Announcement: UW 2024-03 - For AUS loans, National MI has temporarily increased the conforming loan amounts
- Posting Date: 09/17/2024 | Effective Date: 09/16/2024
AUS CONFORMING LOANS
AUS PLUS OVERLAYS GUIDELINE SUMMARY – CONFORMING LOANS
A DU® Approve/Eligible or LPA® Accept/Eligible loan is insurable provided it meets the requirements described in Section 2
of the
TrueGuide® and the following underwriting overlays1:
- - One or more borrowers must have at least one FICO® score.
- - Cash-on-Hand does not qualify as an eligible asset for verification purposes.
- - Geographic Exclusions: None
- - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
- - AUS ineligibility due to ARM plan/type and that plan/type meets National MI’s Standard ARM Guidelines in Section 3.1.4.
- - AUS ineligibility for primary residence due to cash-out refinance loan purpose to 85% LTV on a Fixed Rate.
OCCUPANCY | LOAN PURPOSE2,3 | PROPERTY TYPE3,4,9 | LOAN AMOUNT5 | MAXIMUM LTV/CLTV6 | MINIMUM FICO7 | MAXIMUM DTI8 |
---|---|---|---|---|---|---|
Primary Residence | Purchase or Rate/Term Refinance2 or Construction to Permanent3 | Single Family, Condo, Co-op or Manufactured Hm3, 4 | $766,5505 | 97%/105%6 | 6207 | Per AUS Approval8 |
Cash-Out Refinance | Single Family, Condo or Co-op | $766,5505 | 85%/85% | 6207 | Per AUS Approval8 | |
Purchase or Rate/Term Refinance or Construction to Permanent | Two-Unit | $981,5005 | 95%/95% | 6207 | Per AUS Approval8 | |
Three-Unit9 | $1,186,3505 | 7007 | 45%8 | |||
Four-Unit | $1,474,4005 | 7007 | 45%8 | |||
Second Home | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo, Co-op or Manufactured Hm3,4 | $766,5505 | 90%/90% | 6207 | Per AUS Approval8 |
Investment Property | Purchase or Rate/Term Refinance or Construction to Permanent3 | Single Family, Condo or Co-op3 | $766,5505 | 85%/85% | 6807 | Per AUS Approval8 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance2 or Construction to Permanent3 |
PROPERTY TYPE3,4,9 | Single Family, Condo, Co-op or Manufactured Hm3,4 |
LOAN AMOUNT5 | $766,5505 |
MAXIMUM LTV/CLTV6 | 97%/105%6 |
MINIMUM FICO7 | 6207 |
MAXIMUM DTI8 | Per AUS Approval8 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Cash-Out Refinance |
PROPERTY TYPE3,4,9 | Single Family, Condo or Co-op |
LOAN AMOUNT5 | $766,5505 |
MAXIMUM LTV/CLTV6 | 85%/85% |
MINIMUM FICO7 | 6207 |
MAXIMUM DTI8 | Per AUS Approval8 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance or Construction to Permanent |
PROPERTY TYPE3,4,9 | Two-Unit | Three-Unit9 | Four-Unit |
LOAN AMOUNT5,5 | $981,5005 | $1,186,3505 | $1,474,4005 |
MAXIMUM LTV/CLTV6 | 95%/95% |
MINIMUM FICO7 | 6207 | 7007| 7007 |
MAXIMUM DTI8 | Per AUS Approval8| 45%8| 45%8 |
OCCUPANCY | Second Home |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance or Construction to Permanent3 |
PROPERTY TYPE3,4,9 | Single Family, Condo, Co-op or Manufactured Hm3,4 |
LOAN AMOUNT5 | $766,5505 |
MAXIMUM LTV/CLTV6 | 90%/90% |
MINIMUM FICO7 | 6207 |
MAXIMUM DTI8 | Per AUS Approval8 |
OCCUPANCY | Investment Property |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance or Construction to Permanent3 |
PROPERTY TYPE3,4,9 | Single Family, Condo or Co-op3 |
LOAN AMOUNT5 | $766,5505 |
MAXIMUM LTV/CLTV6 | 85%/85% |
MINIMUM FICO7 | 6807 |
MAXIMUM DTI8 | Per AUS Approval8 |
- 1 When there are differences between agency and National MI requirements, lenders must originate to the more restrictive of the two guidelines. This rule applies at the level of individual policy topics.
