10% Down. High Balance "Nationwide Everywhere" Loan! Loan amounts up to $726,525

No County Limits, Only 10% Down Payment Required.

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10% Down Payment High Balance Loan Program Guidelines

Loan Purpose

  • Purchase
    • 10% Down for 1 and 2 unit primary residence and 1 unit 2nd home
  • Rate/Term Refinance
    • 80% LTV/90% CLTV for 1 unit primary residence
    • 80% LTV for 2 unit primary residence and 1 unit 2nd home
  • Cash-out Refinance
    • 80% LTV for 1 unit primary residence
    • 75% LTV for 2 unit primary residence
    • 75% LTV for 1 unit, 2nd home

Credit Profile

  • 680 minimum middle credit score for all borrowers on the loan for all available loan types, except 700 minimum middle credit score for cash-out refinance on a second home
  • Desktop Underwriting findings must be "Approved/Ineligible"
  • Waiting period after a major negative credit event:
    10% Down Nationwide Everywhere Loan Type BK – Chapter 7 BK – Chapter 13 Discharged BK – Chapter 13 Dismissal Foreclosure * Short Sale, Deed-In-Lieu, Pre-Foreclosure Modified Mortgage
    Standard 4 years 2 years 4 years 7 years 4 years 2 years

    * If a property was included AND surrendered (i.e. property wasn’t retained and the debt wasn’t reaffirmed) in a Chapter 7 Bankruptcy, the borrower may potentially be able to defer to the Chapter 7 waiting period Vs. the Foreclosure waiting period.

Loan Amount and Down Payments

  • Loan amount must exceed 2018 high balance conventional loan limits
  • Maximum loan amount cannot exceed $726,525
  • Minimum down payment based on property type:
    • Primary residence:
      • 1 Unit - 10% down
      • 2 Unit – 10% down
    • 2nd Home: 10% down
    • Non-owner Occupant not allowed

Ratios

  • As determined by Desktop Automated Underwriting System. Requires a Desktop Underwriter “Approved/Ineligible”. The only reason allowed for ineligible is the loan amount. No manual underwriting allowed

Property Type

  • Eligible property types:
    • Owner-occupied only
    • 1 to 2 unit properties
    • Fannie Mae approved condos
    • PUD's (i.e. Townhomes)
  • Ineligible property types:
    • Co-ops
    • Leasehold properties
    • Manufactured home
    • Property zone agriculture

Co-signers

  • Non-occupant co-signers are not permitted

Gifts/Down Payment

  • Owner occupied 1 unit property – entire down payment can come from a gift
  • Owner occupied 2 unit and 2nd home – minimum 5% down payment must come from the borrower's own funds
  • 2nd home – if gift is 20% or more, then there is no minimum borrower down payment requirement
  • Gift of equity permitted for primary and 2nd home purchase

Seller Closing Cost Assist

  • Owner occupied and Second Homes:
    • More than 10% down - 6% max seller assist
    • More than 25% down – 9% max seller assist

Documentation

  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

Terms

  • Amortization period: 30-year fixed rate