VA Jumbo Fixed Matrix - Franklin American

[Pages:2]VA Jumbo Fixed Matrix

Loan Parameters

WHOLESALE LENDING

Occupancy Type Units

Loan Purpose Purchase to $1,000,000 Purchase > $1,000,000

Primary Residence

1

Cash-out Refinance 1

Minimum Credit Score 640

700

640 to $1,000,000

700 > $1,000,000

Maximum LTV/CLTV 100 / 100 2

90/90 1

90 / 90 1

Appraisal

IRRRL

640

Follows VA

Footnotes:

1. The maximum LTV/CLTV is based on the total loan amount, including the funding fee. 2. The maximum LTV/CLTV is based on the base loan amount.

A full appraisal is required on all transactions, except for IRRRLs.

Borrowers

Cash Reserves

Guaranty Loan Terms Maximum / Minimum Loan Amount

? All borrowers must have a valid social security number. ? Eligible borrower combinations include:

o Veteran, o Veteran and non-veteran spouse, o Two veterans who are married to each other where each veteran will be using the

entitlement,

o Unmarried surviving spouse of an eligible veteran (if determined eligible by a VA-

issued COE),

o Spouse of an active-duty service person who has been listed as MIA or POW for more

than 90 days (if determined eligible by a VA-issued COE), or

o Two or more unmarried veterans where each veteran will be using entitlement

As determined by AUS or by the underwriter on a manual underwrite except if rental income is being used for qualification from a property other than the property securing the VA loan; in this case, 3 months of PITI reserves for that property are required.

? The VA guaranty plus cash down payment/equity must be equal to at least 25% of the

purchase price or Notification of Value (NOV), whichever less, on purchases, new construction, and non-IRRRL refinances.

? Refer to VA Guaranty section in the Wholesale Lending Guide for additional guidance.

30-year Fixed Rate

Maximum Loan Amount

Purchase

Cash-Out Refinance2

$2,000,000 1

IRRRL

Footnotes:

1. Maximum loan amounts shown above are inclusive of any portion of the financed VA funding fee

2. Refer to Refinance Transactions > VA Cash-Out Refinance in the Wholesale Lending Guide.

Minimum Loan Amount $548,251

Original Issue Date: 01/02/2019 Last Revision Date: 02/22/2021 Last Reviewed Date: 02/22/2021

VA Jumbo Fixed Matrix Franklin American Mortgage Company, a Division of Citizens Bank, N.A. (FAMC)

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VA Jumbo Fixed Matrix

WHOLESALE LENDING

Properties Ratios

? 1-unit properties (attached and detached) ? Refer to the Property Eligibility section in the Wholesale Lending Guide for eligibility

requirements and guidelines.

? The qualifying debt-to-income ratio is 41% unless there are significant compensating

factors or an AUS Approval is received.

? A second level signature is required if the ratio exceeds 41% and there is less than the

120% required residual income, regardless of the AUS decision.

Seller Contributions Maximum seller/interested party contributions are 4% of the value as indicated on the NOV.

Subordinate Financing Underwriting

VA Funding Fee

Permitted; refer to the VA Secondary/Subordinate Financing section in the Wholesale Lending Guide.

? All loans must be run through AUS, except for IRRRLs. ? Manual underwriting is permitted.

Purchase Transactions

Applicable to all Veteran Types

Down Payment

0% - 4.99% 5% - 9.99% 10% or more

Percentage for First Time Use

2.30% 1.65% 1.40%

Percentage for Subsequent Use

3.60% 1.65% 1.40%

Notes:

? The higher subsequent use fee does not apply if the veteran's only prior use of entitlement was for a manufactured home loan not titled as real estate.

? Refer to the Purchase Transactions section in the Wholesale Lending Guide for additional requirements for construction-to-permanent transactions if less than one year has elapsed since the Certificate of Occupancy was issued (or other evidence by the taxing authority).

VA Cash-Out Refinance Transactions

Applicable to all Veteran Types

Percentage for First Time Use

Percentage for Subsequent Use

2.30%

3.60%

IRRRL .50%

Notes:

? The higher subsequent use fee does not apply if the veteran's only prior use of entitlement was for a manufactured home loan not titled as real estate.

? Refer to the Refinance Transactions section in the Wholesale Lending Guide for additional requirements for construction-to-permanent transactions if more than one year has elapsed since the Certificate of Occupancy was issued (or other evidence by the taxing authority).

Equal Housing Lender. Franklin American Mortgage Company, a division of Citizens Bank, N.A. (FAMC), a national banking association, whose address is One Citizens Plaza, Providence, RI 02903. Company NMLS #433960. For mortgage banking professionals only; not authorized for distribution to consumers or third-parties. All info herein is current as of the last revision date and subject to change without notice.

Original Issue Date: 01/02/2019 Last Revision Date: 02/22/2021 Last Reviewed Date: 02/22/2021

VA Jumbo Fixed Matrix Franklin American Mortgage Company, a Division of Citizens Bank, N.A. (FAMC)

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