Corr Fannie Mae Matrix - Nations Direct Mortgage
Last Updated: May 7th, 2015 Fannie Mae Program Conforming Balance– 1 to 4 Financed Properties (See 5 to 10 Financed Properties on Page 5) Summary Product Types 30yr, 25yr, 15yr and 10yr Fixed 5/1 & 7/1 ARMs For Conforming Loan Amounts, view State/County limits: https://www.fanniemae.com/singlefamily/loan-limits Conforming Balance Primary Residence Loan Purpose Minimum FICO Units 1 Purchase or Refinance Rate/Term 620 2 3-4 1 Refinance Cash-Out 1 620 2-4 Max LTV Max CLTV Fixed 97% 1 ARM 90% Fixed 85% ARM 75% Fixed 75% ARM 65% Fixed 80% ARM 75% Fixed 75% ARM 65% Fixed 97% 1 ARM 90% Fixed 85% ARM 75% Fixed 75% ARM 65% Fixed 85% ARM 75% Fixed 75% ARM 65% See below for details on 95.01% - 97% LTV restrictions Second Home Loan Purpose Minimum FICO Units Max LTV Max CLTV Purchase or Refinance Rate/Term 620 1 Fixed 90% ARM 80% Fixed 90% ARM 80% Refinance Cash-Out 620 1 Fixed 75% ARM 65% Fixed 75% ARM 65% Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 1 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC. Last Updated: May 7th, 2015 Investment Property Loan Purpose Minimum FICO Units 620 1 720 1 620 2-4 620 1-4 Purchase Refinance Rate/Term Refinance Cash-Out 1 620 2-4 Max LTV Max CLTV Fixed 80% ARM 75% Fixed 85% Fixed 75% ARM 65% Fixed 75% ARM 65% Fixed 75% ARM 65% Fixed 70% ARM 60% Fixed 80% ARM 75% Fixed 85% Fixed 75% ARM 65% Fixed 75% ARM 65% Fixed 75% ARM 65% Fixed 70% ARM 60% *** In the absence of a guideline, please refer to the Fannie Mae Seller Guide**** Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 2 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC. Last Updated: May 7th, 2015 Fannie Mae Program High Balance– 1 to 4 Financed Properties (See 5 to 10 Financed Properties on Page 5) Summary Product Types 30yr, 25yr, 15yr and 10yr Fixed 5/1 & 7/1 ARMs For High Balance Loan Amounts, view State/County limits: https://www.fanniemae.com/singlefamily/loan-limits High Balance Primary Residence Loan Purpose Minimum FICO Units Max LTV Max CLTV 620 1 Fixed 90% ARM: 75% Fixed 75% ARM: 65% Fixed 90% ARM: 75% Fixed 75% ARM: 65% 620 2-4 620 1 60% 60% Minimum FICO Units Max LTV Max CLTV 620 1 65% 65% Minimum FICO Units Max LTV Max CLTV 620 1-4 65% 65% Purchase or Refinance Rate/Term Refinance Cash-Out Second Home Loan Purpose Purchase or Refinance Rate/Term Investment Property Loan Purpose Purchase or Refinance Rate/Term Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 3 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC. Last Updated: May 7th, 2015 Requirements and Eligibility 95.01% - 97% LTV Restrictions • • • • • • • • • SFR, Condo & PUD, no units Purchase & Limited Cash-Out transactions 1 borrower must be a first time homebuyer (no ownership in the last 3 years) on Purchase transactions Fannie must be the owner of the loan for Limited Cash-Out transactions Fixed rate only High Balance and ARM loans are not permitted CLTV for subordinate community seconds up to 105% on refinance transactions 35% Mortgage Insurance required Reserve requirements are per DU Allowable with DU Approve/Eligible • • • • • • • • • • • • Credit follows DU on Approve/Eligible No max debt ratios Up to 4 financed properties allowed on investment transactions Non-Arm’s length second home and investment transactions (excluding new construction) Unemployment income eligible Employment gaps and recent college graduates allowed Rental income does not require landlord history VOD’s in lieu of bank statements Property Inspection Waivers (PIW’s) allowed if DU approves, up to 80% LTV. Un-permitted property additions okay Vesting held in trust acceptable Gift funds may source from overseas • • • • • • • DU Only Must be Approve/Eligible; No manual underwrites 48 months since discharge/dismissal for Chapter 7 or 13 60 months since most recent discharge/dismissal for Borrowers with multiple Bankruptcies All borrowers must have a credit score and traditional credit history. Trade line requirements determined by DU findings. Inquiries: A detailed explanation letter that specifically addresses both the purpose and outcome of each inquiry is required. If additional credit was obtained, a verification of that debt/payment must be obtained and the DU must be resubmitted Student Loans: Any student loan currently in default status must have a working repayment plan or be paid in full at the time of close. Revolving Credit: If there is no payment on the credit report for revolving credit, use the greater of $10 or 5% of the balance on credit. AUS Bankruptcy Credit Report • • Delayed Financing Exception Delayed Financing Exceptions are prohibited. Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 4 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC. Last Updated: May 7th, 2015 Foreclosure / Deed in Lieu / Short Sale / Restructured Loans Foreclosure: • 84 months or more since completion, or • 36 months since completions with a maximum 90% LTV or program maximum, whichever is less, when the foreclosure was due to documented extenuating circumstances and subject to following restrictions: o Purchase of primary residence only o Rate/term transactions are permitted for all occupancy types subject to eligibility guidelines. • Mortgage debt discharged through a BK follow the BK waiting period not the foreclosure waiting period Deed-in-Lieu of Foreclosure/Short Sale requires the following: • 4-year waiting period Short Payoffs, Modifications and/or Restructured loans require the following: • The borrower must make 24 timely payments between the time of the restructure to the time of refinance • Credit implications are in the FICO Major Adverse Accounts Collections/Charge-off: • $5,000 max per individual item or in aggregate. • For investment properties, $250 max per individual item or $1K in aggregate. • Mortgage Charge-offs require a 4 year waiting period Disputed Accounts: If there is a disputed account on credit, follow DU requirements: • If the trade line does not belong to the borrower or the reported payment history is inaccurate, NDM will require written documentation from the creditor or credit reporting company validating the information being reported is not accurate. When the information is validated, DU may require no further action. • If the trade line does belong to the borrower and the reported payment history is accurate, the disputed trade line(s) must be considered in the risk assessment. To ensure the disputed trade line is considered, the borrower will have to take the appropriate steps to remove the dispute status with the creditor. NDM will have to obtain a new credit report with the trade line(s) no longer reported as disputed and resubmit the case file to DU. Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 5 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC. Last Updated: May 7th, 2015 Fannie Mae 5+ Financed Properties Program Conforming & High Balance, 5 – 10 Maximum Financed Properties Summary Product Types 30-year Fixed; 15-year Fixed For Conforming Loan Amounts, see the State/County limits at https://entp.hud.gov/idapp/html/hicostlook.cfm. Conforming Balance Second Home Loan Purpose Purchase or Refinance Rate/Term Minimum FICO Units Max LTV Max CLTV 720 1 75% 75% Units Max LTV Max CLTV 1 2-4 75% 70% 75% 70% Investment Property Loan Purpose Minimum FICO Purchase or Refinance Rate/Term 720 720 High Balance Second Home Loan Purpose Minimum FICO Units Max LTV Max CLTV 720 1 65% 65% Minimum FICO Units Max LTV Max CLTV 720 1-4 65% 65% Purchase or Refinance Rate/Term Investment Property Loan Purpose Purchase or Refinance Rate/Term Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 6 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC. Last Updated: May 7th, 2015 Requirements and Eligibility Allowable with DU Approve/Eligible • • • • • • • • • • • • • Credit follows DU on Approve/Eligible No max debt ratios Up to 10 financed properties allowed on investment transactions Non-Arm’s length second home and investment transactions Hand written paystubs or W2s acceptable Unemployment income eligible Employment gaps and recent college graduates allowed Rental income not requiring landlord history VOD’s in lieu of bank statements Property Inspection Waivers (PIW’s) allowed if DU approves Un-permitted property additions okay Vesting held in trust acceptable Gift funds may source from overseas Bankruptcy or Foreclosure • Borrower cannot have any history of bankruptcy or foreclosure within past 7 years • • • All borrowers must have a credit score and traditional credit history. Trade line requirements determined by DU findings. Inquiries: A detailed explanation letter that specifically addresses both the purpose and outcome of each inquiry is required. If additional credit was obtained, a verification of that the debt/payment must be obtained and the DU must be resubmitted Student Loans: Any student loan currently in default status must have a working repayment plan to be paid in full at the time of close. Revolving Credit: If there is no payment on the credit report for revolving credit, use the greater of $10 or 5% of the balance on credit. Credit Report • • Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 7 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC. Last Updated: May 7th, 2015 Deed-in-Lieu of Foreclosure/ Short Sale requires the following: • 4-year waiting period Deed in Lieu / Short Sale / Restructured Loans Major Adverse Accounts Mortgage Rating Reserves 4506-T Properties Located in Texas Short Payoffs, Modifications and/or Restructured loans require the following: • The borrower must make 24 timely payments between the time of the restructure to the time of refinance • Credit implications are in the FICO Collections/Charge-off: • $5,000 max per individual item or in aggregate. • For investment properties, $250 max per individual item or $1K in aggregate. • Mortgage Charge-offs require a 4 year waiting period Disputed Accounts: If there is a disputed account on credit, follow DU requirements: • If the trade line does not belong to the borrower or the reported payment history is inaccurate, NDM will require written documentation from the creditor or credit reporting company validating the information being reported is not accurate. When the information is validated, DU may require no further action. • If the trade line does belong to the borrower and the reported payment history is accurate, the disputed trade line(s) must be considered in the risk assessment. To ensure the disputed trade line is considered, the borrower will have to take the appropriate steps to remove the dispute status with the creditor. NDM will have to obtain a new credit report with the trade line(s) no longer reported as disputed and resubmit the case file to DU. • No delinquencies (30 days or greater) on any mortgage loans. • 6 months PITI for each property owned • All loans require a 4506-T executed and returns validated. • W-2 validation allowed for borrowers with only w-2 income • Primary Residences (“Homestead Properties”): Purchases and rate-term refinances only. Cash-out refinance transactions not allowed. • Second Homes and Investment Properties: Eligible for purchases, rate term refinances, and cash out refinances. Correspondent Fannie Mae Program Nations Direct Mortgage, LLC. Page 8 of 8 These guidelines are not a commitment to lend. Program, rates, terms and conditions are subject to change without notice. This information is intended for Mortgage and Real Estate Professionals only and should not be distributed to consumers or other third parties. Nations Direct Mortgage, LLC.
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