- 2 Rate/Term Refinance for 1-unit Primary Residence conforming loan amounts includes Fannie Mae RefiNow™ & Freddie Mac Refi Possible℠ loans (regardless of current mortgage insurer), provided the loan complies with the eligibility criteria within this matrix and otherwise complies with the applicable GSE requirements.
- 3 Construction to Permanent excludes attached condos and co-ops.
- 4 Manufactured homes:
- a) Must be multi-wide and meet requirements in Section 2.2.14; and
- b) If > 95% LTV, then limited to MH Advantage® or CHOICEHome® properties; and must be submitted to National MI for non-delegated underwriting review (ineligible for delegated underwriting).
- 5 Maximum loan amounts for AK and HI are $1,149,825 (1-unit), $1,472,250 (2-unit), $1,779,525 (3-unit), and $2,211,600 (4-unit).
- 6 For 1-unit Primary Residences with CLTVS > 97%, in addition to the first mortgage loan meeting the agency and National MI's AUS overlay requirements, the subordinate financing must also meet the requirements of Fannie Mae's Community Seconds® or Freddie Mac's Affordable Seconds® program, as applicable.
- 7 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
- 8 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.
- 9 Minimum 6 months reserves (PITIA) for 3-4 units.
AUS CONFORMING HIGH BALANCE LOANS
AUS PLUS OVERLAYS GUIDELINE SUMMARY – CONFORMING HIGH BALANCE LOANS
A DU® Approve/Eligible or LPA® Accept/Eligible loan is insurable provided it meets the requirements described in Section 2 of the TrueGuide® and the following underwriting overlays1:
- - One or more borrowers must have at least one FICO® score.
- - Cash-on-Hand does not qualify as an eligible asset for verification purposes.
- - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
- - Geographic Exclusions: None
- - AUS ineligibility due to ARM plan/type and that plan/type meets National MI’s Standard ARM Guidelines in Section 3.1.4.
OCCUPANCY | LOAN PURPOSE2 | PROPERTY TYPE2,3 | LOAN AMOUNT4 | MAXIMUM LTV/CLTV | MINIMUM FICO5 | MAXIMUM DTI6 |
---|---|---|---|---|---|---|
Primary Residence | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo, Co-op or Manufactured Hm2, 3 | $1,149,8254 | 95% | 6205 | Per AUS Approval6 |
Cash-Out Refinance | All | All | Not Eligible | Not Eligible | Not Eligible | |
Purchase or Rate/Term Refinance or Construction to Permanent | Two-Unit | $1,472,2504 | 85% | 6205 | Per AUS Approval6 | |
Second Home | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo or Co-op2 | $1,149,8254 | 90% | 6205 | Per AUS Approval6 |
Investment Property | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo, Co-op2 | $1,149,8254 | 85% | 6805 | Per AUS Approval6 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE2,3 | Single Family, Condo, Co-op or Manufactured Hm 2,3 |
LOAN AMOUNT4 | $1,149,8254 |
MAXIMUM LTV/CLTV | 95% |
MINIMUM FICO5 | 6205 |
MAXIMUM DTI6 | Per AUS Approval6 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Cash-Out Refinance |
PROPERTY TYPE2,3 | All |
LOAN AMOUNT4 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO5 | Not Eligible |
MAXIMUM DTI6 | Not Eligible |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent |
PROPERTY TYPE2,3 | Two-Unit |
LOAN AMOUNT4 | $1,472,2504 |
MAXIMUM LTV/CLTV | 85% |
MINIMUM FICO5 | 6205 |
MAXIMUM DTI6 | Per AUS Approval6 |
OCCUPANCY | Second Home |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE2,3 | Single Family, Condo or Co-op2 |
LOAN AMOUNT4 | $1,149,8254 |
MAXIMUM LTV/CLTV | 90% |
MINIMUM FICO5 | 6205 |
MAXIMUM DTI6 | Per AUS Approval6 |
OCCUPANCY | Investment Property |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE2,3 | Single Family, Condo, Co-op 2 |
LOAN AMOUNT4 | $1,149,8254 |
MAXIMUM LTV/CLTV | 85% |
MINIMUM FICO5 | 6805 |
MAXIMUM DTI6 | Per AUS Approval6 |
- 1 When there are differences between agency and National MI requirements, lenders must originate to the more restrictive of the two guidelines. This rule applies at the level of individual policy topics.
