Loan level price adjustments llpas have been added to the vhda fannie mae reduced mi program when the qualifying income exceeds 80% of fannie maes ami. For complete documentation information and specific program eligibility requirements, refer the freddie mac singlefamily sellerservicer guide opens in a new window. Eligibility matrix also includes credit score, minimum reserve requirements in months, and maximum debttoincome ratio requirements for manually underwritten loans. Manufactured home underwriting mortgages secured by manufactured homes must be underwritten by du as required by the selling guide. Cmgs fannie mae du homeready loan matrix correspondent. Cash reserves all assets submitted must be verified and documented. First mortgage program matrix april 2020 page 1 of 3 program conventional fannie mae no mi fannie mae reduced mi fha va rhs government firsttime homebuyer not required, or. Fact sheet to be used by state housing finance agencies. Home ready product matrix income census tracks home buyer education fnma homeready info page. Interest credit at closing cannot exceed 7 calendar days and must be used to reduce closing costs e.
Standard eligibility requirements manual underwriting. Eligibility matrix the eligibility matrix provides the comprehensive ltv, cltv, and hcltv ratio requirements for conventional first mortgages eligible for delivery to fannie mae. Investment properties second home follow fannie mae eligibility matrix for desktop underwriter du loans. The health and safety of fannie mae employees, and our ability to continue serving our customers, are top priorities. Purchase and refinance loan programs max ltv matrix 2 unit. Freddie mac document matrix freddiemac singlefamily. Program guidelines fnma du conventional matrix program code. In some cases, the master servicers andor mortgage insurance companies may have overlays to the program parameters outlined in this fact sheet. Eligibility matrix and any other terms required in the selling guide, including borrowers with nontraditional credit.
Alterations, improvements, and repairs hard costs labormaterials c. Our loan lookup tool is the path to mortgage help for homeowners with a fannie maeowned loan, including those impacted by covid19, a disaster, or housing affordability challenges if we own your loan, you may qualify for programs providing payment relief including a forbearance plan or loan modification. Fnma eligibility matrix fnma loan look up fnma homeready homeready area median income fha fha county limits fha connection 4000. This service is provided for the sole purpose of showing the applicable area median income ami for each applicable. Homestyle renovation and homeready manual underwriting. Minimum could be higher for certain reserves and debttoincome ratios. Maximum ltv tltv htltv ratio requirements for conforming and. Llpas are assessed based upon certain eligibility or other loan features, such as credit.
See chart below for ltvtltvhtltv ratios and other requirements for a no cashout refinance of a mortgage currently owned or securitized by freddie mac. Initial fixed period during which the interest rate will not change, after which interest rate will adjust annually. There is no income limit if the mortgaged premises is located in a lowincome census tract. Loan level price adjustments llpas have been added to the. The matrix below has not been updated to reflect this change. Standard eligibility requirements desktop underwriter. Contingency reserve if applicable and financed 10% of 1a c. Page 2 of 7 rev 04292020 these program parameters pertain to the housing agencys guidelines as of the status date noted on this program overview. See fannie mae selling guide manufactured homes singlewides permitted. Fannie mae purchases or securitizes mortgages secured by properties that are principal residences, second homes, or investment properties. Homeready lets you lend with confidence while expanding access to credit and supporting sustainable homeownership.
See link to fnma eligibility matrix below for detailed ltv, credit score and reserve requirements. Pdf loanlevel price adjustment llpa matrix loanlevel price adjustment llpa matrix this document provides the llpas applicable to loans delivered to fannie. This matrix is incorporated by reference into the selling guide, and the related selling guide provision or selling guide announcement governs if there is an inconsistency. Please read the announcement in its entirety for furthe r information and requirements. Home possible mortgages, other than mortgages secured by manufactured homes, must have an original maturity date not greater than 30 years. Apr 01, 2020 this part describes the requirements a lender must satisfy to become a fannie maeapproved seller and servicer of residential home mortgage loans. This part also includes information on an approved lenders contractual obligations, procedures for obtaining technology applications, and requirements for maintaining lender eligibility. Du will apply the applicable eligibility requirements, but the lender must. The federal housing administrations fha single family housing policy handbook 4000. If we own your loan, you may qualify for programs providing payment relief including a forbearance plan or loan modification. The loan level price adjustments cash fees are entered into the fee and other income category on fannie maes financial statements.
Fannie mae homestyle conventional matrix november 20, 2019 the money source inc. Rei gift100 fannie mae conventional program summary 16. All loans must meet fnma requirements and be run through fannie mae desktop underwriter du. Fnma ltv matrix dst property contents national events homestyle realtorleaven 365. Fnma selling guide fnma eligibility matrix fnma loan look up fnma homeready. Fnma conventional conforming matrix carrington correspondent. The eligibility matrix also includes credit score, minimum reserve requirements in months, and maximum debtto income ratio requirements for manually underwritten. Primary residence 14 units except 97% ltv purchaserefi which is restricted to 1 unit second home 1 unit investment property 14 units. Cmg conventional conforming guidelines apply except where differences are noted in this matrix. Approved agency automated underwriting systems aus fannie maes desktop underwriter du freddie macs loan prospector lp recommendations provided the loan meets the product eligibility criteria of the applicable essent product eligibility matrix as outlined in.
