Underwriting Guidelines Archive
- Full Underwriting Guidelines Manual – TrueGuide 4.5 Effective 2021-12-18
- Full Underwriting Guidelines Manual – TrueGuide 4.4 Effective 2021-06-01
- Full Underwriting Guidelines Manual – TrueGuide 4.3 Effective 2021-01-01
- Full Underwriting Guidelines Manual – TrueGuide 4.2 Effective 2020-07-10
- Full Underwriting Guidelines Manual – TrueGuide 4.1 Effective 2020-03-01
- Full Underwriting Guidelines Manual – TrueGuide 4.0 Effective 2020-01-01
- Full Underwriting Guidelines Manual – TrueGuide 3.9 Effective 2019-08-09
- Full Underwriting Guidelines Manual – TrueGuide 3.8 Effective 2019-01-01
- Full Underwriting Guidelines Manual – TrueGuide 3.7 Effective 2018-11-01
- Full Underwriting Guidelines Manual – TrueGuide 3.6 Effective 2018-07-06
- Full Underwriting Guidelines Manual – TrueGuide 3.5 Effective 2018-03-24
- Full Underwriting Guidelines Manual – TrueGuide 3.4 Effective 2018-01-24
- Full Underwriting Guidelines Manual – TrueGuide 3.3 Effective 2017-12-21
- Full Underwriting Guidelines Manual – TrueGuide 3.2 Effective 2017-11-06
- Full Underwriting Guidelines Manual – TrueGuide 3.1 Effective 2017-08-28
- Full Underwriting Guidelines Manual – TrueGuide 3.0 Effective 2017-08-22
- Full Underwriting Guidelines Manual – TrueGuide 2.9 Effective 2017-07-01
- Full Underwriting Guidelines Manual – TrueGuide 2.8 Effective 2017-05-15
- Full Underwriting Guidelines Manual – TrueGuide 2.7 Effective 2016-12-10
- Full Underwriting Guidelines Manual – TrueGuide 2.6 Effective 2016-11-07
- Full Underwriting Guidelines Manual – TrueGuide 2.5 Effective 2016-08-22
- Full Underwriting Guidelines Manual – TrueGuide 2.4 Effective 2016-04-04
- Full Underwriting Guidelines Manual – TrueGuide 2.3 Effective 2015-12-07
- Full Underwriting Guidelines Manual – TrueGuide 2.2 Effective 2015-08-27
- Full Underwriting Guidelines Manual – TrueGuide 2.1 Effective 2015-07-20
- Full Underwriting Guidelines Manual – TrueGuide 2.0 Effective 2015-05-11
- Full Underwriting Guidelines Manual – TrueGuide 1.9 Effective 2015-03-23
- Full Underwriting Guidelines Manual – TrueGuide 1.8 Effective 2014-09-15
- Full Underwriting Guidelines Manual – TrueGuide 1.7 Effective 2014-05-05
- Full Underwriting Guidelines Manual – TrueGuide 1.6 Effective 2014-03-17
- Full Underwriting Guidelines Manual – TrueGuide 1.5 Effective 2014-01-27
- Full Underwriting Guidelines Manual – TrueGuide 1.4 Effective 2013-09-15
- Full Underwriting Guidelines Manual – TrueGuide 1.3 Effective 2013-06-01
- Full Underwriting Guidelines Manual – TrueGuide 1.2 Effective 2013-05-03
- Full Underwriting Guidelines Manual – TrueGuide 1.1 Effective 2013-04-22
- Full Underwriting Guidelines Manual – TrueGuide 1.0 Effective 2013-04-03
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 DTI7 |
---|---|---|---|---|---|---|
Primary Residence | Purchase or Rate/Term Refinance1 or Construction to Permanent2 | Single Family, Condo, Co-op or Manufactured Hm2, 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 Hm2, 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 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 | $726,2004 |
MAXIMUM LTV/CLTV5 | 97%/105%5 |
MINIMUM FICO6 | 6206 |
MAXIMUM DTI7 | Per AUS Approval7 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE1,2 | Cash-Out Refinance |
PROPERTY TYPE2,3 | 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 PURPOSE1,2 | Purchase or Rate/Term Refinance or Construction to Permanent |
PROPERTY TYPE2,3 | Two-Unit |
LOAN AMOUNT4 | $929,8504 |
MAXIMUM LTV/CLTV5 | 90%/90% |
MINIMUM FICO6 | 6206 |
MAXIMUM DTI7 | Per AUS Approval7 |
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 | $726,2004 |
MAXIMUM LTV/CLTV5 | 90%/90% |
MINIMUM FICO6 | 6206 |
MAXIMUM DTI7 | Per AUS Approval7 |
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 | $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 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 TYPE1,2 | 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 Hm1, 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 TYPE1,2 | 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 TYPE1,2 | 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 TYPE1,2 | 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 TYPE1,2 | 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 TYPE1,2 | Single Family, Condo, Co-op 1 |
LOAN AMOUNT3 | $1,089,3003 |
MAXIMUM LTV/CLTV | 85% |
MINIMUM FICO4 | 6804 |
MAXIMUM DTI5 | Per AUS Approval5 |
- 1 Construction to Permanent excludes attached condos and co-ops
- 2 Manufactured homes must meet requirements in Section 2.2.14
- 3 Available 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.
- 4 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
- 5 MI 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 TYPE2,3 | LOAN AMOUNT4,5 | 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% / 95% | 6206 | 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 | |||
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 | $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 TYPE2,3 | All |
LOAN AMOUNT4,5 | 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 TYPE2,3 | Two-Unit | 3 - 4 Units |
LOAN AMOUNT4,5 | $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 TYPE2,3 | All |
LOAN AMOUNT4,5 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO6 | Not Eligible |
MAXIMUM DTI7 | 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 DTI7 | Not Eligible |
- 1 Construction to Permanent excludes attached condos and co-ops
- 2 Manufactured home:
- a) 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
- 4 Maximum loan amounts for AK and HI are $1,089,300 (1 unit), $1,394,775 (2 units), and $1,685,850 (3-4 units)
- 5 Available 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.
- 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 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.