Underwriting Guidelines Simplified with a few overlays

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Underwriting Guidelines

Underwriting Guidelines Archive

AUS Matrix: Effective April 21, 2023 Non-AUS Matrix: Effective April 21, 2023

Select Loan Type Aus Conforming Loans Aus Conforming High Balance Loans Aus Affordable Lending

AUS CONFORMING LOANS

OCCUPANCY	LOAN PURPOSE^1,2	PROPERTY TYPE^2,³	LOAN AMOUNT⁴	MAXIMUM LTV/CLTV⁵	MINIMUM FICO⁶	MAXIMUM DTI⁷
Primary Residence	Purchase or Rate/Term Refinance¹ or Construction to Permanent²	Single Family, Condo, Co-op or Manufactured Hm^{2, 3}	$726,200⁴	97%/105%⁵	620⁶	Per AUS Approval⁷
	Cash-Out Refinance	Single Family, Condo or Co-op	$726,200⁴	85%/85%	620⁶	Per AUS Approval⁷
	Purchase or Rate/Term Refinance or Construction to Permanent	Two-Unit	$929,850⁴	90%/90%	620⁶	Per AUS Approval⁷
Second Home	Purchase or Rate/Term Refinance or Construction to Permanent²	Single Family, Condo, Co-op or Manufactured Hm^{2, 3}	$726,200⁴	90%/90%	620⁶	Per AUS Approval⁷
Investment Property	Purchase or Rate/Term Refinance or Construction to Permanent²	Single Family, Condo or Co-op²	$726,200⁴	85%/85%	680⁶	Per AUS Approval⁷

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance¹ or Construction to Permanent²
PROPERTY TYPE^2,3	Single Family, Condo, Co-op or Manufactured Hm^{2, 3}
LOAN AMOUNT⁴	$726,200⁴
MAXIMUM LTV/CLTV⁵	97%/105%⁵
MINIMUM FICO⁶	620⁶
MAXIMUM DTI⁷	Per AUS Approval⁷

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Cash-Out Refinance
PROPERTY TYPE^2,3	Single Family, Condo or Co-op
LOAN AMOUNT⁴	$726,200⁴
MAXIMUM LTV/CLTV⁵	85%/85%
MINIMUM FICO⁶	620⁶
MAXIMUM DTI⁷	Per AUS Approval⁷

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance or Construction to Permanent
PROPERTY TYPE^2,3	Two-Unit
LOAN AMOUNT⁴	$929,850⁴
MAXIMUM LTV/CLTV⁵	90%/90%
MINIMUM FICO⁶	620⁶
MAXIMUM DTI⁷	Per AUS Approval⁷

OCCUPANCY	Second Home
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance or Construction to Permanent²
PROPERTY TYPE^2,3	Single Family, Condo, Co-op or Manufactured Hm^{2, 3}
LOAN AMOUNT⁴	$726,200⁴
MAXIMUM LTV/CLTV⁵	90%/90%
MINIMUM FICO⁶	620⁶
MAXIMUM DTI⁷	Per AUS Approval⁷

OCCUPANCY	Investment Property
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance or Construction to Permanent²
PROPERTY TYPE^2,3	Single Family, Condo or Co-op²
LOAN AMOUNT⁴	$726,200⁴
MAXIMUM LTV/CLTV⁵	85%/85%
MINIMUM FICO⁶	680⁶
MAXIMUM DTI⁷	Per AUS Approval⁷

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 Construction to Permanent excludes attached condos and co-ops
³ Manufactured homes:
- a) Must be multi-wide and meet requirements in Section 2.2.14; and
- b) If > 95% LTV, then limited to MH Advantage^® or CHOICEHome^® properties; and must be submitted to National Ml for non-delegated underwriting review (ineligible for delegated underwriting).
⁴ Maximum loan amounts for AK and Hl are $1,089,300 (1 unit) and $1,394,775 (2 units)
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 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
⁷ MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

AUS CONFORMING HIGH BALANCE LOANS

OCCUPANCY	LOAN PURPOSE¹	PROPERTY TYPE^1,²	LOAN AMOUNT³	MAXIMUM LTV/CLTV	MINIMUM FICO⁴	MAXIMUM DTI⁵
Primary Residence	Purchase or Rate/Term Refinance or Construction to Permanent¹	Single Family, Condo, Co-op or Manufactured Hm^{1, 2}	$1,089,300³	95%	620⁴	Per AUS Approval⁵
	Cash-Out Refinance	All	All	Not Eligible	Not Eligible	Not Eligible
	Purchase or Rate/Term Refinance or Construction to Permanent	Two-Unit	$1,394,775³	85%	620⁴	Per AUS Approval⁵
Second Home	Purchase or Rate/Term Refinance or Construction to Permanent¹	Single Family, Condo or Co-op¹	$1,089,300³	90%	620⁴	Per AUS Approval⁵
Investment Property	Purchase or Rate/Term Refinance or Construction to Permanent¹	Single Family, Condo, Co-op¹	$1,089,300³	85%	680⁴	Per AUS Approval⁵

