Home
Lenders
Underwriting Guidelines & Checklists
Underwriting Resources

UNDERWRITING RESOURCES

Put National MI's TrueGuide® to work for you – and take the clear path to quickly closing more loans. Our expanded AUS and Non-AUS underwriting guidelines offer straightforward solutions.
Now it’s easier to keep your loans on track.
Underwriting Guidelines
Underwriting Guidelines Archive
AUS Matrix: Effective Dec. 18, 2021 Non-AUS Matrix: Effective Dec. 18, 2021
Select Loan Type Aus Conforming Loans Aus Conforming High Balance Loans Aus Affordable Lending

AUS CONFORMING LOANS

OCCUPANCY LOAN PURPOSE1,2 PROPERTY TYPE2,3 LOAN AMOUNT4 MAXIMUM LTV/CLTV5 MINIMUM FICO6 MAXIMUM DTI
Primary Residence Purchase or Rate/Term Refinance1 or Construction to Permanent2 Single Family Condo, Co-op or Manufactured Hm2, 3 $647,2004 97%/105%5 6206 Per AUS Approval
Cash-Out Refinance Single Family Condo or Co-op $647,2004 85%/85% 6206 Per AUS Approval
Purchase or Rate/Term Refinance or Construction to Permanent Two-Unit $828,7004 90%/90% 6206 Per AUS Approval
Second Home Purchase or Rate/Term Refinance or Construction to Permanent2 Single Family Condo, Co-op or Manufactured Hm2, 3 $647,2004 90%/90% 6206 Per AUS Approval
Investment Property Purchase or Rate/Term Refinance or Construction to Permanent2 Single Family Condo or Co-op2 $647,2004 85%/85% 6806 Per AUS Approval
OCCUPANCY Primary Residence
LOAN PURPOSE1,2 Purchase or Rate/Term Refinance1 or Construction to Permanent2
PROPERTY TYPE2,3 Single Family Condo, Co-op or Manufactured Hm2, 3
LOAN AMOUNT4 $647,2004
MAXIMUM LTV/CLTV5 97%/105%5
MINIMUM FICO6 6206
MAXIMUM DTI Per AUS Approval
OCCUPANCY Primary Residence
LOAN PURPOSE1,2 Cash-Out Refinance
PROPERTY TYPE2,3 Single Family Condo or Co-op
LOAN AMOUNT4 $647,2004
MAXIMUM LTV/CLTV5 85%/85%
MINIMUM FICO6 6206
MAXIMUM DTI Per AUS Approval
OCCUPANCY Primary Residence
LOAN PURPOSE1,2 Purchase or Rate/Term Refinance or Construction to Permanent
PROPERTY TYPE2,3 Two-Unit
LOAN AMOUNT4 $828,7004
MAXIMUM LTV/CLTV5 90%/90%
MINIMUM FICO6 6206
MAXIMUM DTI Per AUS Approval
OCCUPANCY Second Home
LOAN PURPOSE1,2 Purchase or Rate/Term Refinance or Construction to Permanent2
PROPERTY TYPE2,3 Single Family Condo, Co-op or Manufactured Hm2, 3
LOAN AMOUNT4 $647,2004
MAXIMUM LTV/CLTV5 90%/90%
MINIMUM FICO6 6206
MAXIMUM DTI Per AUS Approval
OCCUPANCY Investment Property
LOAN PURPOSE1,2 Purchase or Rate/Term Refinance or Construction to Permanent2
PROPERTY TYPE2,3 Single Family Condo or Co-op2
LOAN AMOUNT4 $647,2004
MAXIMUM LTV/CLTV5 85%/85%
MINIMUM FICO6 6806
MAXIMUM DTI Per AUS Approval
  1. 1 Rate/Term Refinance for 1-unit Primary Residence conforming loan amounts includes Fannie Mae RefiNow™ & 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.
  2. 2 Construction to Permanent excludes attached condos and co-ops
  3. 3 Manufactured homes:
    • 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 Ml for non-delegated underwriting review (ineligible for delegated underwriting).
  4. 4 Maximum loan amounts for AK and Hl are $970,800 (1 unit) and $1,243,050 (2 units)
  5. 5 For 1-unit Primary Residences with CLTVS > 97%, in addition to the first mortgage loan meeting the agency and National MI'S AUS overlay requirements, the subordinate financing must also meet the requirements of Fannie Mae's Community Seconds® or Freddie Mac's Affordable Seconds® program, as applicable
  6. 6 Representative FICO using middle/lower method is required for underwriting and pricing purposes.

