Out Refinance
    PROPERTY TYPE3,4 Single Family, Condo or Co-op
    LOAN AMOUNT5 $766,550
    MAXIMUM LTV/CLTV 85%
    MINIMUM FICO6 6806
    MAXIMUM DTI7 45%7
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance or Construction to Permanent
    PROPERTY TYPE3,4 Two-Unit
    LOAN AMOUNT5 $981,5005 | $1,472,2505
    MAXIMUM LTV/CLTV 95% | 85%
    MINIMUM FICO6 6806
    MAXIMUM DTI7 45%7
    OCCUPANCY Primary Residence
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance
    PROPERTY TYPE3,4 Three-Unit3 | Four-Unit3
    LOAN AMOUNT5 $1,186,3505 | $1,474,4005
    MAXIMUM LTV/CLTV 90%
    MINIMUM FICO6 7206
    MAXIMUM DTI7 45%7
    OCCUPANCY Second Home
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance or Construction to Permanent3
    PROPERTY TYPE3,4 Single Family, Condo, Co-op or Manufactured Hm3,4
    LOAN AMOUNT5 $766,550
    MAXIMUM LTV/CLTV 90%
    MINIMUM FICO6 6806
    MAXIMUM DTI7 45%7
    OCCUPANCY Investment Property
    LOAN PURPOSE2,3 Purchase or Rate/Term Refinance or Construction to Permanent3
    PROPERTY TYPE3,4 Single Family, Condo or Co-op3
    LOAN AMOUNT5 $766,550
    MAXIMUM LTV/CLTV 85%
    MINIMUM FICO6 7206
    MAXIMUM DTI7 45%7
    1. 1 Refer to Section 3.5.1 of the TrueGuide® for details on documentation for specific types of income.
    2. 2 Rate/Term Refinance for 1-unit Primary Residence conforming loan amounts includes Fannie Mae RefiNow™ and Freddie Mac Refi Possible℠ loans (regardless of current mortgage insurer), provided the loan complies with the eligibility criteria within this matrix and otherwise complies with the applicable GSE requirements.
    3. 3 Construction to Permanent: (a) Excludes attached condos and co-ops; and (b) 3-4 units are ineligible.
    4. 4 Manufactured homes must be multi-wide and meet requirements in Section 3.6.1.7; and for Renovation Loans, Section 3.4.6.
    5. 5 Maximum loan amounts for AK and HI are $1,149,825 (1-unit), $1,472,250 (2-unit), $1,779,525 (3-unit), and $2,211,600 (4-unit).
      • 1-Unit: $1,149,825 denotes where FHFA High Balance maximums apply - the loan amount may not exceed the applicable FHFA maximum. Manufactured home maximum is $766,550.
      • 2-Unit: $1,472,250 denotes where FHFA High Balance maximums apply.
      • 3-4 Units: FHFA High Balance Maximums do not apply.
    6. 6 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
    7. 7 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

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