Here's all the technical details:
#1. 30 year coverage also applies to 20 and 25 year terms; 15 year coverage also applies to
10 year terms.
2. Refer to Mortgage Online at 425.com ’s published underwriting
guidelines (document# 6116, pages 2-4) regarding rate/term refinance transactions between
90.01% - 95%.
3. 80-10-10s with no mortgage insurance: FHLMC 80-10-10s must receive "Accept"
or "Accept Plus" response with no minimum credit score, or "Refer"
response with a
minimum 680 credit score from Loan Prospector; FNMA 80-10-10s must receive an acceptable
response from Desktop Underwriter. Loans without subordinate
financing are not subject to a minimum credit score.
4. FNMA: 80-10-10s with mortgage insurance will require 25% MI coverage if the subordinate
financing is not provided by an institutional lender.
Primary Residence
(Cash-out Refinance)
FNMA/FHLMC
5. FHLMC: Must receive "Accept" or "Accept Plus" response with no
minimum credit score, or "Refer" response with minimum 680 credit score from
Loan Prospector.
6. FNMA: Loans which do not meet the 680 minimum credit score must receive either an
"Approve" or "Refer" response from the Desktop UnderwriterTM system.
Second Home
(Purchase & Rate/Term Refinance)
7. FNMA/FHLMC: Purchase only (rate/term refinances are subject to a maximum loan-to-value
of 80%), must receive "Accept" or "Accept Plus" response with no
minimum credit score, or "Refer" response with minimum 700 credit score from
Loan Prospector.
8. FHLMC: Must receive "Accept" or "Accept Plus" response with no
minimum credit score, or "Refer" response with minimum 680 credit score from
Loan Prospector.
Loans without subordinate financing are no subject to a minimum credit score. FNMA: Loans
without subordinate financing do not have a minimum credit score.
9. FNMA: Mortgage insurance required on 75.01% - 80% rate/term refinance transactions
only.
Second Home
(Cash-out Refinance)
10. FHLMC: Must receive "Accept" or "Accept Plus" response with no
minimum credit score, or "Refer" response with minimum 680 credit score from
Loan Prospector.
11. FHLMC: Purchase only and must receive "Accept" or "Accept Plus"
response with no minimum credit score, or "Refer" response with minimum 680
credit score from
Loan Prospector.
Investment Property
(Cash-out Refinance)
Cash-out not allowed on 3-4 unit investment property
12. FNMA: Maximum 60%LTV for condominiums.
† FNMA: Coverage must include 7 Year MI Continuing Coverage Requirement.
** Loans may not be secured by properties located in "soft markets". Soft
markets are those in which property
values are declining and/or the average marketing time exceeds six months and/or the
market is less than
25% built up.
Agency Fixed Programs
STATE ELIGIBILITY: All fifty states. Texas: cash-out refinances are allowed on second
homes & investment property only. New York: properties in New York state are
ineligible for loans requiring mortgage insurance below 80% LTV.
TERM: Ten, fifteen, twenty, twenty-five(FNMA only) or thirty years
SUMMARY: Fixed rate and term, fully amortizing, first lien mortgage loan program.
LOCK AVAILABLE: 10, 30, 50 or 70 Days.
PRICING: Refer to daily rate sheet
LOAN AMOUNT: MAXIMUM Maximum conforming loan limits for 1-4 family properties
MINIMUM $20,000
90.01% - 95% RATE/TERM REFINANCE TRANSACTIONS:
Refer to Mortgage Online at 425.com Bank’s published underwriting
guidelines (document# 6116, pages 2-4) for information regarding rate/term refinance
transactions between 90.01%-95%.
TEMPORARY BUY DOWNS: Temporary interest rate buy downs are allowed on loans with 30 year
terms only,
per the following guidelines. Maximum buy down period is two(2) years. Mortgage Online at
425.com
Bank offers a 2-1 or 1-0 buy down. Refer to Mortgage Online at 425.com
Bank’s published underwriting
guidelines for further information.
• Lender funded only
• Single family primary residences only
• Purchase transactions to 95% LTV
• Rate/term refinance transactions to 90% LTV
• Cash-out refinance transactions to 75% LTV
• Borrower qualified at bought down rate
• Ratios not to exceed 25%/33%
• No subordinate financing
FINANCED SINGLE PREMIUM MORTGAGE INSURANCE COVERAGE:
FNMA will allow the roll-in of the cost of single premium mortgage insurance up to a
maximum loan-to-value of 90% for purchase and rate/term refinance transactions.
The total loan-to-value after including the cost of the mortgage insurance coverage cannot
exceed 95%. Coverage amounts apply as listed below:
Term 80.01% - 85% LTV 85.01% - 90% LTV
10, 15 & 20 Year 6% 12%
25 & 30 Year 12% 25%
UNDERWRITING: All loans will be underwritten to Mortgage Online at 425.com
Bank current applicable guidelines, unless otherwise stated. Refer to Underwriting
Guidelines.