- 2 Construction to Permanent excludes attached condos and co-ops.
- 3 Manufactured homes must be multi-wide and meet requirements in Section 2.2.14.
- 4 Available only for loan amounts eligible according to Fannie Mae high balance or Freddie Mac super conforming limits. For 2024, the GSEs have not established different high balance/super conforming amount for AK and HI. Refer to county-specific loan limits to determine the maximum amount for a specific area.
- 5 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
- 6 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.
AUS AFFORDABLE LENDING
AUS PLUS OVERLAYS GUIDELINE SUMMARY – CONFORMING AFFORDABLE LENDING
A DU® Approve/Eligible HomeReady® or HFA PreferredTM; or LPA® Accept/Eligible Home Possible® or HFA Advantage® loan is insurable
provided it meets the requirements described in Section 2 of the TrueGuide® and the following underwriting overlays1:
- - One or more borrowers must have at least one FICO® score or follow the No FICO Score requirements below.
- - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
- - Geographic Exclusions: None
- - AUS ineligibility due to ARM plan/type and that plan/type meets National MI’s Standard ARM Guidelines in Section 3.1.4.
OCCUPANCY | LOAN PURPOSE2 | PROPERTY TYPE3,4 | LOAN AMOUNT5,6 | MAXIMUM LTV/CLTV | MINIMUM FICO7 | MAXIMUM DTI8 |
---|---|---|---|---|---|---|
Primary Residence | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo, Co-op or Manufactured Hm3 | $766,5505 | 97% / 105% | 6207 | Per AUS Approval8 |
97% / 105% | No FICO Score7 | |||||
$1,149,8256 | 95% / 95% | 6207 | ||||
Cash-Out Refinance | All | All | Not Eligible | Not Eligible | Not Eligible | |
Purchase or Rate/Term Refinance or Construction to Permanent | Two-Unit | $981,5005 $1,472,2506 | 95% / 105% 85% / 95% | 6207 | Per AUS Approval8 | |
Three-Unit4 | $1,186,3505 | 95% / 105% | 7007 | |||
Four-Unit4 | $1,474,4005 | |||||
Second Home | All | All | All | Not Eligible | Not Eligible | Not Eligible |
Investment Property | All | All | All | Not Eligible | Not Eligible | Not Eligible |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE3,4 | Single Family, Condo, Co-op or Manufactured Hm3 |
LOAN AMOUNT5,6 | $766,5505 | $1,149,8256 |
MAXIMUM LTV/CLTV | 97% / 105% | 97% / 105% | 95% / 95% |
MINIMUM FICO7 | 6207| No FICO Score7| 6207 |
MAXIMUM DTI8 | Per AUS Approval8 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Cash-Out Refinance |
PROPERTY TYPE3,4 | All |
LOAN AMOUNT5,6 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO7 | Not Eligible |
MAXIMUM DTI8 | Not Eligible |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent |
PROPERTY TYPE3,4 | Two-Unit | Three-Unit4 | Four-Unit4 |
LOAN AMOUNT5,6 | $981,5005 | $1,472,2506 | $1,186,3505 | $1,474,4005 |
MAXIMUM LTV/CLTV | 95%/105% | 85%/95% | 95%/105% |
MINIMUM FICO7 | 6207 | 7007 |
MAXIMUM DTI8 | Per AUS Approval8 |
OCCUPANCY | Second Home |
---|---|
LOAN PURPOSE2 | All |
PROPERTY TYPE3,4 | All |
LOAN AMOUNT5,6 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO7 | Not Eligible |
MAXIMUM DTI8 | Not Eligible |
OCCUPANCY | Investment Property |
---|---|
LOAN PURPOSE2 | All |
PROPERTY TYPE3,4 | All |
LOAN AMOUNT5,6 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO7 | Not Eligible |
MAXIMUM DTI8 | Not Eligible |
- 1 When there are differences between agency and National MI requirements, lenders must originate to the more restrictive of the two guidelines. This rule applies at the level of individual policy topics.
