Overview
All FICO<V Adjustment Waived!
No High Balance/Purchase/Refi/Cash Out/Attached Condo/2-4 Units Adjustments!
Click here for QM Community Loan Property Eligibility Sheet for property Location Requirement.
Fannie Mae loan: Price adjustments follow Agency loan with incentive up to $4,500.
This program is retail only.
Details
Primary Home Only
1) Loan Amount: Follow Agency Loan Limits
2) Loan Purpose: Purchase, Rate/Term Refinance, Cash Out Refinance
3) Max. LTV: 95.00%/95.00% and follow LP finding results
4) Min. FICO 620
5) Reserves: Follow AUS Finding Results
| Product | ★30 and 15-year Fixed Agency Conforming loan ★30 year Fixed Agency High Balance |
| Job & Income | ★Follow DU/LPA Findings and Fannie Mae/Freddie Mac Income calculation/documentation requirements, plus Refer to the following topics outlined in the Fannie Mae and Freddie Mac Overlay Matrix 4506-C Tax Transcripts Ineligible Products and Features |
| Property Eligible | ★Refer to QM Community Loan Schedule Sheet |
| Property Type | ★1 Unit, Condo, PUD, 2-4 Unit,Co-op,Attached/Detached Properties ★Below properties are ineligible: Condotel/Lodging Units properties, Manufactured homes, Any land, building, property, structure, etc. in which there is knowledge of an illegal activity occurring past or present (based on federal or state law), regardless of whether any income or assets are being derived from the illegal activity. Property alterations cannot be made to achieve collateral eligibility，Properties with agricultural type land (such as orchards or ranches), including those properties that are currently not commercially income producing. |
| Citizenship | ★U.S Citizens; Permanent and Temporary Residents ★Non-Permanent Resident borrower can not allow non-occupant co-borrower ★No limitation of FTHBs ★Maximum 4 |
| Assets | ★Follow Freddie Mac Guideline |
| Credit | ★Acceptable credit history determined by AUS. Document per AUS findings, plus See Maximum LTV/CLTV & Minimum Credit Score section in this topic for minimum Representative credit scores (non-traditional credit not eligible) |
| Credit Event | ★Follow Freddie Mac Guideline. Refer to Fannie Mae and Freddie Mac Overlay Matrix > Derogatory Credit and Fannie Mae and Freddie Mac Overlay Matrix > Reaffirmation of Bankruptcy |
| Appraisal | ★Follow Freddie Mac Guideline plus: If using DU Value Acceptance (Appraisal Waiver) is eligible If using LPA Automated Collateral Evaluation (ACE) is eligible Additional due diligence required when final DU or LPA Findings indicates High Value Flag Value Acceptance (Appraisal Waiver) + PDR or ACE + PDR is not eligible At least one UCDP Submission Summary Report (SSR) is required for all Agency transactions underwritten before the appraisal can be reviewed. |
| Other Requirements | ★No temporary buydown |
