PROFESSOR DOM'S QUICK GUIDELINE MATRIX
    AGENCY MORTGAGE INSURERS
    Fannie Mae (DU®) Freddie Mac (LP®) FHA VA Genworth MGIC PMI Radian RMIC 14 15 UG 13
     PURCHASE  PRIMARY RESIDENCE-CONFORMING < 30 YEAR FIXED   PURCHASE  PRIMARY RESIDENCE-CONFORMING < 30 YEAR FIXED
    Standard FNMA  DU® A/E Standard FHLMC LP® ACCEPT Scorecard & Manual 6 VA-DU-LP & Manual 6 ALL GUIDELINES BELOW APPLY TO DU® APPROVE ELIGIBLE OR LP® ACCEPT ONLY
       
1 Unit - Condo & PUD 1 LTV CLTV LTV TLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV ONLY LTV CLTV LTV CLTV
Maximum LTV/CLTV/TLTV 95% 95% 95% 95% 97.75% 100% 100% 100% 95% 10 95% 9 95% 8 9 95% 9 95% 7 9 95% 7 10
Min Score 580 Determined by LP® SEE FOOTNOTE 2 NONE 620 620 580 11 620 620 620 11
2 Unit LTV CLTV LTV TLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV
Maximum LTV/CLTV/TLTV 95% 95% 95% 6 97.75% 100% 100% 100% NOT ELIGIBLE 95% 9 90% 9 95% 9 95% 9 NOT ELIGIBLE
Min Score 580 Determined by LP® SEE FOOTNOTE 2 NONE 680 620 11 620 680
3-4 Unit LTV CLTV LTV TLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV
Maximum LTV/CLTV/TLTV 80% 80% 80% 6 97.75% 100% 100% 100% NOT ELIGIBLE NOT ELIGIBLE NOT ELIGIBLE NOT ELIGIBLE NOT ELIGIBLE NOT ELIGIBLE
Min Score 580 Determined by LP® SEE FOOTNOTE 2 NONE
Manufactured Housing 1 Unit LTV CLTV LTV TLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV
Maximum LTV/CLTV/TLTV 95% 95% 95% 6 97.75% 100% 100% 100% 90% 10 90% 10 90% 10 95% 10 NOT ELIGIBLE NOT ELIGIBLE
Min Score 580 Determined by LP® SEE FOOTNOTE 2 NONE 660 660 660 620
Cooperatives LTV CLTV LTV TLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV
Maximum LTV/CLTV/TLTV 95% 95% 95% 95% NOT ELIGIBLE NOT ELIGIBLE 90% 10 90% 9 90% 9 95% 9 90% 9 90% 10
Min Score 580 Determined by LP® 700 620 620 11 620 620 700
Construction To Perm LTV CLTV LTV TLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV LTV CLTV
Maximum LTV/CLTV/TLTV 95% 95% 95% 95% 97.75% 100% 100% 100% 95% 10 95% 9 95% 9 1-2 unit - same as above 90% 9 12 95% 10
Min Score 580 Determined by LP® SEE FOOTNOTE 2 NONE 680 700 620 11 700 700
Additional Guidelines for ALL THE ABOVE Additional Guidelines for ALL THE ABOVE
Qualifying Ratios Determined by DU® Determined by LP® 31% 43%   3 41% & Net Income 45% 45% DU/LP-55% 45% 41% 55% 55%
Cash Reserves None - Determined by DU® None - Determined by LP® 1-2 Unit None 1 Unit None 2 months PITI Min 2 months PITI - Reserves can be waived if Score >720 Follow DU® & LP® 2 months PITI 2 months PITI
3-4 Unit 3 mos PITI 2-4 Unit 6 mo PITI
Min Borrower Contribution 5% 5% 3% 4 NONE 5% 3% 5% 5% 5% 5%
Gift Funds LTV >80 borrower must contribute 5% LTV < 80% 100% Gift 100% - Can be used for min cash invest 100% GIFT FUNDS - Follow Fannie Mae & Freddie Mac Guidelines
Non-Occupant Co-borrowers 5 YES- Borrower  qualifies at 35/43 YES- All borrowers qualify YES- All borrowers qualify 1 Unit ONLY NOT ELIGIBLE Non-Occupant Co-Borrower - SEE Non-Occupant Co-Borrower Matrix
 
Condo Investor Concentration N/A for Primary Res N/A for Primary Res < 49% < 49% < 50% < 30% < 40% < 40% < 30% < 30%
FOOTNOTES FOR AGENCY FOOTNOTES FOR ALL FOOTNOTES FOR MORTGAGE INSURERS
1  For FHA & VA loans condominium projects must be approved by the appropriate Federal Agency.  A list of Interest Only-Borrower MUST qualifying at the fully amortizing payment. 7  Condo - maximum LTV 90%
 approved projects can be found HERE   FHA allows Spot Approvals based on the following guidelines. 8  Condo -minimum Score 620
2  Note that a minimum decision credit score of 500 will be required for FHA-insured mortgages with an LTV Non-warrantable Condos are INELIGIBLE 9  Interest Only - Eligible
 ratio in excess of 90 percent. Borrower's with NO Score follow FHA Non-Traditional Credit Guidelines     WARNING:  SEE   10  Interest Only - NOT ELIGIBLE
3  Ratios may be exceed with proper compensating factors. MI DECLINING MARKET MATRICES 11  Interest Only - minimum Score 680
4  Borrower's min cash investment can come from gifts and grants. for LTV-Score -Property and Transaction eligibility 12 Construction to Perm - 1 Unit ONLY
5 Specific guidelines apply for Non-Occupant Co-Borrowers   6  Interest Only is NOT ELIGIBLE     13  New Subordinate Financing NOT ALLOWED
    14  Score <680 priced as A- minus
                                                                                                        15  Interest Only - Min Score 680 & Max LTV 90%
Revised 9/23/2008
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