Program highlights.
- Related non-occupant co-borrowers eligible
- Living rent-free eligible on primary transactions
- 7/6 and 10/6 ARMs qualify on the note rate (not in IL, MD, MA, MN, NM or PA)
Key figures.
- Score from
- 700
- Primary, 1 unit, purchase & rate/term
- LTV up to
- 89.99%
- at 700+ to $1.5M
- Loans to
- $3.5M
- at 740+ and 75%
Limits by occupancy.
Score · LTV · Loan in each cell, with the tier each needs beneath.
| Occupancy | Purchase & rate/term | Cash-out |
|---|---|---|
| Primary, 1 unit | 700+ score89.99% LTVloans to $3.5M89.99% at 700+ to $1.5M; $3.5M at 740+ and 75% | 700+ score80% LTVloans to $3M80% at 700+ to $1M; $3M at 740+ and 70% |
| Primary, 2 units | 720+ score84.99% LTVloans to $3M84.99% at 720+ to $1.5M; $3M at 740+ and 75% | 700+ score70% LTVloans to $2M70% at 700+ to $1.5M; $2M at 740+ and 70% |
| Second home | 700+ score80% LTVloans to $3M80% at 700+ to $1.5M; $3M at 740+ and 75% | 720+ score70% LTVloans to $2M70% at 720+ to $1.5M; $2M at 740+ and 70% |
| Investment, 1 unit, purchase | 700+ score80% LTVloans to $2.5M80% at 700+ to $1M; $2.5M at 740+ and 75% | 740+ score70% LTVloans to $1.5M |
| Investment, 1 unit, rate/term | 700+ score75% LTVloans to $2.5M75% at 700+ to $1M; $2.5M at 740+ and 75% | 740+ score70% LTVloans to $1.5M |
| Investment, 2 units | 700+ score70% LTVloans to $2.5M70% at 700+ to $1.5M; $2.5M at 740+ and 70% | 740+ score65% LTVloans to $1.5M |
What to know.
- Loan ceiling
- Up to $3.5MOne-unit primary purchase / rate-and-term on a fixed rate; 740+ FICO, up to 75% LTV and 24 months of reserves. ARMs stop at $2.5M.
- One-unit primary
- Up to 89.99% LTV30-year fixed only above 80%. Purchase / rate-and-term: through $1.5M at 700 FICO or $2M at 720.
- Two-unit primary
- Up to 84.99% LTV30-year fixed only above 80%. Purchase / rate-and-term: through $1.5M at 720 FICO or $2M at 740.
- Primary cash-out
- Separate tiers to $3MCash-out capped at $500,000 (delayed financing excepted). At $3M: one unit, 740+ FICO, up to 70% LTV and 18 months of reserves.
- Reserve review
- Matrix minimum or AUSUse the greater requirement where stated; additional financed-property reserves may apply.
- Business assets
- Not eligible for reservesSeparate closing funds from assets that can meet the reserve requirement.
- Ways to qualify
- Full docNot offered: bank statements, P&L only, WVOE only, asset utilization, DSCR, ITIN, foreign national and recent credit event.
Documents.
Other programs.
Compare with
Questions brokers ask.
Which loan-limit threshold applies?
The minimum loan amount is $1 above the standard conforming limit for the property type. Review the applicable matrix and underwriting requirements for the loan.
Can I use the one-unit figures for a duplex?
No. Two-unit primary residences have their own matrix rows. Occupancy, unit count, credit and reserves must all match the proposed structure.
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