CD23
Countrywide
Non-Conforming Expanded Criteria
No Ratio
10, 15, 20, 25, & 30 Year Fixed
Purchase and Rate/Term Refinance
|
Maximum Loan Amount |
Maximum LTV/CLTV |
Minimum Credit Score |
|
$400,000 |
70%3,4 |
580 |
|
$400,000 |
75/75% |
620 |
|
$400,000 |
90/90%2 |
660 |
|
$400,000 |
95/95%1,2 |
680 |
|
$500,000 |
70%3,4 |
580 |
|
$500,000 |
70/75% |
620 |
|
$500,000 |
85/85%2 |
660 |
|
$650,000 |
70%3,4 |
580 |
|
$650,000 |
85/85%1,2 |
660 |
|
$1,000,000 |
65/70% |
660 |
|
$1,500,000 |
65/70% |
660 |
(1) 2 units maximum LTV is 80%.LTV
(2) Maximum LTV allowed with secondary financing is 80%
(3) Secondary financing is not allowed with credit score less than 620
(4) The following property types are not eligible:
2 units
High-rise condos
|
Maximum Loan Amount |
Maximum LTV/CLTV |
Minimum Credit Score |
Maximum Cash Out |
|
$400,000 |
75/75%1 |
620 |
$100,0002 |
|
$400,000 |
90/90%1,2 |
660 |
$100,0002 |
|
$500,000 |
70/70% |
620 |
$100,0002 |
|
$650,000 |
70/80%1 |
660 |
$150,0002 |
|
$1,000,000 |
60/80%1 |
660 |
$250,0002 |
|
$1,500,000 |
55/60% |
660 |
$200,0002 |
(1) 2 units are eligible to a maximum LTV/CLTV of 70/70%
(2) Maximum 80% LTV allowed when there is secondary financing
SECOND HOME3
|
Maximum Loan Amount |
Maximum LTV/CLTV |
Minimum Credit Score |
|
$400,000 |
70%4,5 |
580 |
|
$400,000 |
70/70%6 |
620 |
|
$400,000 |
75/80% |
660 |
|
$500,000 |
65%4,5 |
580 |
|
$500,000 |
65/80%7 |
620 |
|
$650,000 |
55%4,5 |
580 |
|
$650,000 |
55/55% |
620 |
|
$650,000 |
65/80% |
660 |
|
$1,000,000 |
55/60% |
660 |
|
$1,500,000 |
55/60% |
660 |
(3) 2 units are not allowed for Second homes.
(4) Secondary financing is not allowed with credit score less than 620
(5) The following property types are not eligible:
2 units
High-rise condos
(6) High-rise condos are eligible to a maximum 65/70% LTV/CLTV.
(7) High-rise condos are eligible to a maximum 60/70% LTV/CLTV.
Cash Out
|
Maximum Loan Amount |
Maximum LTV/CLTV |
Minimum Credit Score |
Maximum Cash Out |
|
$400,000 |
65/70% |
620 |
$100,000 |
|
$400,000 |
70/70% |
660 |
$100,000 |
|
$500,000 |
60/70% |
620 |
$100,000 |
|
$650,000 |
55/70% |
660 |
$150,000 |
|
$1,000,000 |
45/50% |
660 |
$250,000 |
|
$1,500,000 |
45/50% |
660 |
$200,000 |
(3)2 units are not allowed for Second Homes
Purchase and Rate/Term1
|
Maximum Loan Amount |
Owner-Occupied Max LTV/CLTV |
Second Home Max LTV/CLTV |
|
$400,000 |
75/75% |
60/60% |
|
$500,000 |
70/70% |
55/55% |
|
$650,000 |
65/65% |
55/55% |
(1) Cash out refinance not allowed
Note: Minimum credit score for all Non-Warrantable Condo loans is 660
10, 15, 20, 25 and 30 year terms allowed
None
There are no qualifying ratio guidelines. Income may not be indicated anywhere in the loan file including the initial and final application.
Not allowed
Not applicable
Allowed subject to the following restrictions:
Secondary financing must be provided from an institutional lender other than Investor.
The maximum LTV is 80% when there is secondary financing.
