RUSHMORE
RUSHMORE
CORRESPONDENT
RUSHMORE
CORRESPONDENT
LENDING SE R V IC ES
LEN DING
S E R V I C E S A DIVISION OF RUSHMORE LOAN MANAGEMENT SERVICES LLC
RCLS FHLMC SUPER CONFORMING FRM
RCLS FHLMC SUPER CONFORMING FRM
PRODUCT NAME: Rushmore Freddie Mac Super Conforming Fixed Rate
PRODUCT CODES:
Freddie Mac Super Conforming
15 Years
4030
20 Years
4031
30 Years
4032
GENERAL DESCRIPTION: Freddie Mac (LPA) only
Fixed Rate Fully Amortizing Mortgage with Super Conforming Loan Amounts
Loan terms of 15, 20, and 30 years are eligible
This description is intended to be only a general guide and is not all inclusive of the guidelines or underwriting conditions for this product offering. Utilize Freddie Mac (LPA) findings or use standard Freddie Mac Guidelines as needed. References: AllRegs and/or the LPA Guide
OCCUPANCY: Primary, Second Home, and Investment Properties
LOAN AMOUNT: Super Conforming Loan Limits, as allowed by location and property type, up to $990,000
The mortgage must not exceed the maximum loan limit for the specific area in which the mortgaged premises is located. For specific loan limits for each high-cost area, as released by the Federal Housing Finance Agency, visit
MINIMUM CREDIT SCORE: 620 Minimum score for all borrowers, regardless of LPA approval at lower scores
RATIOS: Maximum Debt to Income = 50%, regardless of LPA approval with higher Debt Ratios
APPRAISAL: Uniform Residential Appraisal Report (interior and exterior) minimum requirements of a 1004 report or 1025 report as needed. Additional addendums and forms required as needed (Appraisal Update, Market Conditions, etc.)
LTVs greater than 75% and Subject Property Values are > $1,000,000 must also obtain a field review
The appraiser performing the initial appraisal (and/or the appraisal field review report) must be qualified to perform appraisals without oversight or supervision by a "supervisory" appraiser
When the subject property is an attached condominium, the appraiser must provide at least two (2) comparable sales from outside the subject project and outside the influence of the developer, builder, or property seller
Properties located in Hawaii Lava Zones 1 or 2 are not allowed
Effective 8.01.2019
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RCLS FHLMC SUPER CONFORMING FRM
ARM DATA: Not applicable
ASSUMABLE: Loans are not assumable
BORROWER ELIGIBILITY: Refer to the Freddie Mac Selling Guide for further requirements. Those with Diplomatic Immunity are not eligible
BUYDOWNS (TEMPORARY): Not allowed
CONDOMINIUMS: Freddie Mac Warrantable condominiums are allowed. A Condo questionnaire is required. Refer to the
Condominium guidelines located in the Freddie Mac Selling Guide for further requirements
CONSTRUCTION PERM: ? One Time Close / Conversions are not allowed ? Two Time Close / Refinances are allowed
PURCHASE TRANSACTION: Loan amount is limited to purchase land/lot, pay construction costs. Borrower is not the owner of record (land) prior to the construction loan closing
Loan to value is calculated on the lower of the appraisal value or purchase price (cost of lot and total construction costs)
REFINANCE TRANSACTION: Borrower is the owner of record (land) prior to the construction loan closing
NO CASH-OUT: Meets requirements of section 4301.2 and 4301.4 of the FHLMC Guide. Loan amount is limited to payoff of
interim construction loan financing securing premises, closing costs, financing costs, pre-paid items and payoff unsecured liens or construction costs up to the greater of $2,000 or 1% of the loan amount. Loan to Value on a No Cash-Out Refinance is calculated from appraised value of mortgaged premises, completed
CREDIT CONSIDERATIONS: 620 Minimum score for all borrowers, regardless of LPA approval at lower scores
CREDIT FREEZE: Freeze must be removed for all repositories, and report obtained