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE^1,²	Single Family, Condo, Co-op or Manufactured Hm ^{1, 2}
LOAN AMOUNT³	$1,089,300³
MAXIMUM LTV/CLTV	95%
MINIMUM FICO⁴	620⁴
MAXIMUM DTI⁵	Per AUS Approval⁵

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Cash-Out Refinance
PROPERTY TYPE^1,²	All
LOAN AMOUNT³	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO⁴	Not Eligible
MAXIMUM DTI⁵	Not Eligible

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Purchase or Rate/Term Refinance or Construction to Permanent
PROPERTY TYPE^1,²	Two-Unit
LOAN AMOUNT³	$1,394,775³
MAXIMUM LTV/CLTV	85%
MINIMUM FICO⁴	620⁴
MAXIMUM DTI⁵	Per AUS Approval⁵

OCCUPANCY	Second Home
LOAN PURPOSE¹	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE^1,²	Single Family, Condo or Co-op¹
LOAN AMOUNT³	$1,089,300³
MAXIMUM LTV/CLTV	90%
MINIMUM FICO⁴	620⁴
MAXIMUM DTI⁵	Per AUS Approval⁵

OCCUPANCY	Investment Property
LOAN PURPOSE¹	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE^1,²	Single Family, Condo, Co-op ¹
LOAN AMOUNT³	$1,089,300³
MAXIMUM LTV/CLTV	85%
MINIMUM FICO⁴	680⁴
MAXIMUM DTI⁵	Per AUS Approval⁵

¹Construction to Permanent excludes attached condos and co-ops
²Manufactured homes must be multi-wide and 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 2023, 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.
⁴Representative FICO using middle/lower method is required for underwriting and pricing purposes.
⁵MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

AUS AFFORDABLE LENDING

OCCUPANCY	LOAN PURPOSE¹	PROPERTY TYPE^2,³	LOAN AMOUNT^4,⁵	MAXIMUM LTV/CLTV	MINIMUM FICO⁶	MAXIMUM DTI⁷
Primary Residence	Purchase or Rate/Term Refinance or Construction to Permanent¹	Single Family, Condo, Co-op or Manufactured Hm²	$726,200⁴ $1,089,300⁵	97% / 105% 95% / 105%95% / 95%	No FICO Score⁷620⁶No FICO Score⁷	Per AUS Approval⁷
	Cash-Out Refinance	All	All	Not Eligible	Not Eligible	Not Eligible
	Purchase or Rate/Term Refinance or Construction to Permanent	Two-Unit	$929,850⁴ $1,394,775⁵	95% / 105% 85% / 95%	620⁶	Per AUS Approval⁷
		3 - 4 Units³	$1,123,900⁴	95% / 105%	700	Per AUS Approval⁷
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 TYPE^2,³	Single Family, Condo, Co-op or Manufactured Hm²
LOAN AMOUNT^4,⁵	$726,200⁴ \| $1,089,300⁵
MAXIMUM LTV/CLTV	97% / 105%¹ \| 95% / 95%
MINIMUM FICO⁶	620⁶
MAXIMUM DTI⁷	Per AUS Approval⁷

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Cash-Out Refinance
PROPERTY TYPE^2,³	All
LOAN AMOUNT^4,⁵	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO⁶	Not Eligible
MAXIMUM DTI⁷	Not Eligible

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Purchase or Rate/Term Refinance or Construction to Permanent
PROPERTY TYPE^2,³	Two-Unit \| 3 - 4 Units
LOAN AMOUNT^4,⁵	$929,850⁴ $1,394,775⁵ \| $1,123,900⁴
MAXIMUM LTV/CLTV	95%/105% 85%/95% \| 95%/105%
MINIMUM FICO⁶	620⁶ \| 700
MAXIMUM DTI⁷	Per AUS Approval⁷

OCCUPANCY	Second Home
LOAN PURPOSE¹	All
PROPERTY TYPE^2,³	All
LOAN AMOUNT^4,⁵	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO⁶	Not Eligible
MAXIMUM DTI⁷	Not Eligible

