Program highlights.
- Primary, second home and investment
- SFR, PUDs and condos; 2–4 units on a primary residence
- One appraisal to $2M
- 15- and 30-year fixed; 5/6, 7/6 and 10/6 ARMs
Key figures.
- Score from
- 720
- Primary, 1–2 units, purchase & rate/term
- LTV up to
- 80%
- at 720+ to $1.5M
- Loans to
- $3M
- at 760+ and 75%
Limits by occupancy.
Score · LTV · Loan in each cell, with the tier each needs beneath.
| Occupancy | Purchase & rate/term | Cash-out |
|---|---|---|
| Primary, 1–2 units | 720+ score80% LTVloans to $3M80% at 720+ to $1.5M; $3M at 760+ and 75% | 740+ score70% LTVloans to $2M70% at 740+ to $1.5M; $2M at 740+ and 65% |
| Primary, 3–4 units | 720+ score75% LTVloans to $3M75% at 720+ to $2M; $3M at 760+ and 65% | Not offered |
| Second home | 740+ score75% LTVloans to $2.5M75% at 740+ to $2M; $2.5M at 760+ and 70% | Not offered |
| Investment | 760+ score65% LTVloans to $1.5M | Not offered |
What to know.
- Loan ceiling
- Up to $3MPrimary purchase / rate-and-term; 760 FICO with tiered leverage and reserves. Other occupancies have lower limits.
- Primary purchase / R&T
- Up to 80% LTVStable-market 1–2 unit tier: through $1.5M at 720 FICO, or $2M at 740.
- Occupancy
- Primary · Second home · InvestmentSecond homes and investments are one-unit only under separate matrices. Cash-out is primary 1–2 units only, with a $500,000 cash-out maximum.
- Terms
- Fixed & ARM15- and 30-year fixed; 5/6, 7/6 and 10/6 ARM options.
- Reserves
- 12–36 monthsTiered by transaction and occupancy, plus additional reserves for other real estate.
- Market review
- Depreciating-market adjustmentsLocation can reduce leverage; review the current market list.
- 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 underwriting findings are required?
DU findings are required: Approve/Eligible for high-balance, or Approve/Ineligible for loan amount only. Other documentation and matrix requirements still apply.
How do investment properties differ?
The investment matrix is limited to one unit with separate leverage, credit and reserve requirements. Florida and Georgia investment condominiums are ineligible.
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