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
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