AUS CONFORMING HIGH BALANCE LOANS

OCCUPANCY LOAN PURPOSE1 PROPERTY TYPE1,2 LOAN AMOUNT3 MAXIMUM LTV/CLTV MINIMUM FICO4 MAXIMUM DTI
Primary Residence Purchase or Rate/Term Refinance or Construction to Permanent1 Single Family Condo, Co-op or Manufactured Hm1, 2 $970,8003 95% 6204 Per AUS Approval
Cash-Out Refinance All All Not Eligible Not Eligible Not Eligible
Purchase or Rate/Term Refinance or Construction to Permanent Two-Unit $1,243,0503 85% 6204 Per AUS Approval
Second Home Purchase or Rate/Term Refinance or Construction to Permanent1 Single Family Condo or Co-op1 $970,8003 90% 6204 Per AUS Approval
Investment Property Purchase or Rate/Term Refinance or Construction to Permanent1 Single Family Condo, Co-op1 $970,8003 85% 6804 Per AUS Approval
OCCUPANCY Primary Residence
LOAN PURPOSE1 Purchase or Rate/Term Refinance or Construction to Permanent1
PROPERTY TYPE1,2 Single Family Condo, Co-op or Manufactured Hm 1, 2
LOAN AMOUNT3 $970,8003
MAXIMUM LTV/CLTV 95%
MINIMUM FICO4 6204
MAXIMUM DTI Per AUS Approval
OCCUPANCY Primary Residence
LOAN PURPOSE1 Cash-Out Refinance
PROPERTY TYPE1,2 All
LOAN AMOUNT3 All
MAXIMUM LTV/CLTV Not Eligible
MINIMUM FICO4 Not Eligible
MAXIMUM DTI Not Eligible
OCCUPANCY Primary Residence
LOAN PURPOSE1 Purchase or Rate/Term Refinance or Construction to Permanent
PROPERTY TYPE1,2 Two-Unit
LOAN AMOUNT3 $1,243,0503
MAXIMUM LTV/CLTV 85%
MINIMUM FICO4 6204
MAXIMUM DTI Per AUS Approval
OCCUPANCY Second Home
LOAN PURPOSE1 Purchase or Rate/Term Refinance or Construction to Permanent1
PROPERTY TYPE1,2 Single Family Condo or Co-op1
LOAN AMOUNT3 $970,8003
MAXIMUM LTV/CLTV 90%
MINIMUM FICO4 620 4
MAXIMUM DTI Per AUS Approval
OCCUPANCY Investment Property
LOAN PURPOSE1 Purchase or Rate/Term Refinance or Construction to Permanent1
PROPERTY TYPE1,2 Single Family Condo, Co-op 1
LOAN AMOUNT3 $970,8003
MAXIMUM LTV/CLTV 85%
MINIMUM FICO4 6804
MAXIMUM DTI Per AUS Approval
  1. 1 Construction to Permanent excludes attached condos and co-ops
  2. 2 Manufactured homes must meet requirements in Section 2.2.14
  3. 3 Available only for loan amounts eligible according to Fannie Mae high balance or Freddie Mac super conforming limits. For 2022, 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.
  4. 4 Representative FICO using middle/lower method is required for underwriting and pricing purposes.

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 Permanent1 Single Family Condo, Co-op or Manufactured Hm2 $647,2004 $970,8005 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 Permanent Two-Unit $828,7004 $1,243,0505 95% / 105% 85% / 95% 6206 Per AUS Approval
3 - 4 Units3 $1,001,6504 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 Permanent1
PROPERTY TYPE2,3 Single Family Condo, Co-op or Manufactured Hm2
LOAN AMOUNT4,5 $647,2004 | $970,8005
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 Permanent
PROPERTY TYPE2,3 Two-Unit | 3 - 4 Units
LOAN AMOUNT4,5 $828,7004     $1,243,0505 | $1,001,6504
MAXIMUM LTV/CLTV 95%/105%     85%/95% | 95%/105%
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. 1 Construction to Permanent excludes attached condos and co-ops
  2. 2 Manufactured 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. 3 Minimum 6 months reserves (PITIA) for 3-4 units
  4. 4 Maximum loan amounts for AK and HI are $970,800 (1 unit), $1,243,050 (2 units), and $1,502,475 (3-4 units)
  5. 5 Available only for loan amounts eligible according to Fannie Mae high balance or Freddie Mac super conforming limits. For 2022, 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. 6 Representative FICO using middle/lower method is required for underwriting and pricing purposes.

AUS Guidelines

Once a loan has been approved by Fannie Mae’s Desktop Underwriter® or Freddie Mac’s Loan Product Advisor®, just follow our simple AUS guidelines. Manual underwriting is no longer required.
  • Minimum credit score of 620 for primary residence and second homes
  • 97% LTV down to 620 credit score for primary residence purchase and rate/term refinances
  • Investment properties are eligible
  • No condo restrictions
  • No geographic restrictions
  • Gift funds allowed on primary residences & second homes

AUS Conforming Affordable

  • May be paired with Down Payment Assistance (DPA)
  • Up to 105% CLTV allowed per GSE guidelines
Desktop Underwriter® is a registered trademarks of Fannie Mae; Loan Product Advisor® is a service of Freddie Mac.
Please refer to National MI’s Underwriting Guidelines and Master Policy for a complete description of policies and requirements.