Transcription of Purchase and Refinance Loan Programs Max LTV/CLTV/HTLTV …
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Purchase and Refinance Loan Programs Max LTV/CLTV/HTLTV …
Own Occ2nd HomeInvestmentOwn Occ2nd HomeInvestmentOwn Occ2nd HomeInvestmentOwn Occ2nd HomeInvestment85%Ineligible75%75%Ineligi ble70%Own Occ2nd HomeInvestmentOwn Occ2nd HomeInvestment80%Ineligible75%75%Ineligi ble70%75%3 - 4 Units620+97%(1)FICO Score620+2 Units2 Units620+Freddie Mac (LPA) Conventional Loan matrix - Correspondent Updated 11/13/2020 Purchase and Refinance Loan Programs Max LTV/CLTV/HTLTV MatrixCash-Out(Minimum 620 FICO) Purchase and R/T(Minimum 620 FICO)1 Unit/Condo1 Unit/CondoStandard & High Balance Loan SizeFICO ScoreFICO Score90%3 - 4 Units85%80%75%Refinances (General/All)Principal Curtailments/ReductionsUnderwriting MethodGeographic RestrictionsOccupancy Allowed subject to meeting all Texas State Law, CMG Overlays, and the following additional requirements: Maximum loan amount: $510,400 LPA must identify as Texas Cash out with Purpose of Loan reflected as Regular Refinance and Purpose of Refinance as Cash Out.
• 3/1 ARM and 5/1 ARM: Refer to ARM Matrix for Caps. Qualify at the Greater of the Fully Indexed Rate or Note Rate +2% • 7/1 ARM and 10/1 ARM: Refer to ARM Matrix for Caps. ... • Standard Loan amounts only (high balance not permitted) • For purchase transactions at least 1 borrower must be a first-time homebuyer as defined by Freddie Mac.
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