Basic Product Parameters
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Fannie Mae HARP 2.0 Loans only |
DU Approve/Eligible findings only |
New subordinate financing is not allowed |
Maximum DTI is determined by DU |
No mortgage lates in last 12 months |
DU Findings must reflect DU REFI + eligibility |
Condo cap 125% LTV/CLTV |
High Balance Loan cap 125% LTV/CLTV |
No loans with Mortgage Insurance |
Full documentation only |
Property Inspection Waivers accepted |
Benefit to borrower must be documented |
FNMA Loans sold after May 31st, 2009 are ineligible |
Minimum loan amount $60,000 |
No more than $250 cash back allowed to borrower at closing |
FNMA commitments previously negotiated are ineligible |
Cannot payoff existing subordinate financing with loan proceeds |