TAMI is allowed.
Mortgage insurance must be obtained from one of the following companies:
GE
MGIC
PMI
Radian
RMIC
Triad
UGI
|
LTV |
10, 15 and 20 years |
25 and 30 years |
|
90.01-95% |
25% |
30% |
|
85.01-90% |
12% |
25% |
|
80.01-85% |
6% |
12% |
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 with a valid Social Security number
Allowed
If all borrowers are non-permanent resident aliens, the following additional restrictions apply:
Owner-occupied only
Maximum LTV: 90%
Purchase, Rate and Term refinance only
In addition, refer to the following table for more restrictions:
|
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. |
|
Residency1 |
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 LTV's >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. |
1Loans 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.
Foreign Nationals
Not allowed
Owner-occupied primary residences 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 their 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 accounted for in the credit score |
Late payments are accounted for in the credit score |
|
Mortgage Lates |
Maximum mortgage lates permitted are: 2x30 in the last 12 months |
Maximum mortgage lates permitted are: 1x30 in the last 12 months 0x60 in the last 24 months |
|
Bankruptcy, Foreclosure, Deed-in-Lieu, Short Sale |
Subject to individual evaluation |
Subject to individual evaluation |
|
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 |
|
Judgements, Collections, Charge-offs |
Subject to individual evaluation |
Subject to individual evaluation |
(1) Click here for further details in Underwriting Guidelines
Information below is product specific, click HERE for full underwriting guidelines
no ratio
The application (1003) must be fully completed without any reference to income.
A two-year employment history must be verified.
Note: Retired borrowers are also eligible under this enhancement.
A full two (2) year history with the same employer or in the same line of work must be documented by a verbal Verification of Employment (VOE), however, income may not be disclosed. The VOE must include:
Current employment and job title.
Term of employment and probability of continued employment.
Name and title of the person providing the information.
Date and signature of the person verifying the information.
Two (2) years self-employment in the same line of work must be documented through:
A copy of a valid business license
Or
A neutral third party, such as a CPA, regulatory agency, or professional organization.
No income verification should be in the file.
Loans submitted with any reference or documentation related to income will only be considered under Full or Alternate Documentation guidelines
Self-Employed Borrower or Borrowers with Passive Income (including retired borrowers): A two-year history must be verified by:
A copy of a current, valid business license. OR
A neutral third party, such as a CPA, regulatory agency, or professional organization.
Information below is product specific, click HERE for full underwriting guidelines
Must be disclosed and verified through Full or Alternative documentation.
Documentation must include two months most recent account statements, OR
written Verification of Deposit (VOD). If bank/account statements are used, there may be no reference to income on the statements.
Assets must be from the borrowers own funds:
Acceptable assets include checking and/or savings accounts, certificates of deposit, brokerage or mutual funds, and publicly traded stocks.
Assets that are not acceptable include accounts held in the name of a corporation or partnership or other party, or stocks in a closely held corporation.
The borrowers must have a strong asset base consistent with the borrower's occupation.
All liquid assets must be disclosed and verified
Liquid assets must be sufficient to meet reserve requirements
Not permitted
Requires 3 months' reserves.
|
LTV |
Owner-Occupied |
Second Home |
|
> 90% |
3% |
Not allowed |
|
80.01-90% |
6% |
Not allowed |
|
< 80% |
6% |
6% |
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
Loans exceeding $650,000 are restricted to major metropolitan areas only.
1-2 Units1
Attached SFRs
Detached SFRs
Attached PUDs
Detached PUDs
Low-Rise Condos
High-Rise Condos
Non-Warrantable Condos2
Factory-Built Housing3
Modular Homes
Panelized Homes
Prefabricated Homes
1) 2 units not allowed for Second Homes
2) Non-Warrantable Condos: Restrictions apply (see Underwriting Guidelines)
3) Allowed with restrictions.
3-4 Units
Factory-Built Housing:
Manufactured Homes
Condotels
Cooperatives
Log Homes
Rural Properties1
(1) Exceptions may apply. Refer to Underwriting Guidelines.
One full appraisal
One full appraisal plus one field review
The field review must be completed by an investor-approved review appraiser.