Extenuating Circumstances for Significant Derogatory Credit Events are not allowed
DOWN PAYMENT / SOURCE OF FUNDS: Loans using Down Payment Assistance Funds should have the program submitted and approved for use through product development prior to utilization
MINIMUM 5% BORROWER CONTRIBUTION FOR LTVS > 80%: Waived if all of the following conditions are met:
? One unit, Primary Residence purchase ? Gift Funds are received from an acceptable donor ? A Gift Letter is signed by the donor
Effective 8.01.2019
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RCLS FHLMC SUPER CONFORMING FRM
? Gift Funds are verified
ESCROW WAIVER: Permitted on loans with LTV < 80.00%
HOMEBUYERS COUNSELING: Not applicable
INCOME / DOCUMENTS: Lenders may not consider income for qualifying purposes if they have knowledge, or the documentation indicates the income is likely to terminate within the next three (3) years. Lenders must continue to consider income trends and the consistency of the income used to qualify the Borrower
Trailing Spouse, Gambling, and Lottery Income sources are not allowed
AGE OF CREDIT DOCS: The maximum age of credit documents is 120 days for existing construction and new construction. Credit documents include credit reports and employment, income, and asset documentation. The age of the documents is measured from the date of the document to the date the Note is signed
The lender must document the source of the information obtained and the name and title of the lender's employee who obtained the information
INCOME VERIFICATION: The type of income documentation will be determined by the AUS findings/standard Agency guidelines
Refer to Freddie Mac guidelines for additional information
INTERESTED PARTY CONTRIBUTIONS:
Occupancy Primary or Second Home
Investment Property
LTV/CLTV Ratio > 90.00%
75.01% - 90.00% < 75.00%
All LTV/CLTVs
Maximum Contributions 3% 6% 9% 2%
INVESTMENT PROPERTY (NON-OWNER OCCUPIED):
Investment Property
Purchase & No Cash-Out Transactions
Loan Amounts > $484,350 to $990,000
Units
LTV
CLTV
HCLTV
1
85%
85%
85%
2-4
75%
75%
75%
Investment Property
Cash-Out Refinances
Loan Amounts > $484,350 to $990,000
Units
LTV
CLTV
HCLTV
1
75%
75%
75%
2-4
70%
70%
70%
LOAN LIMITS: Super Conforming Loan Limits as allowed by location and property type up to $990,000
Effective 8.01.2019
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RCLS FHLMC SUPER CONFORMING FRM
The mortgage must not exceed the maximum loan limit for the specific area in which the mortgaged premises is located. For specific loan limits for each high-cost area, as released by the Federal Housing Finance Agency, visit
LOAN TO VALUE: See "Primary Residence", "Second Home", and "Investment Property" for specific LTV/CLTV/HCLTV limits
MORTGAGE INSURANCE: ? Standard Mortgage Insurance Coverage Levels are required ? Reduced MI is not allowed ? Lower Cost, or Declining MI is not allowed ? Borrower Paid Monthly or Borrower Single Paid (upfront) is allowed ? Lender Paid Single Premium (upfront) is allowed. See section 4701.2(b) for further requirements ? Financed MI is not allowed ? Split Premium MI is not allowed
PRIMARY RESIDENCE (OWNER OCCUPIED):
Primary Residence
Purchase & No Cash-Out Refinances
Loan Amounts > $484,350 to $990,000
Units
LTV
CLTV
HCLTV
1
95%
95%
95%
2
85%
85%
85%
3-4
80%
80%
80%
Primary Residence
Cash-Out Refinances
Loan Amounts > $484,350 to $990,000
Units
LTV
CLTV
HCLTV
1
80%
80%
80%
2-4
75%
75%
75%
PROPERTY LOCATIONS: Allowed in United States (including the District of Columbia)
EXCEPTION: Properties located in Hawaii Lava Zones 1 or 2 are not allowed. Properties located in Guam, Puerto Rico, and US Virgin Islands are not allowed