- 2 Construction to Permanent excludes attached condos and co-ops.
- 3 Manufactured home:
- a) May be single or multi-wide and must meet requirements in Section 2.2.14; and
- b) If > 95% LTV, then limited to MH Advantage® or CHOICEHome® properties; and must be submitted to National MI for non-delegated underwriting review (ineligible for delegated underwriting).
- 4 Minimum 6 months reserves (PITIA) for 3-4 units.
- 5 Maximum loan amounts for AK and HI are $1,149,825 (1-unit), $1,472,250 (2-unit), $1,779,525 (3-unit), and $2,211,600 (4-unit).
- 6 Available only for loan amounts eligible according to Fannie Mae high balance or Freddie Mac super conforming limits. For 2024, the GSEs have not established different high balance/super conforming amounts for AK and HI. Refer to county-specific loan limits to determine the maximum amount for a specific area.
- 7 Representative FICO using middle/lower method is required for underwriting and pricing purposes. If no borrower has a GSE-eligible FICO score, the respective GSE's requirements for non-traditional credit must be satisfied.
- 8 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.
NON-AUS CONFORMING LOANS
NON AUS GUIDELINE SUMMARY – CONFORMING LOANS
Loans that are not originated in accordance with one of National MI’s “AUS Plus Overlays” programs must meet the
following underwriting rules and be originated in accordance with National MI’s Standard Underwriting Guidelines:
- - Full income documentation is required (Paystub + W2s; 2 Years Tax Returns; and/or standard requirements as applicable)1.
- - DU® Approve/Ineligible or LPA® Accept/Ineligible loans which meet the requirements in this matrix and are otherwise eligible in accordance with Section 3.0 guidelines may follow the AUS documentation requirements for income, assets, and employment.