OCCUPANCY	Investment Property
LOAN PURPOSE¹	All
PROPERTY TYPE^2,³	All
LOAN AMOUNT^4,⁵	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO	Not Eligible
MAXIMUM DTI⁷	Not Eligible

¹Construction to Permanent excludes attached condos and co-ops
²Manufactured home:
- a) May be single or multi-wide and must meet requirements in Section 2.2.14; and
- b) If > 95% LTV, then limited to MH Advantage^® or CHOICEHome^® properties; and must be submitted to National MI for non-delegated underwriting review (ineligible for delegated underwriting).
³ Minimum 6 months reserves (PITIA) for 3-4 units
⁴Maximum loan amounts for AK and HI are $1,089,300 (1 unit), $1,394,775 (2 units), and $1,685,850 (3-4 units)
⁵Available only for loan amounts eligible according to Fannie Mae high balance or Freddie Mac super conforming limits. For 2023, 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.
⁶Representative FICO using middle/lower method is required for underwriting and pricing purposes. If no borrower has a GSE-eligible FICO score, the respective GSE's requirements for non-traditional credit must be satisfied.
⁷MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

Select Loan Type Non-Aus Conforming Loans Non-Aus Jumbo Loans Non-Aus Affordable Lending

NON-AUS CONFORMING LOANS

OCCUPANCY	LOAN PURPOSE^1,2	PROPERTY TYPE^2,³	LOAN AMOUNT⁴	MAXIMUM LTV/CLTV	MINIMUM FICO⁵	MAXIMUM DTI⁶
Primary Residence	Purchase or Rate/Term Refinance¹ or Construction to Permanent²	Single Family, Condo or Co-op²	$726,200	97%	620⁵	45%⁶
		Single Family, Condo or Co-op²	$1,089,300⁴	95%	660⁵	45%⁶
		Manufactured Hm³	$726,200⁴	90%	640⁵	45%⁶
	Cash-Out Refinance	Single Family, Condo or Co-op	$726,200	85%	680⁵	45%⁶
	Purchase or Rate/Term Refinance or Construction to Permanent	Two-Unit	$929,850⁴ $1,394,775⁴	95% 85%	680⁵	45%⁶
	Purchase or Rate/Term Refinance	3 - 4 Units²	$1,123,900⁴	90%	720⁵	45%⁶
Second Home	Purchase or Rate/Term Refinance or Construction to Permanent²	Single Family, Condo, Co-op or Manufactured Hm^2,3	$726,200	90%	680⁵	45%⁶
Investment Property	Purchase or Rate/Term Refinance or Construction to Permanent²	Single Family, Condo or Co-op²	$726,200	85%	720⁵	45%⁶

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance¹ or Construction to Permanent²
PROPERTY TYPE^2,³	Single Family, Condo or Co-op²
LOAN AMOUNT⁴	$726,200
MAXIMUM LTV/CLTV	97%
MINIMUM FICO⁵	620⁵
MAXIMUM DTI⁶	45%⁶

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance¹ or Construction to Permanent²
PROPERTY TYPE^2,³	Single Family, Condo or Co-op²
LOAN AMOUNT⁴	$1,089,300⁴
MAXIMUM LTV/CLTV	95%
MINIMUM FICO⁵	660⁵
MAXIMUM DTI⁶	45%⁶

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance¹ or Construction to Permanent²
PROPERTY TYPE^2,³	Manufactured Hm³
LOAN AMOUNT⁴	$726,200⁴
MAXIMUM LTV/CLTV	90%
MINIMUM FICO⁵	640⁵
MAXIMUM DTI⁶	45%⁶

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Cash-Out Refinance
PROPERTY TYPE^2,³	Single Family, Condo or Co-op
LOAN AMOUNT⁴	$726,200
MAXIMUM LTV/CLTV	85%
MINIMUM FICO⁵	680⁵
MAXIMUM DTI⁶	45%⁶

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance or Construction to Permanent
PROPERTY TYPE^2,³	Two-Unit
LOAN AMOUNT⁴	$929,850⁴ \| $1,394,775⁴
MAXIMUM LTV/CLTV	95% \| 85%
MINIMUM FICO⁵	680⁵
MAXIMUM DTI⁶	45%⁶

OCCUPANCY	Primary Residence
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance
PROPERTY TYPE^2,³	3 - 4 Units²
LOAN AMOUNT⁴	$1,123,900⁴
MAXIMUM LTV/CLTV	90%
MINIMUM FICO⁵	720⁵
MAXIMUM DTI⁶	45%⁶

