FHA Jumbo

Maximum LTV and Credit Score Restrictions
Finance Type	1 Unit	2 Unit	3 Unit	4 Unit	Guideline
All	>$362,790	>$464,449	>$561,411	>$697,696	Minimum 620 credit score
Purchase / No Cash Out	>$362,790	>$464,449	>$561,411	> $697,696	Max 97.75% LTV
Purchase / No Cash Out	>$417,000	>$533,850	>$645.300	> $801,950	Max 97.75% LTV
Cash Out	>$417,000	>$417,000	>$417,000	> $417,000	Max 85% LTV
1. For properties in Alaska and Hawaii, restrictions above apply with AK/HI limits 2. Properties in Low Closing Cost States are allowed to 97.15%. Refer to HUD Handbook for complete information. 3. See Appraisal section for additional requirements for properties located in declining markets.
FHA Jumbo Mortgage Limits
Region	1 Unit	2 Unit	3 Unit	4 Unit
Minimum 48 States	>$362,791	>$464,450	>$561,412	>$697,696
Minimum 48 States	>$729,750	>$934,200	>$1,129,250	>$1,403,300
Minimum AK and HI	>$544,186	>$696,674	>$842,117	>$1,046,545
Minimum AK and HI	>$1,094,625	>$1,401,300	>$1,693,875	>$2,105,100
1 For properties in Alaska and Hawaii, restrictions above apply with AK/HI limits 2 Properties in Low Closing Cost States are allowed to 97.15%. Refer to HUD Handbook for complete information. 3See Appraisal section for additional requirements for properties located in declining markets.
Up Front and Annual MIP
	Greater than 15 year terms			15 term or lessYear
LTV	>680	640	620	>680	640+	620+
<90%	1.25%/.5%	1.25%/.5%	1.25%/.5%	1%/0%	1.%/0%	1.25%/0%
90% - 95%	1.25%/.5%	1.25%/.5%	1.50%/.50%	1%/.25%	1.25%/.25%	1.5%/.25%
95%	1.25%/.55%	1.50%/.55%	1.75%/.55%	1.25%/.25%	1.5%/.25%	1.75%/.25%
• The number of years will be determined when the loan balance equals 78% LTV, provided that the borrower has paid the annual MIP for at least 5 years, (scheduled or actual) • Loan amount multiplied by Annual premium, divided by 12 months equals monthly MIP • FHA 203(b) / 234(c) loans will have upfront premiums and monthly premiums • Pricing and program eligibility are determined using the base loan amount prior to financing UFMIP • UFMIP must be 100% financed into the mortgage or paid entirely by cash: partial financing not allowed
Refinance
No Cash Out Refinance: Maximum loan amount is the lesser of the LTV in the Maximum LTV table or the existing debt calculation as described below: To calculate existing debt, add together the amount of the applicable items listed below, any refund of UFMIP must then be subtracted from the total: • Existing first lien (may include up to 60 days interest maximum, but may not include delinquent interest), Any purchase money second mortgage, Any junior liens over 12 months old, Borrower paid closing costs, Prepaid expenses, Borrower paid repairs (if required), Discount points • Prepaid expenses may include the per diem interest, hazad insurance premium deposits, mortgage insurance premium, and any real estate tax deposits needed to establish the escrow account.
Cash Out Refinance Loan amounts > $417,000: 85% of the appraised value. If owned less than 12 months: • 85% of the appraised value or original sales price, whichever is less. If owned 12 months or more and loan amount < $417,000, FHA will allow a cash-out refinance up to 95% subject to all of the following: • Property is the borrower’s principal residence for at least 12 months prior to loan application date • No payment may be more than 30 days late within the last 12 months. Payment must be current for the month due • 1-2 unit properties only (Max $417,000 applies to both 1-2 Units) • Subordinate financing may remain in place only if it is subordinate to the FHA-insured first mortgage (regardless of the total indebtedness or combined LTV) and the homeowner qualifies with scheduled payments on all liens • New secondary financing is limited to 95% CLTV NOTE: Cash-out refinances are not permitted for FHA loans in Texas
Appraisal
Standard FHA appraisal guidelines apply All appraisals for FHA loans must be completed using the following forms: • Statement of Limiting Conditions • Appraiser's Certification Based on the property type, the following appraisal report must be used: • Att/Det SFR & PUD - URAR Form #1004 • Condominium - Condo Form #1073 • 2-4 Units - Small Residential Income Property Form #1025 Note: Purchase and Rate/Term refinance > 95% LTV with loan amounts > $417,000 and located in a declining market will require a 2nd appraisal. Refer to Seller's Guide for additional information.

all loan products are subject to change at any time
other restrictions may apply