PROPERTY TYPES: ? Attached and Detached SFRs and PUDs allowed ? 1-4 units allowed ? Leasehold properties allowed ? Attached properties in the state of Florida are allowed, see Freddie Mac guide for additional LTV restrictions that may apply ? Existing Warrantable Condominiums are allowed ? Mobile Homes / Manufactured Homes are not allowed ? Co-Ops are not allowed
PROPERTIES LISTED FOR SALE: Property listed for sale at any time after the application date and prior to closing is ineligible
? Primary and Second Homes: Properties must be taken off market a minimum of one (1) day prior to date of application and meet the following requirements: o Property must have been removed from the market/for sale prior to mortgage application date
Effective 8.01.2019
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RCLS FHLMC SUPER CONFORMING FRM
o A copy of the cancelled MLS listing is required o There may be no evidence that property is being relisted with another agent or For Sale by Owner,
etc. o Borrower to personally write a letter of intent to retain the property as a Primary / Second Home
and continue to occupy as such for a minimum of 12 months from loan closing
? Investment Properties: Property listed for sale within 180 days (6 months) prior to application date, are ineligible
RATES: Qualifying Rate = Note rate
PITI based on the full principal and interest payment at the Note rate, in addition to the taxes and insurance payments, amortized over the full repayment term
RATIOS: Maximum Debt to Income = 50%, regardless of LPA approval with higher Debt Ratios
Borrower is qualified on the Note rate in addition to the taxes and insurance payments
RESERVES: Freddie Mac (LPA) findings or use standard Freddie Mac Guidelines as needed. References: AllRegs and/or the
LPA Guide
SECOND HOME:
Second Home
Units 1
Purchase & No Cash-Out Refinances
Loan Amounts > $484,350 to $990,000
LTV
CLTV
HCLTV
90%
90%
90%
Second Home
Cash-Out Refinances
Loan Amounts > $484,350 to $625,500
Units
LTV
CLTV
HCLTV
1
75%
75%
75%
SUBORDINATE FINANCING: Allowed, see "Primary Residence", "Second Home", and "Investment Property" for CLTV/HCLTV limits
UNDERWRITING: ? Loans must be underwritten through AUS (LPA) from Freddie Mac and must receive an Approve Eligible ? A-/ Expanded Approval Recommendations are not allowed ? Loans may not be underwritten manually ? Refer to Freddie Mac (LPA) findings and/or utilize standard Freddie Mac Guidelines. References: AllRegs and/or the LPA Guide
Maximum Age of Credit Documents is 120 days for existing construction and new construction. Credit documents include credit reports and employment, income, and asset documentation. The age of the documents is measured from the date of the document to the date the Note is signed
POWER OF ATTORNEY: Are allowed for Purchase and No Cash-Out Refinances only. The Power of Attorney must meet all applicable Freddie Mac guidelines for eligibility, as well as local / state requirements
Effective 8.01.2019
Page 6 of 7 Rushmore Correspondent Lending
RCLS FHLMC SUPER CONFORMING FRM
? If in a jurisdiction in which the POA must be recorded with the Security Instrument, ensure it is recorded and the name(s) on the POA match the name(s) of the person(s) on the Security Instrument
? POA must be notarized ? The Attorney In Fact may not be a part of the transaction (IE: Lender, Lender Affiliate, or Employee of
the Lender, nor the Title Company or Affiliate, nor any Realtor involved in the transaction)
For those on a Military Deployment, follow standard Freddie Mac guidelines
REPAIR / COMPLETION ESCROWS: Not allowed. Must be completely disbursed and verified as complete prior to loan delivery to Rushmore
TITLE: If to be held as individual or inter vivos (living) trust, the entire living trust must be provided
Effective 8.01.2019
Page 7 of 7 Rushmore Correspondent Lending
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