OCCUPANCY	Second Home
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance or Construction to Permanent²
PROPERTY TYPE^2,3	Single Family, Condo, Co-op or Manufactured Hm^2,3
LOAN AMOUNT⁴	$726,200
MAXIMUM LTV/CLTV	90%
MINIMUM FICO⁵	680⁵
MAXIMUM DTI⁶	45%⁶

OCCUPANCY	Investment Property
LOAN PURPOSE^1,2	Purchase or Rate/Term Refinance or Construction to Permanent²
PROPERTY TYPE^2,3	Single Family, Condo or Co-op²
LOAN AMOUNT⁴	$726,200
MAXIMUM LTV/CLTV	85%
MINIMUM FICO⁵	720⁵
MAXIMUM DTI⁶	45%⁶

¹Rate/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.
²Construction to Permanent: (a) Excludes attached condos and co-ops; and (b) 3-4 units are ineligible
³Manufactured homes must be multi-wide and meet requirements in Section 3.6.1.7; and for Renovation Loans, Section 3.4.6
⁴Maximum loan amounts for AK and HI are $1,089,300 (1 unit), $1,394,775 (2 units) and $1,685,850 (3-4 units)
1 Unit: $1,089,300 denotes where FHFA High Balance maximums apply - loan amount may not exceed the applicable FHFA maximum. Manufactured home maximum is $726,200.
2 Units: $1,394,775 denotes where FHFA High Balance maximums apply
3-4 Units: FHFA High Balance Maximums do not apply.
⁵Representative FICO using middle/lower method is required for underwriting and pricing purposes.
⁶MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

NON-AUS JUMBO LOANS

OCCUPANCY	LOAN PURPOSE¹	PROPERTY TYPE	LOAN AMOUNT²	MAXIMUM LTV/CLTV	MINIMUM FICO³	MAXIMUM DTI⁴
Primary Residence	Purchase or Rate/Term Refinance or Construction to Permanent¹	Single Family, Condo or Co-op¹	$1,050,000²	95%	680³	45%⁴
			$850,000 $1,050,000 $1,500,000	90%	660³ 680³ 720³	45%⁴
			$1,775,000	85%	720³	45%⁴
			$2,000,000	85%	740³	45%⁴
	Cash-Out Refinance	All	All	Not Eligible	Not Eligible	Not Eligible
	All	Two-Unit 3-4 Units	All	Not Eligible	Not Eligible	Not Eligible
Second Home	Purchase or Rate/Term Refinance or Construction to Permanent¹	Single Family, Condo or Co-op¹	$850,000 $1,050,000	90%	700³ 720³	45%⁴
Investment Property	All	All	All	Not Eligible	Not Eligible	Not Eligible
All	All	Manufactured Homes	All	Not Eligible	Not Eligible	Not Eligible

OCCUPANCY	Primary Residence
LOAN PURPOSE	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE	Single Family, Condo or Co-op¹
LOAN AMOUNT	$1,050,000²
MAXIMUM LTV/CLTV	95%
MINIMUM FICO	680³
MAXIMUM DTI⁴	45%⁴

OCCUPANCY	Primary Residence
LOAN PURPOSE	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE	Single Family, Condo or Co-op¹
LOAN AMOUNT	$850,000 $1,050,000 $1,500,000
MAXIMUM LTV/CLTV	90%
MINIMUM FICO	660³ 680³ 720³
MAXIMUM DTI⁴	45%⁴

OCCUPANCY	Primary Residence
LOAN PURPOSE	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE	Single Family, Condo or Co-op¹
LOAN AMOUNT	$1,775,000
MAXIMUM LTV/CLTV	85%
MINIMUM FICO	720³
MAXIMUM DTI⁴	45%⁴

OCCUPANCY	Primary Residence
LOAN PURPOSE	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE	Single Family, Condo or Co-op¹
LOAN AMOUNT	$2,000,000
MAXIMUM LTV/CLTV	85%
MINIMUM FICO	740³
MAXIMUM DTI⁴	45%⁴

OCCUPANCY	Primary Residence
LOAN PURPOSE	Cash-Out Refinance
PROPERTY TYPE	All
LOAN AMOUNT	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO	Not Eligible
MAXIMUM DTI⁴	Not Eligible

OCCUPANCY	Primary Residence
LOAN PURPOSE	All
PROPERTY TYPE	Two-Unit 3-4 Units
LOAN AMOUNT	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO	Not Eligible
MAXIMUM DTI⁴	Not Eligible

