CREDIT PARAMETERS | FHA FULL DOC | FLEXIBLE ADVANTAGE* | FLEXIBLE ADVANTAGE PLUS* | PRIME ADVANTAGE* |
FICO | 500+ | 550+ | 620+ | 660+ |
MORTGAGE/RENTAL HISTORY | 0x30 | 0x60 up to 0x12 | 1x30 | 0x30 |
BK/FC SEASONING | BK 24 Months, FC 36 Months | 0-24 Months | 36 Months | 38 Months |
MAX DTI | Per AUS up to 57% (Manual to 50%) | 43% Standard (Expanded up to 50%) | 50% Standard | 43% Standard (Expanded to 50%) |
MORTGAGE INSURANCE PREMIUMS | 1.75% UFMIP; 80-105bps MMI | None | None | None |
RESIDUAL INCOME | N/A | $1,500 + $150/Dependent | $2,500 + $150/Dependent | $2,500 + $150/Dependent |
RESERVES | 0-3 Months (Per AUS) | 3 Months | 6 Months | 6, 9, OR 12 Months based on loan size |
LTVS UP TO | 96.5% (90% BELOW 580 FICO) 80% Cash-out | 80% PUR/RT 70% Cash-out |
80% PUR/RT 75% Cash-out |
90% PUR/RT 80% Cash-out |
MAX LOAN AMOUNT | Conforming limits by county 1-unit high-balance limit $765,600 |
$1,500,000 | $2,000,000 | $2,500,000 |
CASH-OUT MAX | Per AUS | $250,000 | $500,000 | $500,000 |
OTHER PARAMETERS | FHA FULL DOC | FLEXIBLE ADVANTAGE* | FLEXIBLE ADVANTAGE PLUS* | PRIME ADVANTAGE* |
ARM PRODUCTS | Fixed Only | 5/1, 7/1, 10/1 5/1, 7/1, 10/1 Interest-only |
5/1, 7/1, 10/1 5/1, 7/1, 10/1 Interest-only |
5/1, 7/1, 10/1 5/1, 7/1, 10/1 Interest-only |
INELIGIBLE STATES | MA, ND (CMS licensing) | MA, ND (WV: NO Interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed |
MA, ND (WV: NO Interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed |
Not Available in all states, SEE GUIDELINES for Details |
QM FEES | Limited to QM, 3% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit |
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00