Products and Programs
Declining Market Policy and Private Mortgage Insurance Eligility
Pricing & Loan Level Price Adjustments
Credit Score Minimum
Fixed Rate Mortgage
Adjustable Rate Mortgage
Guaranteed Rural Housing
40 Year Mortgage
Declining Market Policy and Private Mortgage Insurance Eligibilty:
|If the subject property is identified to be within a declining market, the loan will be subject to Eligibility requirements as set in the Declining Market Policy established by the private mortgage insurance companies, and may be ineligible to obtain private mortgage insurance. If the loan is ineligible to obtain PMI, the maximum LTV will be 80%.|
|The Eligibility criteria set forth in the Declining Market policy supersedes any qualifying and eligibility criteria further described in the Mortgage Loan Products descriptions below.
Pricing & Loan Level Price Adjustments:
|Adverse Market Delivery Charge: .25% is applicable to ALL mortgages delivered to Fannie Mae, including FHA, VA, Guaranteed Rural Housing.|
|Representative Credit Score LLPA: is applicable for all mortgages with greater than 15 year terms and LTV’s greater than 60.00%, excluding the Affordable Housing Programs.|
|Product LLPA’s: additional LLPA’s may apply to specific products, programs or property types.|
|Cash-out LLPA: an additional Cash-out LLPA may apply on all loans and will be determined based on LTV and the representative credit score.
Credit Score Minimum:
|Minimum requirements are for loans underwritten WITH DU.|
|Loan meeting the minimum credit score requirements below may still be denied based on an overall credit underwriting decision.|
|Minimum credit scores and eligibility are determined by Investor and individual PMI Company guidelines; Eligibility based on market, property type, credit scores, LTV, DTI Ratios, and Reserves. |
And for loans above 80% LTV:
Private Mortgage Insurance minimum credit score based on individual PMI Co. eligibility.
Fixed rate Mortgage:
Adjustable Rate Mortgage:
Guaranteed Rural Housing:
40 Year Mortgage:
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