Underwriting Guidelines Archive
- Full Underwriting Guidelines Manual – TrueGuide 1.0 Effective 2013-04-03
- Full Underwriting Guidelines Manual – TrueGuide 1.1 Effective 2013-04-22
- Full Underwriting Guidelines Manual – TrueGuide 1.2 Effective 2013-05-03
- Full Underwriting Guidelines Manual – TrueGuide 1.3 Effective 2013-06-01
- Full Underwriting Guidelines Manual – TrueGuide 1.4 Effective 2013-09-15
- Full Underwriting Guidelines Manual – TrueGuide 1.5 Effective 2014-01-27
- Full Underwriting Guidelines Manual – TrueGuide 1.6 Effective 2014-03-17
- Full Underwriting Guidelines Manual – TrueGuide 1.7 Effective 2014-05-05
- Full Underwriting Guidelines Manual – TrueGuide 1.8 Effective 2014-09-15
- Full Underwriting Guidelines Manual – TrueGuide 1.9 Effective 2015-03-23
- Full Underwriting Guidelines Manual – TrueGuide 2.0 Effective 2015-05-11
- Full Underwriting Guidelines Manual – TrueGuide 2.1 Effective 2015-07-20
- Full Underwriting Guidelines Manual – TrueGuide 2.2 Effective 2015-08-27
- Full Underwriting Guidelines Manual – TrueGuide 2.3 Effective 2015-12-07
- Full Underwriting Guidelines Manual – TrueGuide 2.4 Effective 2016-04-04
- Full Underwriting Guidelines Manual – TrueGuide 2.5 Effective 2016-08-22
- Full Underwriting Guidelines Manual – TrueGuide 2.6 Effective 2016-11-07
- Full Underwriting Guidelines Manual – TrueGuide 2.7 Effective 2016-12-10
- Full Underwriting Guidelines Manual – TrueGuide 2.8 Effective 2017-05-15
- Full Underwriting Guidelines Manual – TrueGuide 2.9 Effective 2017-07-01
- Full Underwriting Guidelines Manual – TrueGuide 3.0 Effective 2017-08-22
- Full Underwriting Guidelines Manual – TrueGuide 3.1 Effective 2017-08-28
- Full Underwriting Guidelines Manual – TrueGuide 3.2 Effective 2017-11-06
- Full Underwriting Guidelines Manual – TrueGuide 3.3 Effective 2017-12-21
- Full Underwriting Guidelines Manual – TrueGuide 3.4 Effective 2018-01-24
- Full Underwriting Guidelines Manual – TrueGuide 3.5 Effective 2018-03-24
- Full Underwriting Guidelines Manual – TrueGuide 3.6 Effective 2018-07-06
- Full Underwriting Guidelines Manual – TrueGuide 3.8 Effective 2019-01-01
- Full Underwriting Guidelines Manual – TrueGuide 3.9 Effective 2019-08-09
- Full Underwriting Guidelines Manual – TrueGuide 4.0 Effective 2020-01-01
- Full Underwriting Guidelines Manual – TrueGuide 4.1 Effective 2020-03-01
- Full Underwriting Guidelines Manual – TrueGuide 4.2 Effective 2020-07-10
Select Loan Type
Aus Conforming Loans
Aus Conforming High Balance Loans
Aus Affordable Lending
AUS CONFORMING LOANS
| OCCUPANCY | LOAN PURPOSE1 | PROPERTY TYPE1,2 | LOAN AMOUNT3 | MAXIMUM LTV/CLTV4 | MINIMUM FICO5 | MAXIMUM DTI |
|---|---|---|---|---|---|---|
| Primary Residence | Purchase or Rate/Term Refinance or Construction to Perm1 | Single Family Condo, Co-op or Manufactured Hm1, 2 | $548,2503 | 97%/105%4 | 6205 | Per AUS Approval |
| Cash-Out Refinance | Single Family Condo or Co-op | $548,2503 | 85%/85% | 6205 | Per AUS Approval | |
| Purchase or Rate/Term Refinance or Construction to Perm | Two-Unit | $702,0003 | 90%/90% | 6205 | Per AUS Approval | |
| Second Home | Purchase or Rate/Term Refinance or Construction to Perm1 | Single Family Condo, Co-op or Manufactured Hm1, 2 | $548,2503 | 90%/90% | 6205 | Per AUS Approval |
| Investment Property | Purchase or Rate/Term Refinance or Construction to Perm1 | Single Family Condo or Co-op1 | $548,2503 | 85%/85% | 6805 | Per AUS Approval |
| OCCUPANCY | Primary Residence |
|---|---|
| LOAN PURPOSE1 | Purchase or Rate/Term Refinance or Construction to Perm1 |
| PROPERTY TYPE1,2 | Single Family Condo, Co-op or Manufactured Hm1, 2 |
| LOAN AMOUNT3 | $548,2503 |
| MAXIMUM LTV/CLTV4 | 97%/105%4 |
| MINIMUM FICO5 | 6205 |
| MAXIMUM DTI | Per AUS Approval |
| OCCUPANCY | Primary Residence |
|---|---|
| LOAN PURPOSE1 | Cash-Out Refinance |
| PROPERTY TYPE1,2 | Single Family Condo or Co-op |
| LOAN AMOUNT3 | $548,2503 |
| MAXIMUM LTV/CLTV4 | 85%/85% |