OCCUPANCY	Second Home
LOAN PURPOSE	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE	Single Family, Condo or Co-op¹
LOAN AMOUNT	$850,000 $1,050,000
MAXIMUM LTV/CLTV	90%
MINIMUM FICO	700³ 720³
MAXIMUM DTI⁴	45%⁴

OCCUPANCY	Investment Property
LOAN PURPOSE	All
PROPERTY TYPE	All
LOAN AMOUNT	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO	Not Eligible
MAXIMUM DTI⁴	Not Eligible

OCCUPANCY	All
LOAN PURPOSE	All
PROPERTY TYPE	Manufactured Homes
LOAN AMOUNT	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO	Not Eligible
MAXIMUM DTI⁴	Not Eligible

¹Construction to Permanent excludes attached condos and co-ops
²Maximum Loan Amount for AK and Hl is $1,350,000 (at 95% LTV)
³Representative FICO using middle/lower method is required for underwriting and pricing purposes.
⁴MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

NON-AUS AFFORDABLE LENDING

OCCUPANCY	LOAN PURPOSE¹	PROPERTY TYPE^1,²	LOAN AMOUNT³	MAXIMUM LTV/CLTV	MINIMUM FICO⁴	MAXIMUM DTI⁵
Primary Residence	Purchase or Rate/Term Refinance or Construction to Permanent¹	Single Family, Condo or Co-op¹	$726,200³ $726,200³	97%/105% 95%/105%	620⁴ Non-Traditional Credit	45%⁵
		Manufactured hm^1,2	$726,200³ $726,200³	90%/105% 90%/105%	640⁴ Non-Traditional Credit	45%⁵
	Cash-Out Refinance	All	All	Not Eligible	Not Eligible	Not Eligible
	Purchase or Rate/Term Refinance or Construction to Permanent¹	Two-Unit	$929,850³	95%/105%	680⁴	45%⁵
	Purchase or Rate/Term Refinance	3 - 4 Units¹	$1,123,900³	90%/105%	720⁴	45%⁵
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 TYPE^1,²	Single Family, Condo or Co-op¹
LOAN AMOUNT³	$726,200³
MAXIMUM LTV/CLTV	97%/105%
MINIMUM FICO⁴	620⁴
MAXIMUM DTI⁵	45%⁵

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE^1,²	Manufactured hm^1,2
LOAN AMOUNT³	$726,200³
MAXIMUM LTV/CLTV	90%/105%
MINIMUM FICO⁴	640⁴
MAXIMUM DTI⁵	45%⁵

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Cash-Out Refinance
PROPERTY TYPE^1,²	All
LOAN AMOUNT³	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO⁴	Not Eligible
MAXIMUM DTI⁵	Not Eligible

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Purchase or Rate/Term Refinance or Construction to Permanent¹
PROPERTY TYPE^1,²	Two-Unit
LOAN AMOUNT³	$929,850³
MAXIMUM LTV/CLTV	95%/105%
MINIMUM FICO⁴	680⁴
MAXIMUM DTI⁵	45%⁵

OCCUPANCY	Primary Residence
LOAN PURPOSE¹	Purchase or Rate/Term Refinance
PROPERTY TYPE^1,²	3 - 4 Units¹
LOAN AMOUNT³	$1,123,900³
MAXIMUM LTV/CLTV	90% / 105%
MINIMUM FICO⁴	720⁴
MAXIMUM DTI⁵	45%⁵

OCCUPANCY	Second Home
LOAN PURPOSE¹	All
PROPERTY TYPE^1,²	All
LOAN AMOUNT³	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO⁴	Not Eligible
MAXIMUM DTI⁵	Not Eligible

OCCUPANCY	Investment Property
LOAN PURPOSE¹	All
PROPERTY TYPE^1,²	All
LOAN AMOUNT³	All
MAXIMUM LTV/CLTV	Not Eligible
MINIMUM FICO⁴	Not Eligible
MAXIMUM DTI⁵	Not Eligible

¹Construction to Permanent: (a) Excludes attached condos and co-ops; and (b) 3-4 units are ineligible
²Manufactured homes must be multi-wide and meet requirements in Section 3.6.1.7; and for Renovation Loans, Section 3.4.6
³Maximum loan amounts for AK and HI are $1,089,300 (1 unit), $1,394,775 (2 units) and $1,685,850 (3-4 units)
⁴Representative FICO using middle/lower method is required for underwriting and pricing purposes.
⁵MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes. A non-traditional credit loan is when one or more have non-traditional credit. Refer to Section 3.4.7 for additional requirements.

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.

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