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 Posted - 05/15/2008 : 12:27:31 PM
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FHA MINI JUMBO "CONFORMING" GUIDELINES >$362,790 & <= $417,000
Mini Jumbo Conforming Loan
A Mini Jumbo Conforming Loan is a 1 family loan amount >= $362,790 and <= $417,000.
Loan Amounts
Loan amount eligibility shall be determined by going to U.S. Department of Housing and Urban Development's FHA Mortgage Limits Website, https://entp.hud.gov/idapp/html/hicostlook.cfm indicating that the subject property is eligible for the increased loan amount in any high cost areas..
The HUD page must be printed out and accompany each loan application.
Maximum LTV's
Purchase (1-4 Family): 97.75%
Rate/Term Refinance (1-4 Family): 97.75%
Cash-out Refinance (1-2 Family): 95%
Cash-out Refinance (3-4 Family): 85%
Property Types
1-4 Family
Minimum FICO Score(s)
580
If there is more than one borrower on the loan, the lowest selected FICO score among all borrowers is the Loan score. The Loan score is determined as follows: If there are three valid scores for a borrower, the middle score is used. If there are two valid scores for a borrower than the lower of the two scores is the core used.
Maximum Debt to Income Ratios
31/43 for AUS Refer loans
AUS Approved loans: Ratios evaluated and approved by AUS
Pricing
Mini Jumbo base pricing and all adjustments apply.
Mini Jumbo Guidelines >417,000.00
A mini jumbo loan is any loan amount over:
1-family: $417,000
2-family: $464,449
3-family: $561,411
4-family: $697,696
and within the new temporary loan limits issued by HUD.
Loan Limits
Loan amount eligibility shall be determined by going to U.S. Department of Housing and Urban Development's FHA Mortgage Limits Website, https://entp.hud.gov/idapp/html/hicostlook.cfm indicating that the subject property is eligible for the increased loan amount.
The HUD page must be printed out and accompany each loan application.
Maximum LTV's
Purchase: 97.75%
Rate/Term Refinance: 97.75%
Cash-out Refinance: 85%
Property Types
1-4 Family
Minimum FICO Score(s)
600
If there is more than one borrower on the loan, the lowest selected FICO score among all borrowers is the Loan score. The Loan score is determined as follows: If there are three valid scores for a borrower, the middle score is used. If there are two valid scores for a borrower than the lower of the two scores is the core used.
Maximum Debt to Income Ratios
31/43
Appraisal Requirements
Any loan with an LTV >= 95% located in one of the defined declining markets listed below must comply with the following additional requirements:
A second appraisal from an approved FHA appraiser must be obtained and reviewed to support the value.
If there is a variance between the two appraisals that is greater than 3% then the lower of the two values must be used.
The additional appraisal fee can be charged to the borrower and included in the closing costs.
Declining Markets
The following states are considered to be declining markets:
California
Colorado
Florida
Maine
Maryland
Massachusetts
Michigan
New Hampshire
New Jersey
New York
Rhode Island
Virginia
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