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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 Archive
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. 1 Construction to Permanent excludes attached condos and co-ops
  2. 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. 3 Maximum loan amounts for AK and Hl are $822,375 (1 unit) and $1,053,000 (2 units)
  4. 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. 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
  1. 1Construction to Permanent excludes attached condos and co-ops
  2. 2Manufactured homes must meet requirements in Section 2.2.14
  3. 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.
  4. 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
  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)

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.