- - Minimum reserves (unless indicated differently in Section 3.5.3.5):
# UNITS | OCCUPANCY | LOAN PURPOSE | # MONTHS RESERVES |
---|---|---|---|
1-unit | Primary | Rate/Term Refinance with lower payments | 0 |
Primary | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances | 2 | |
2-unit | Primary | All Eligible | 6 |
3-4-unit | Primary | All Eligible | 6 |
1-unit | 2nd Home or Investment Property | All Eligible | 6 |
# UNITS | 1-unit |
---|---|
OCCUPANCY | Primary |
LOAN PURPOSE | Rate/Term Refinance with lower payments | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances |
# MONTHS RESERVES | 0 | 2 |
# UNITS | 2-unit |
---|---|
OCCUPANCY | Primary |
LOAN PURPOSE | All Eligible |
# MONTHS RESERVES | 6 |
# UNITS | 3-4 unit |
---|---|
OCCUPANCY | Primary |
LOAN PURPOSE | All Eligible |
# MONTHS RESERVES | 6 |
# UNITS | 1-unit |
---|---|
OCCUPANCY | 2nd Home or Investment Property |
LOAN PURPOSE | All Eligible |
# MONTHS RESERVES | 6 |
OCCUPANCY | LOAN PURPOSE2,3 | PROPERTY TYPE3,4 | LOAN AMOUNT5 | MAXIMUM LTV/CLTV | MINIMUM FICO6 | MAXIMUM DTI7 |
---|---|---|---|---|---|---|
Primary Residence | Purchase or Rate/Term Refinance2 or Construction to Permanent3 | Single Family, Condo or Co-op3 | $766,550 | 97% | 6206 | 45%7 |
Single Family, Condo or Co-op3 | $1,149,8255 | 95% | 6606 | 45%7 | ||
Manufactured Hm4 | $766,5505 | 90% | 6406 | 45%7 | ||
Cash-Out Refinance | Single Family, Condo or Co-op | $766,550 | 85% | 6806 | 45%7 | |
Purchase or Rate/Term Refinance or Construction to Permanent | Two-Unit | $981,5005 $1,472,2505 | 95% 85% | 6806 | 45%7 | |
Purchase or Rate/Term Refinance | Three-Unit3 | $1,186,3505 | 90% | 7206 | 45%7 | |
Four-Unit3 | $1,474,4005 | |||||
Second Home | Purchase or Rate/Term Refinance or Construction to Permanent3 | Single Family, Condo, Co-op or Manufactured Hm3,4 | $766,550 | 90% | 6806 | 45%7 |
Investment Property | Purchase or Rate/Term Refinance or Construction to Permanent3 | Single Family, Condo or Co-op3 | $766,550 | 85% | 7206 | 45%7 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance2 or Construction to Permanent3 |
PROPERTY TYPE3,4 | Single Family, Condo or Co-op3 |
LOAN AMOUNT5 | $766,550 |
MAXIMUM LTV/CLTV | 97% |
MINIMUM FICO6 | 6206 |
MAXIMUM DTI7 | 45%7 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance2 or Construction to Permanent3 |
PROPERTY TYPE3,4 | Single Family, Condo or Co-op3 |
LOAN AMOUNT5 | $1,149,8255 |
MAXIMUM LTV/CLTV | 95% |
MINIMUM FICO6 | 6606 |
MAXIMUM DTI7 | 45%7 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance2 or Construction to Permanent3 |
PROPERTY TYPE3,4 | Manufactured Hm4 |
LOAN AMOUNT5 | $766,5505 |
MAXIMUM LTV/CLTV | 90% |
MINIMUM FICO6 | 6406 |
MAXIMUM DTI7 | 45%7 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Cash-Out Refinance |
PROPERTY TYPE3,4 | Single Family, Condo or Co-op |
LOAN AMOUNT5 | $766,550 |
MAXIMUM LTV/CLTV | 85% |
MINIMUM FICO6 | 6806 |
MAXIMUM DTI7 | 45%7 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance or Construction to Permanent |
PROPERTY TYPE3,4 | Two-Unit |
LOAN AMOUNT5 | $981,5005 | $1,472,2505 |
MAXIMUM LTV/CLTV | 95% | 85% |
MINIMUM FICO6 | 6806 |
MAXIMUM DTI7 | 45%7 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance |
PROPERTY TYPE3,4 | Three-Unit3 | Four-Unit3 |
LOAN AMOUNT5 | $1,186,3505 | $1,474,4005 |
MAXIMUM LTV/CLTV | 90% |
MINIMUM FICO6 | 7206 |
MAXIMUM DTI7 | 45%7 |
OCCUPANCY | Second Home |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance or Construction to Permanent3 |
PROPERTY TYPE3,4 | Single Family, Condo, Co-op or Manufactured Hm3,4 |
LOAN AMOUNT5 | $766,550 |
MAXIMUM LTV/CLTV | 90% |
MINIMUM FICO6 | 6806 |
MAXIMUM DTI7 | 45%7 |
OCCUPANCY | Investment Property |
---|---|
LOAN PURPOSE2,3 | Purchase or Rate/Term Refinance or Construction to Permanent3 |
PROPERTY TYPE3,4 | Single Family, Condo or Co-op3 |
LOAN AMOUNT5 | $766,550 |
MAXIMUM LTV/CLTV | 85% |
MINIMUM FICO6 | 7206 |
MAXIMUM DTI7 | 45%7 |
- 1 Refer to Section 3.5.1 of the TrueGuide® for details on documentation for specific types of income.
