Direct Mortgage Loan Programs                      

**Updated April 07, 2010**    

Direct Community⁴

Conventional/ Conforming

Conforming Loan Limit

90%

640¹

OO

P/R&T

Full

6151

DU FHA Refinance

Government

HUD County
Limit⁵

97.75%/100%

OO

R&T/CO

Full/Alt (run DU)

6152

DU FHA Purchase

Government

HUD County
Limit⁵

96.5%

OO

P

Full/Alt (run DU)

6154

Conforming Treasury/LIBOR ARM (DU)⁴

Conventional/
Conforming

Conforming
Loan Limit

95 LTV¹
90 LTV w/sub fin:
95 TLTV - 95 HTLTV²

640¹

OO/2nd/NOO

P/R&T/CO

Full/Alt (run DU)

6158

Direct Possible⁴

6176

VA IRRRL (Interest Rate Reduction Refinance Loan)

6185

DU Super Conforming Fixed⁴

6186

DU Super Conforming Arm⁴

6187

LP Super Conforming Fixed⁴

6188

LP Super Conforming Arm⁴

6189

LP High Balance Fixed FHA

6190

LP High Balance ARM FHA

6191

DU High Balance Fixed FHA

6192

DU High Balance ARM FHA

6199

FHA $100 Down

6203

FHA High Balance Streamline⁸

6205

USDA Rural Housing

6210

USDA Rural Housing Refinance

6218

USDA Rural Housing Streamline

6219

FHA Good Neighbor Next Door

Cash Out Conv – 80% Max LTV; 2nd Home - 70% Max LTV; NOO- 70% Max LTV; FHA – 85% Max LTV; VA – 90% Max LTV; Max LTV could vary by program. Second Homes 80% Max LTV; 640 Min FICO. Cash Out - 70% Max LTV. Non-Owner Occupied 75% Max LTV; Cash Out - 70% Max LTV. NOO - With landlord history. With 2 most recent years experience, 680 FICO, and can count rents as income (proposed rents for purchase — as taken from the OIS or comparable rent schedule, whichever is lower  —  or the actual rents for a refinance — as taken from the tax return).  1x30 (12 months), 0x60 (12 months), 0x90 (24 months) mortgage lates. NOO - Without landlord history. 720 FICO score, qualifying with both payments, and max debt ratio of 45%. Mortgage Payments on time last 12 months. Max DTI Max DTI is 50%; some loan programs could be lower.

Footnotes:
¹Max 95% LTV Owner Occupied with 720 Min FICO®; Purchase/ R&T;  Max 41% DTI; 1 unit SFR only. The states AZ, CA, FL, MI, NV and OH have max 90% LTV and 740 min FICO; Max 41% DTI; 1 unit SFR only.
² TLTV must be met with HTLTV maximum. Max cash disbursed at close limited to TLTV.
³Any non-streamline VA is considered cash out.
⁴MI Guidelines apply for all conventional loans.
⁵Max loan amount is $417,000 or HUD county limit, which ever is lower (excluding Hawaii); Hawaii is $544,185.
⁶Min loan amount is $417,001 (excluding Hawaii); Hawaii is $544,186.
⁷All Borrowers must have a qualifying credit score. Exceptions granted on a case-by-case basis when the primary borrower has a qualifying score. Pricing adjustment applies.
⁸Not Eligible in CA, HI, & Miami-Dade, FL.
⁹Declining market and severely declining market restrictions apply.

NOTE: Values shown are examples of maximums and minimums allowed. Consult Direct Mortgage Loan Program Guidelines for details regarding any specific loan.

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