ELIGIBILITY MATRIX - Fannie Mae
ELIGIBILITY MATRIX
The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix also includes credit score, minimum reserve requirements (in months), and maximum debt-toincome ratio requirements for manually underwritten loans. Other eligibility criteria that are not covered in the Eligibility Matrix may be applicable for mortgage loans to be eligible for delivery to Fannie Mae, e.g., allowable ARM plans. See the Selling Guide for details. Refer to the last two pages of this document for exceptions to the requirements shown in the matrices. Acronyms and Abbreviations Used in this Document ARM: Adjustable-rate mortgage, fully amortizing DTI: Debt-to-income ratio DU?: Desktop Underwriter? FRM: Fixed-rate mortgage, fully amortizing LTV: Loan-to-value ratio CLTV: Combined loan-to-value ratio HCLTV: Home equity combined loan-to-value ratio Credit Score/LTV: Representative credit score and highest of LTV, CLTV, and HCLTV ratios
Effective Dates: DU loan casefiles ? Loans underwritten with DU Version 9.2 Manually underwritten loans ? Loans with application dates on or after December 13, 2014
Table of Contents Standard Eligibility Requirements - Desktop Underwriter
HomeStyle Renovation?, Manufactured Housing, and MyCommunityMortgage? Desktop Underwriter Standard Eligibility Requirements - Manual Underwriting HomeStyle Renovation and MyCommunityMortgage - Manual Underwriting High-Balance Mortgage Loans - Manual Underwriting and Desktop Underwriter
DU Refi PlusTM and Refi PlusTM Notes - Exceptions Applicable to all Matrices Other than DU Refi Plus and Refi Plus Notes - Specific to Certain Transactions
Page 2 Page 3
Page 4 Page 5 Page 6 Page 7 Page 8 Page 9
? 2015 Fannie Mae. Trademarks of Fannie Mae. This document is incorporated by reference into the Fannie Mae Selling Guide.
June 30, 2015 1
Standard Eligibility Requirements - Desktop Underwriter Version 9.2
Excludes: DU Refi Plus, High-Balance, HomeStyle Renovation, Manufactured Housing, and MyCommunityMortgage
Transaction Type Principal Residence
Purchase Limited Cash-Out Refinance
Cash-Out Refinance
Second Homes Purchase Limited Cash-Out Refinance Cash-Out Refinance Investment Property Purchase
Limited Cash-Out Refinance
Cash-Out Refinance
Number of Units
1 Unit 2 Unit 3-4 Units 1 Unit 2-4 Units
1 Unit 1 Unit
1 Unit 2-4 Units 1-4 Units
1 Unit 2-4 Units
Maximum LTV, CLTV, HCLTV
FRM: 97% (1) ARM: 90% FRM: 85% ARM: 75% FRM: 75% ARM: 65% FRM: 80% ARM: 75% FRM: 75% ARM: 65%
FRM: 90% ARM: 80%
FRM: 75% ARM: 65%
FRM: 85% ARM: 75% FRM: 75% ARM: 65% FRM: 75% ARM: 65% FRM: 75% ARM: 65% FRM: 70% ARM: 60%
NOTE: THERE MAY BE EXCEPTIONS TO THE ABOVE REQUIREMENTS FOR CERTAIN TRANSACTIONS. REFER TO THE NOTES SECTION ON PAGE 8 FOR THE EXCEPTIONS.
? 2015 Fannie Mae. Trademarks of Fannie Mae. This document is incorporated by reference into the Fannie Mae Selling Guide.
June 30, 2015 2
Homestyle Renovation, Manufactured Housing, MyCommunityMortgage Desktop Underwriter Version 9.2
(General loan limits)
Transaction Type
HomeStyle Renovation Mortgage
Principal Residence
Purchase Limited Cash-Out Refinance
Second Homes Purchase Limited Cash-Out Refinance Investment Property Purchase
Limited Cash-Out Refinance
Manufactured Housing
Principal Residence Purchase Limited Cash-Out Refinance Cash-Out Refinance Second Homes Purchase Limited Cash-Out Refinance
MyCommunityMortgage
Principal Residence
Purchase
Limited Cash-Out Refinance
Purchase Limited Cash-Out Refinance
Number of Units
Maximum LTV, CLTV, HCLTV
1 Unit 2 Units 3-4 Units
1 Unit
1 Unit 1 Unit
FRM: 95% ARM: 90% FRM: 85% ARM: 75% FRM: 75% ARM: 65%
FRM: 90% ARM: 80%
FRM: 85% ARM: 75% FRM: 75% ARM: 65%
1 Unit 1 Unit Term 20 years
1 Unit
FRM: 95% ARM: 90% FRM: 65% ARM: 60%
FRM: 90% ARM: 80%
1 Unit 1 Unit 2 Units 3-4 Units
FRM: 97% (2) ARM: 90%
FRM: 95% ARM: 90% FRM: 95% ARM: 90%
FRM: 95%
NOTE: THERE MAY BE EXCEPTIONS TO THE ABOVE REQUIREMENTS FOR CERTAIN TRANSACTIONS. REFER TO THE NOTES SECTION ON PAGE 8 FOR THE EXCEPTIONS.
? 2015 Fannie Mae. Trademarks of Fannie Mae. This document is incorporated by reference into the Fannie Mae Selling Guide.
