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SINGLE LOAN |
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TANDEM 80/20 LOAN |
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| Features |
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DU Recommendations down to EA-1
(with no loan level price adjustments) |
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DU Recommendation serves both 1st
and 2nd mortgages |
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Note: Interest Rate on 2 nd cannot exceed interest rate on 1 st |
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Minimum Borrower Contributions |
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Minimum Borrower Contributions |
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- One Unit: $500
- 2 Units: 3%
- 3-4 Units: 5%
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- One Unit: $500
- 2 Units: 3%
- 3-4 Units: 5%
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Sources of Funds to Close |
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Sources of Funds to Close |
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- Gift
- Grant
- Cash on Hand (1 unit only)
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- Gift
- Grant
- Cash on Hand (1 unit only)
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Income Limits |
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Income Limits |
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- 100% of AMI
- 115% in non-metro areas
- High Cost Areas
- 170% Hawaii
- 165% New York MSA
- 140% California
- 135% Boston MSA
- 120% Portland/Seattle MSA
- Fannie Neighbors(TM) have no AMI limits, use Geo Code
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- 100% of AMI
- 115% in non-metro areas
- High Cost Areas
- 170% Hawaii
- 165% New York MSA
- 140% California
- 135% Boston MSA
- 120% Portland/Seattle MSA
- Fannie Neighbors(TM) have no AMI limits, use Geo Coder
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| Homebuyer Education |
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Homebuyer Education Required |
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Homebuyer Education Required |
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Landlord Counseling Required for 2-4 units |
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Landlord Counseling Required for 2-4 units |
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| Loan Purpose |
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Purchase |
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Purchase |
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Rate/Term Refinance |
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Rate/Term Refinance |
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Limited Cash-out Refinance |
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Limited Cash-out Refinance |
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| Terms |
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30 year fixed, fully amortizing only |
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30 year fixed, fully amortizing only
Note: 30 year fixed term for both first and second mortgages |
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| Occupancy and Property Type |
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Owner Occupied Only |
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Owner Occupied Only |
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Single Family Residence |
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Single Family Residence |
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Condominium (approved project) |
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Condominium (approved project) |
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Planned Unit Development (PUD) |
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Planned Unit Development (PUD) |
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No Manufactured Housing |
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No Manufactured Housing |
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Mortgage
Insurance
Coverage |
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Negotiated LPMI (included in rate) |
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Not Applicable |
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- 97.01-100% (20% coverage)
- 95.01-97% (18% coverage)
- 90.01-95% (16% coverage)
- 8501-90% (12% coverage)
- 80.01-855 (6% coverage)
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Note: These LPMI rates apply to all underwriting recommendations down to EAI / Eligible. |
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| CLTV Limits and Subordinate |
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CLTV maximum is 105% (approved NHSA JPS LLC subordinate financing only) |
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CLTV maximum is 105% (approved NHSA JPS LLC subordinate financing only) |
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Tandem 2nd is capped at 100% LTV. |
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Ratios, Reserves,
and Income |
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Determined by DU |
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Determined by DU |
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| Interested Party Contributions |
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6% Maximum |
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6% Maximum |
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| Ownership of Property |
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Borrower may not own another residence at the time of closing. |
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Borrower may not own another residence at the time of closing. |
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Collections/
Charges Offs |
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Total <$5,000 - no payoff required |
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Total <$5,000 - no payoff required |
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