| MINIMUM FICO5 | 6205 |
| MAXIMUM DTI | Per AUS Approval |
| OCCUPANCY | Primary Residence |
|---|---|
| LOAN PURPOSE1 | Purchase or Rate/Term Refinance or Construction to Perm1 |
| PROPERTY TYPE1,2 | Two-Unit |
| LOAN AMOUNT3 | $702,0003 |
| MAXIMUM LTV/CLTV4 | 90%/90% |
| MINIMUM FICO5 | 6205 |
| MAXIMUM DTI | Per AUS Approval |
| OCCUPANCY | Second Home |
|---|---|
| LOAN PURPOSE1 | Purchase or Rate/Term Refinance or Construction to Perm1 |
| PROPERTY TYPE1,2 | Single Family Condo, Co-op or Manufactured Hm1, 2 |
| LOAN AMOUNT3 | $548,2503 |
| MAXIMUM LTV/CLTV4 | 90%/90% |
| MINIMUM FICO5 | 6205 |
| MAXIMUM DTI | Per AUS Approval |
| OCCUPANCY | Investment Property |
|---|---|
| LOAN PURPOSE1 | Purchase or Rate/Term Refinance or Construction to Perm1 |
| PROPERTY TYPE1,2 | Single Family Condo or Co-op1 |
| LOAN AMOUNT3 | $548,2503 |
| MAXIMUM LTV/CLTV4 | 85%/85% |
| MINIMUM FICO5 | 6805 |
| MAXIMUM DTI | Per AUS Approval |
- 1 Construction to Permanent excludes attached condos and co-ops
- 2 Manufactured homes:
- a) Must meet requirements in Section 2.2.14; and
- b) If > 95% LTV, then Limited to Manufactured Home Advantage or CHOICE Home properties, and must be submitted to National Ml for non-delegated underwriting review (ineligible for delegated underwriting).
- 3 Maximum loan amounts for AK and Hl are $822,375 (1 unit) and $1,053,000 (2 units)
- 4 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
- 5 Minimum 700 FICO required if DTI > 45% for loans not using Rate GPS® National MI's granular pricing system)
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 Perm1 | Single Family Condo, Co-op or Manufactured Hm 1, 2 | $822,3753 | 95% | 620 4 | 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 | $1,053,000 3 | 85% | 620 4 | Per AUS Approval | |
| Second Home | Purchase or Rate/Term Refinance or Construction to Perm1 | Single Family Condo or Co-op 1 | $822,375 3 | 90% | 620 4 | Per AUS Approval |
| Investment Property | Purchase or Rate/Term Refinance or Construction to Perm1 | Single Family Condo, Co-op 1 | $822,375 3 | 85% | 680 4 | Per AUS Approval |
| OCCUPANCY | Primary Residence |
|---|---|
| LOAN PURPOSE1 | Purchase or Rate/Term Refinance or Construction to Perm1 |
| PROPERTY TYPE1,2 | Single Family Condo, Co-op or Manufactured Hm 1, 2 |
| LOAN AMOUNT3 | $822,3753 |
| MAXIMUM LTV/CLTV | 95% |
| MINIMUM FICO4 | 620 4 |
| 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 Perm |
| PROPERTY TYPE1,2 | Two-Unit |
| LOAN AMOUNT3 | $1,053,000 3 |
| MAXIMUM LTV/CLTV | 85% |
| MINIMUM FICO4 | 620 4 |
| MAXIMUM DTI | Per AUS Approval |
| OCCUPANCY | Second Home |
|---|---|
| LOAN PURPOSE1 | Purchase or Rate/Term Refinance or Construction to Perm1 |
| PROPERTY TYPE1,2 | Single Family Condo or Co-op1 |
| LOAN AMOUNT3 | $822,375 3 |
| 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 Perm1 |
| PROPERTY TYPE1,2 | Single Family Condo, Co-op 1 |
| LOAN AMOUNT3 | $822,375 3 |
| MAXIMUM LTV/CLTV | 85% |
| MINIMUM FICO4 | 680 4 |
| MAXIMUM DTI | Per AUS Approval |
- 1Construction to Permanent excludes attached condos and co-ops
- 2Manufactured homes must meet requirements in Section 2.2.14
- 3Available 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.
- 4Minimum 700 FICO required if DTI > 45% for loans not using Rate GPS® (National MI’s granular pricing system)
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 | $848,500 | 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 |
- 1Construction to Permanent excludes attached condos and co-ops
- 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).
- 3Minimum 6 months reserves (PITIA) for 3-4 units
- 4Maximum loan amounts for AK and HI are $822,375 (1 unit), $1,053,325 (2 units), and $1,272,750 (3-4 units)
- 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.
- 6Minimum 700 FICO required if DTI > 45% for loans not using Rate GPS® (National MI’s granular pricing system)
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.