June 30, 2015 3
Standard Eligibility Requirements - Manual Underwriting
Excludes: Refi Plus, High-Balance, HomeStyle Renovation, and MyCommunityMortgage
Transaction Number of
Type
Units
Principal Residence
Purchase Limited CashOut Refinance
1 Unit 2 Units
3-4 Units
Cash-Out Refinance
1 Unit 2-4 Units
Second Home
Purchase Limited CashOut Refinance
1 Unit
Cash-Out Refinance
1 Unit
Investment Property
Purchase
Limited CashOut Refinance
1 Unit 2-4 Units
1 Unit 2-4 Units
Maximum LTV, CLTV, HCLTV
FRM: 95% ARM: 90%
FRM: 85% ARM: 75%
FRM: 75% ARM: 65%
FRM: 80% ARM: 75%
FRM: 75% ARM: 65%
FRM: 90% ARM: 80%
FRM: 75% ARM: 65%
FRM: 85% ARM: 75% FRM: 75% ARM: 65% FRM: 75% ARM: 65%
FRM: 75% ARM: 65%
Maximum DTI 36%
Maximum DTI 45%
Credit Score/LTV
Minimum Reserves
Credit Score/LTV
Minimum Reserves
FRM: 680 if > 75% FRM: 620 if 75% ARM: 680 if > 75% ARM: 640 if 75%
660 if > 75%
680 if > 75% 640 if 75%
660 680 if > 75% 660 if 75% 660 if > 75% 640 if 75%
680
680 if > 75% 640 if 75%
680
680 if > 75% 640 if 75%
660 660
680
0
700 if > 75%
0
640 if 75%
FRM: 680 if > 75%
6
FRM: 620 if 75%
2
ARM: 680 if > 75%
700 if > 75%
6
660 if 75%
6
680 if > 75%
640 if 75%
12
680
6
6
660
12
700 if > 75%
0
680 if 75%
0
680 if > 75%
6
660 if 75%
2
6
700
6
680
12
700 if > 75%
2
660 if 75%
2
680 if > 75%
12
640 if 75%
700
2
2
680
12
700 if > 75%
660 if 75%
6
6
680 if > 75%
640 if 75%
12
6
680
6
660
12
680
6
6
660
12
700
6
6
680
12
FRM: 75%
720
6
1 Unit
ARM: 65%
700
6
700
12
Cash-Out
Refinance
2-4 Units
FRM: 70%
700
720 6
6
ARM: 60%
700
12
NOTE: THERE MAY BE EXCEPTIONS TO THE ABOVE REQUIREMENTS FOR CERTAIN TRANSACTIONS. REFER TO THE NOTES SECTION ON PAGE 8 FOR THE EXCEPTIONS.
? 2015 Fannie Mae. Trademarks of Fannie Mae. This document is incorporated by reference into the Fannie Mae Selling Guide.
June 30, 2015 4
HomeStyle Renovation and MyCommunityMortgage - Manual Underwriting
(General loan limits)
Transaction Type
Number of Units
Maximum DTI 36%
Maximum
Minimum
LTV, CLTV, HCLTV Credit Score/LTV Reserves
Maximum DTI 45%
Minimum Credit Score/LTV Reserves
HomeStyle Renovation Mortgage
Principal Residence
Purchase Limited Cash-Out Refinance
1 Unit 2 Units
3-4 Units
Second Homes
Purchase Limited Cash-Out Refinance
1 Unit
Investment Property
Purchase
1 Unit
Limited Cash-Out Refinance
1 Unit
FRM: 680 if > 75%
FRM: 620 if 75%
0
700 if > 75%
0
FRM: 95%
ARM: 680 if > 75%
640 if 75%
ARM: 90%
ARM: 640 if 75%
FRM: 680 if > 75%
660 if > 75%
6
FRM: 620 if 75%
2
ARM: 680 if > 75%
700 if > 75%
FRM: 85%
680 if > 75%
660 if 75%
6
ARM: 75%
640 if 75%
6
680 if > 75%
640 if 75%
12
FRM: 75%
680
6
ARM: 65%
660
6
660
12
700 if > 75%
FRM: 90%
680 if > 75%
660 if 75%
2
ARM: 80%
640 if 75%
2
680 if > 75%
640 if 75%
12
700 if > 75%
FRM: 85%
680 if > 75%
660 if 75%
6
ARM: 75%
640 if 75%
6
680 if > 75% 640 if 75%
12
FRM: 75%
680
6
ARM: 65%
660
6
660
12
MyCommunityMortgage (3)
Principal Residence
FRM: 95%
680
0
700
0
1 Unit
ARM: 90%
660
6
680
2
Purchase
Limited Cash-Out Refinance
2 Units
FRM: 95% ARM: 90%
700
2
720 700
2 12
3-4 Units(4)
FRM: 95%
700
2
720 700
2 12
NOTE: THERE MAY BE EXCEPTIONS TO THE ABOVE REQUIREMENTS FOR CERTAIN TRANSACTIONS. REFER TO THE NOTES SECTION ON PAGE 8 FOR THE EXCEPTIONS.
? 2015 Fannie Mae. Trademarks of Fannie Mae. This document is incorporated by reference into the Fannie Mae Selling Guide.
June 30, 2015 5
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