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PROGRAM MATRIX
Fannie or Freddie Standard |
Freddie Mac |
Fannie Mae |
107% LTV |
104% LTV |
100% LTV high Ratios |
100% Sub Prime |
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| Occupancy | owner/non Owner | Owner | Owner | Owner | Owner | ||
| Assumable | NO | NO | NO | NO | NO | NO | NO |
| Max Loan amount | 322,700 | 322,700 | 322,700 | 400,00 | 300,00 | 400,00 | |
| MI Coverage | Yes 78 % LTV | Yes | Yes | NO | NO | NO | NO |
| Term | 40/30/15, 5/1, 10/1, 30, 15 | 15/20/30 YR Fixed | 1 | 30 YEAR | 30 YEAR 5/1 ARM | 2/1, 30/15,3/1 | 2/1 30/30 |
| Document Options | Full/Alt/Lit | Full/Alt | Full/Alt | Full | Full | Full/Alt | Full/Alt |
| Temporary BuyDowns | Yes | Yes | Yes | N/A | No | No | No |
| Max LTV Purchase (Full Doc) | 95% | 97% | 97% | 107% | 104% | 100% | 100% |
| Ez or Lite Doc | |||||||
| No Cash Re-Fi | 95% | 95% | 95% | N/A | N/A | N/A | 100% |
| Cash out Re-fi (Full Doc) | 80% | 80% | 80% | N/A | N/A | N/A | 100% Max loan 250,00 |
| Cash out Re-fi (EZ- Doc) | |||||||
| Max Seller Contribution | >90% is 3% | >90 is 3% | >90 is 3% | >100% No credits | 3% | 3% | 3% |
| Recurring Closing Costs Allowed | No | No | No | No | No | No | No |
| Down Payment | Seasoned Funds | Gift, Family loan, employer, non-profit | $0 | $0 | N/A | ||
| Pre-pay Penalty | No | No | No | 3-yr pre-pay can be bought down | Yes 3 Years | Yes 2 Years | Yes 2 Years |
| Credit | Good | 700 FICO | GOOD | 680+FICO | 680 FICO | Flexible 600 FICO | 580 Fico-No forelosures in lsat 36 months |
| Max Ratios | 33/38 | 33/41 | 33/41 | 45/45 | 35/40 | 50/50-50/60 Flexible | 40/45 |
Targeted Census Tract 100% LTV |
Targeted Census Tract 97% LTV |
FHA |
VA |
P.E.R.S |
High LTV Reduced Doc |
Cash Program |
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| Occupancy | Owner | Owner | Owner | Owner | Owner | Owner | Owner |
| Assumable | No | No | Yes | Yes | Mo | No | Mp |
| Max Loan amount | 322,700 | 322,700 | LA-214,985. Ventura - 219,849. | 203,00 | 203,000 | Dependent on porgram | 322,700 |
| MI Coverage | Yes | Yes | Yes | No -VA funding fee of 3% | Yes | No | Yes |
| Term | 30 Year | 30 year fixed | Full | 30 Year | 30 Year | 30 year fixed | |
| Document Options | Full | Full | Full | Full | Full | No income "EZ" | Full |
| Temporary BuyDowns | No | No | N/A | N/A | N/A | N/A | N/A |
| Max LTV Purchase (Full Doc) | 100% | 97% | 97% | 100% | 100%(Dependent on PERS vesting) | 100% 680+ FICO 95% + FICO 90%+ FICO | 95% |
| Ez or Lite Doc | |||||||
| No Cash Re-Fi | 100% | 97% | 97% | 100% | 100% | N/A | N/A |
| Cash out Re-fi (Full Doc) | N/A | N/A | N/A | N?A | N/A | N/A | N/A |
| Cash out Re-fi (EZ- Doc) | N/A | N/A | |||||
| Max Seller Contribution | 3% | 3% | 6% | 5% | 3% | 3 - 4% | 3% |
| Recurring Closing Costs Allowed | No | No | Yes | Yes | No | No | No |
| Down Payment | N/A | 1% from borrowers own funds 2% from gift, grant, etc. | Can be 100% gift | $0 | As little as zero, dependent on PERS Vesting | 0 - 15 % | 2 % from borrower 3% gift secured/unsecured |
| Pre-pay Penalty | No | No | No | No | No | No | |
| Credit | 660 Fico | No FICOS - Good overall credit - excellent ren ratings | Fair- Flexible | Flexible | Good | Good | Exccellent |
| Max Ratios | 33/41 | 38/38 45/45 w/ no pmt shock | 42% Higher case by case | 41% - Highercase by case | 38% | 30/40 |