Loan level price adjustments llpas have been added to. Refer to fnma eligibility matrix for manual underwrite. You may also download the entire selling guide in pdf format. The homeready mortgage program may allow community banks to expand their customer base by serving more low and moderateincome borrowers, low. For the maximum allowable ltvcltvhcltv ratios and representative credit score requirements for each occupancy type, see the eligibility matrix for additional information, see b21. See also texas a6 home equity product description maximum ltvcltvhcltv follow fannie mae eligibility matrix for desktop underwriter du loans for arm loans. All appraisals must be air compliant fnmafhlmc externalonly appraisal report forms 20552055, 1075466, 2095 and 2075 are not permitted. Traditional credit pdf homeready mortgage product matrix fannie mae homeready mortgage product matrix designed for creditworthy low to moderateincome borrowers, with expanded eligibility for financing homes in lowincome communities. Pdf freddie mac condominiumpud matrix ditech this is not a client offer or solicitation for all loan products listed. This part describes the requirements a lender must satisfy to become a fannie maeapproved seller and servicer of residential home mortgage loans. Fannie mae conventional matrix tms correspondent lending. The borrowers income converted to an annual basis must not exceed 100% of the area median income. Alaska and hawaii do not have any highcost areas in.
To determine whether the borrowers income exceeds the income. Fha fixed matrix franklin american mortgage company. Eligibility matrix also includes credit score, minimum reserve requirementsin months, and maximum debttoincome ratio requirements for manually underwritten loans. Program guidelines should be confirmed with the respective agency prior to loan submission. Apr 01, 2020 the borrowers employment and income history must meet standard eligibility requirements as described in section b33. Fannie mae conforming and high balance a 7 year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower. Each lender must determine borrower and loan eligibility in accordance with the selling guide and its lender contract. Desktop underwriter with approveeligible findings is required. Loan level price adjustments are onetime cash fees charged at the time a loan is acquired and based on the loans features as seen the matrix provided. Purchase and refinance loan programs max ltv matrix. The borrower must provide written confirmation of his or her intent to return to work.
This part describes the requirements associated with the two primary ways lenders transact business with fannie mae. Collateral continued ineligible properties coops, land contracts, onframe modular construction, single wide manufactured homes, boarding houses, bed and. Our loan lookup tool is the path to mortgage help for homeowners with a fannie maeowned loan, including those impacted by covid19, a disaster, or housing affordability challenges. Dec 22, 2016 standard eligibility requirements for du excludes. Please note this product requires the user to enter the accurate dti, ltv see below for ltv calculation and reserves to get the correct eligibility. Fannie mae conforming libor arm product description. Home possible mortgages must be conventional, conforming mortgages. Flexibilities for creditworthy borrowers adjustablerate mortgage arm eligibility. For limited cash out refinances, existing loan must be fannie mae owned. Preferred is a fnma product that must be run through du. Manual underwriting du permitted per the requirements of the eligibility matrix and any other terms required in the selling guide, including.
Home ready product matrix income census tracks home buyer education fnma homeready info. Standard eligibility requirements desktop underwriter version 10. We are actively monitoring reports about the spread of covid19, and we are prepared to immediately initiate additional steps based on our business continuity plans and public health guidance. Fannie mae du conventional loan matrix correspondent. Aus will state invalid if unable to decision manual uw is not allowed. Conforming, super conforming, and high balance ltv matrix. The eligibility matrix also includes credit score, minimum reserve requirementsin months, and maximum debttoincome ratio requirements for manually underwritten loans. Nothing in this service is intended to vary or modify any of lenders obligations under its lender contract. Fannie mae conventional matrix may 6, 2020 the money source inc. This is effective with applications on or after friday, april 10, 2020.
Fannie mae provides assistance to help renters impacted by covid19 stay in their apartments. Other eligibility criteria that are not covered in the eligibility matrix may be applicable for mortgage loans to be eligible for delivery to fannie mae, e. Other eligibility criteria that are not covered in the eligibility matrixmay be applicable for mortgage loans to be eligible for delivery to fannie mae, e. Fannie mae conventional matrix the money source inc. These transactions are not permitted for highbalance loans or loans with a nonoccupant borrower. Bank of england mortgage has tried to provide accurate and timely information. Eligibility requirements 97% ltv options standard fnma, not homeready ltv, cltv, and hcltv ratios greater than 95%. Fnma special designation fnma approved condos with unexpired special designation codes will be permitted for primary residences and 2nd homes only. Home possible mortgages eligible for purchase must be first lien mortgages that are fully amortizing. Refer to the selling guide, eligibility matrix, and your contracts with fannie mae to determine loan eligibility. Other income boarder income relatives or nonrelatives. Use the following resources as a reference for documenting your loan product advisor loans. We recommend bookmarking the guide link opens in a new window for easy access the guide on allregs. Hundreds of fha handbooks, mortgagee letters, housing notices, and other policy documents have been consolidated into this single source.