CD22
Countrywide
Expanded Criteria Non-Conforming
Stated Income/Stated Asset
10, 15, 20, 25, & 30 Year Fixed
|
Maximum Loan Amount |
Maximum LTV |
Minimum Credit Score |
|
$400,000 |
90% |
580 |
|
$500,000 |
80% |
580 |
|
$650,000 |
75% |
580 |
|
Maximum Loan Amount |
Maximum LTV |
Minimum Credit Score |
|
$400,000 |
70% |
580 |
|
$500,000 |
65% |
580 |
|
$650,000 |
55% |
580 |
|
Maximum Loan Amount |
Maximum LTV |
Minimum Credit Score |
Maximum Cash Out |
|
$400,000 |
75% |
620 |
$100,000 |
|
$500,000 |
70% |
620 |
$100,000 |
10, 15, 20, 25 and 30 years
None
Calculated from stated income.
Maximum total debt-to-income ratio allowed is 50%. There is no maximum housing-to-income ratio
Note: Investor AUS may give an Accept recommendation with debt ratios up to a maximum 55%, however, based on other risk factors, the AUS may also give a Refer recommendation with lower debt ratios.
Not allowed
Not applicable
Not allowed
Not allowed
TAMI and financed single premium mortgage insurance are not allowed
|
LTV |
10, 15 & 20 years |
25 & 30 years |
|
85.01-90% |
12% |
25% |
|
80.01-85% |
6% |
12% |
The following mortgage insurance companies have agreed to provide mortgage insurance for loans traditionally underwritten or submitted through Investors AUS and receiving an Accept rating:
PMI
Radian
RMIC
Triad (eligible in all states except Alaska, Hawaii, Louisiana, Maine, New Hampshire, and New York)
Loans with credit scores less than 620: The MI company may charge A Minus rates.
Investor requires an impound/escrow account for loans with LTV ratios greater than 80%.
Loans delivered with a LTV ratio greater than 80% without an impound/escrow account for taxes or property insurance will be assessed a fee regardless of the state in which the loan was originated.
Loans that require mortgage insurance must always be delivered with an impound/escrow account.
Loans with a LTV greater than or equal to 90% must have an impound/escrow account that covers taxes, mortgage insurance, and hazard insurance to be eligible for purchase.
Available for 30-year terms only
Not Allowed
Information below is product specific, click HERE for full underwriting guidelines
Allowed
Allowed
If all borrowers are non-permanent resident aliens, the following additional restrictions apply:
Maximum LTV: 75%
Purchase, Rate and Term refinance only
In addition, refer to the table below for further details:
|
Restrictions |
Non-Conforming and Non-Conforming Expanded Criteria |
|
Eligible Property Types |
Single unit owner-occupied primary residence. |
|
Eligible Finance Type |
Purchase or Rate and Term refinance only. |
|
Maximum LTV |
Refer to the individual loan program. |
|
Credit/Employment 1 |
1)LTV >75% and all reduced documentation loans, borrower must have established 2-year credit and employment history in the U.S. Borrowers must also be able to verify the probability of maintaining employment in the U.S. for an additional 2 years. 2)LTVs < 75%, borrower must have established a 2-year credit and employment history in the U.S. or a foreign country. A foreign or international credit report is required to document a credit history outside the U.S. |
|
Residency 1 |
1)LTV >75% and all reduced documentation loans require minimum 2 year U.S. residency. 2)LTV < 75% requires minimum 2-year residency history in U.S. or a foreign country. |
|
Funds |
For LTVs >75% and all reduced documentation loans, funds must be in U.S. institutions. If funds are transferred from a foreign country, borrower must provide proof of ownership. |
1) Loans for non-permanent resident aliens who do not have the required 2-year credit, employment or residency history must be originated and closed under the Foreign National programs.
Not Allowed
Not allowed
Non-arm’s length transactions are not permitted.
Owner-occupied primary residence and second homes
Information below is product specific, click HERE for full underwriting guidelines
All borrowers must meet the minimum credit score requirements shown in the Maximum LTV/CLTV tables, AND
The borrowers may not be currently delinquent on mortgage or housing payment.
The following additional restrictions also apply:
|
Credit Issue |
Credit Score Less Than or Equal to 600 |
Credit Score Greater than 600 |
|
Revolving and Installment |
Late payments are considered accounted for in the credit score |
Late payments are considered accounted for in the credit score |
|
Mortgage lates |
Maximum mortgage lates permitted are: 2x30 in the last 12 months |
Maximum mortgage lates permitted are: 0x30 in the last 12 months 0x60 in the last 24 months |
|
Bankruptcy, Foreclosure, Deed-in-Lieu, Short Sale |
Subject to individual evaluation |
Seven (7) years |
|
History of Credit Counseling |
A minimum 12 months seasoning is required on credit re-established since the credit counseling was terminated. |
A minimum 12 months seasoning is required on credit re-established since the credit counseling was terminated.1 |
|
Judgments, Collections, Charge-offs |
Subject to individual evaluation |
None allowed in past 24 months |
1) Click here for further details in the Underwriting Guidelines
Information below is product specific, click HERE for full underwriting guidelines
Employment information must be provided on the 1003. A verbal verification of employment must provide verification of:
2 years' continuous employment
A minimum of two (2) years self-employment in the same business and at the same location.
The verbal VOE can be obtained from a satisfactory third party source, such as a CPA, attorney, business license or fictitious name filing agency
Stated income and assets are allowed and must be deemed reasonable and consistent with the borrower’s occupation. The information must be provided on the 1003
Information below is product specific, click HERE for full underwriting guidelines
From stated assets on the 1003
Gift Funds are not allowed
Not required.
Allowed.
There are no product specific guidelines, click HERE for full underwriting guidelines
Information below is product specific, click HERE for full underwriting guidelines
Click here for the Geographic Restrictions page
Attached SFRs
Detached SFRs
Attached PUDs
Detached PUDs
Low-Rise Condos
Factory-Built Housing1
Modular Homes
Panelized Homes
Prefabricated Homes
1) Allowed with restrictions. Refer to the Factory-Built Housing section of the underwriting guidelines for complete details.
2-4 Units
Condotels
Cooperatives
High-Rise Condos
Non-Warrantable Condos
Log Homes
Factory-Built Housing: Manufactured Housing
Rural Properties1
(1) Exceptions may apply. Refer to Underwriting Guidelines.