CMG 801-MBI All In One Loan Matrix and Guidelines

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All in One Loan 801-MBI Product Series Loan Matrix and Guidelines

Table of Contents

Table of Contents ......................................................................................................................... 0 801 MBI AIO Eligibility Matrix ............................................................................................................ 1 Program Highlights ........................................................................................................................ 3 Product Eligibility / Product Terms / Product Codes ................................................................................ 5 Part A ? Borrower Eligibility & Property Ownership Restrictions ................................................................... 7 Part B ? Appraisals & Property Requirements ......................................................................................... 8 Part C ? Occupancy ........................................................................................................................ 9 Part D ? Underwriting Documentation .................................................................................................. 9 Part E ? Application ....................................................................................................................... 9 Part F ? Credit Requirements .......................................................................................................... 11 Part G ? Income Documentation ....................................................................................................... 12 Part H ? Asset Documentation & Reserve Requirements ........................................................................... 14 Part I ? Property Eligibility ............................................................................................................. 16 Part J ? Disaster Policy.................................................................................................................. 16 Part K ? Private Mortgage Insurance .................................................................................................. 17 Part L ? Transaction Types ............................................................................................................. 20 Part M- Secondary/Subordinate Financing ........................................................................................... 21 Part N- Interested Party Contributions ............................................................................................... 21 Part Y - Links to CMG Policies, Etc. ................................................................................................... 22 Part Z - Recent Updates / 90 Day Lookback ......................................................................................... 23

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All In One Loan 801- MBI Product Series Guidelines

December 15th, 2021

801 MBI AIO Eligibility Matrix

Primary Residence & Second Home

Purchase/Rate & Term

Cash Out

Type

Loan Amount

Max LTV

Min Score

Max LTV

Min Score

Up to $850,000 85.01% ? 90% (2, 3)

720 (2)

n/a

n/a

Up to $1,000,000 80.01% ? 85%(2, 3)

720 (2)

n/a

n/a

Up to $1,000,000

80% (3)

700

80%

700

Full Doc

$1,000,001 $1,500,000

75%

700

75%

700

$1,000,001 $1,500,000

80% (1, 3)

720

N/A

N/A

$1,500,001 $2,000,000

70%

720

70%

720

1. Requires 15% of line in reserves and only available for purchase transactions

2. Loans from 80.01 to 90% LTV are eligible for mortgage insurance subject to the following parameters:

o 1-unit primary residences (second home ineligible; 2-4 unit ineligible)

o Purchase and rate/term refinance transactions (cash-out not permitted)

o Asset depletion not permitted.

o Max DTI 40%

o Maximum Loan Amount / LTV / MI Coverage / Minimum Credit Score

MI Provider

LTV Range

Max Loan Amount

MI Coverage

Minimum Credit Score

ARCH / 85.01 - 90% 850,000

MGIC

80.01-85% 1,000,000

12% 6%

720

o Approved MI Providers - Non-delegated submissions only:

Arch MI ? AMG Coverage

MGIC

o LPMI and BPMI single premium only (AMG master policy). (borrower paid monthly MI is not

available). Non-Refundable.

o Additional requirements are as noted in Part K ? Private Mortgage Insurance of these guidelines.

3. The maximum LTV in New Mexico for All In One loans is capped at 79.99% for the following transactions:

? loans with amounts within the conforming loan limit* that are ? secured by borrower's principal residence.

*Loan limits are to be based on the date the borrower signs the note.

For all transactions: ? Payment calculated at the greater of the floor rate or the Monthly Average 1-Year CMT Index + margin, by the LOC amount, amortized over 30 years. Refer to the AIO Loan rate sheet for the floor rate per product code. ? Max debt ratio = 40%. For transactions with LTV ................
................

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