Guidelines for Conforming Loans

(Fixed, ARM, Balloon)

Minimum credit score is 580

Maximum loan amount is $417,000

For a Purchase - Maximum LTV (Loan-to-Value) is 95%

For a Refinance - Maximum LTV is 95%

For a Refinance with cash out - Maximum LTV is 80%

For no impounds add .125 points to the rate

For an Interest-Only loan add .75 points or .375 to rate

N/O/O (Non-owner occupied) Properties add 1.75 points to the rate

CASH OUT less than 60% no add ons

CASH OUT from 60.01% to 75%

            FICO score >= 740 add .250 points

            FICO score from 700 - 739 add .625 points

            FICO score from 660 - 699 add .750 points

            FICO score from 620 - 659 add 1.250 points

CASH OUT from 75.01% - 80%

            FICO score >= 740 add .500 points

            FICO score from 700 - 739 add .750 points

            FICO score from 660 - 699 add 1.50 points

            FICO score from 620 - 659 add 2.75 points

Guidelines for Agency Jumbo Loans

(Fixed, ARM, Balloon)

Minimum credit score is 620

Maximum loan amount is $729,750

For Purchase or Refinance

Fixed P or R – and no cash – Minimum FICO to 90% LTV is 720

Fixed P or R – and no cash – Minimum FICO to 80% LTV is 700

Fixed P or R – and no cash – Minimum FICO to 75% LTV is 660

Refinance with cash out – Maximum LTV is 60%

For no impounds add . 250 points to the rate

N/O/O (Non-owner occupied) Properties add 1.75 points to the rate

(Restrictions apply to Condos and PUDs – Call for specifics)

Pricing Adjustments

FICO < 620 & LTV < 80% add .375 points

FICO < 620 & LTV 80 – 90% add 1.000 points

FICO < 620 & LTV >  90% add 1.750 points

FICO >= 620 <660 & LTV > 90% add .500 points

                     Cash Out Refinance Adjustments

                      <=60%     60.01-70%     70.01-75%     75.01-80%       80.01-85%          85.01-90%

>=740       1.000       1.250             1.250            1.500              1.625               1.625

720-739     1.000       1.625             1.625             1.750             2.500               2.500

700-719    1.000        1.625             1.625             1.750             2.500               2.500        

680-699    1.000        1.750             1.750            2.375              3.500               3.500

660-679    1.250        1.750             1.750            2.500              3.500               3.500

640-659    1.250        2.250             2.250            3.250              4.000               4.000

620-639    1.250        2.250             2.250            3.750              4.000               4.000

<620        2.250        3.250             3.250            3.750              4.000               4.000

Questions?

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