- 2 Rate/Term Refinance for 1-unit Primary Residence conforming loan amounts includes Fannie Mae RefiNow™ and Freddie Mac Refi Possible℠ loans (regardless of current mortgage insurer), provided the loan complies with the eligibility criteria within this matrix and otherwise complies with the applicable GSE requirements.
- 3 Construction to Permanent: (a) Excludes attached condos and co-ops; and (b) 3-4 units are ineligible.
- 4 Manufactured homes must be multi-wide and meet requirements in Section 3.6.1.7; and for Renovation Loans, Section 3.4.6.
- 5 Maximum loan amounts for AK and HI are $1,149,825 (1-unit), $1,472,250 (2-unit), $1,779,525 (3-unit), and $2,211,600 (4-unit).
- 1-Unit: $1,149,825 denotes where FHFA High Balance maximums apply - the loan amount may not exceed the applicable FHFA maximum. Manufactured home maximum is $766,550.
- 2-Unit: $1,472,250 denotes where FHFA High Balance maximums apply.
- 3-4 Units: FHFA High Balance Maximums do not apply.
- 6 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
- 7 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.
NON-AUS JUMBO LOANS
NON AUS GUIDELINE SUMMARY – JUMBO LOAN AMOUNTS
Loans that are not originated in accordance with one of National MI’s “AUS Plus Overlays” programs must meet the
following underwriting rules and be originated in accordance with National MI’s Standard Underwriting Guidelines:
- - For <= $1,000,000 loan amounts with a DU® Approve/Ineligible or LPA® Accept/Ineligible which meet the requirements in this matrix and are otherwise eligible in accordance with Section 3.0 guidelines may follow the AUS documentation requirements for income, assets, and employment. For all other jumbo loans, full income documentation is required (Paystub + W2s; 2 Years Tax Returns; and/or standard requirements as applicable)1.
- - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
- - For >$1,000,000 loan amounts: Borrowers contributing qualifying income must be U.S. citizens or permanent resident aliens.
- - Minimum reserves (unless indicated differently in Section 3.5.3.5):
LOAN AMOUNT | OCCUPANCY | LOAN PURPOSE | # MONTHS RESERVES |
---|---|---|---|
<= $850,000 | Primary | Rate/Term Refinance with lower payments | 0 |
Primary | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances | 2 | |
All Eligible Loan Amounts | 2nd Home | All Eligible | 6 |
$850,001 – $1,150,000 | Primary | All Eligible | 6 |
$1,150,001 – $2,000,000 | Primary | All Eligible | 12 |
LOAN AMOUNT | <= $850,000 |
---|---|
OCCUPANCY | Primary |
LOAN PURPOSE | Rate/Term Refinance with lower payments | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances |
# MONTHS RESERVES | 0 | 2 |
LOAN AMOUNT | All Eligible Loan Amounts |
---|---|
OCCUPANCY | 2nd Home |
LOAN PURPOSE | All Eligible |
# MONTHS RESERVES | 6 |
LOAN AMOUNT | $850,001 – $1,150,000 |
---|---|
OCCUPANCY | Primary |
LOAN PURPOSE | All Eligible |
# MONTHS RESERVES | 6 |
LOAN AMOUNT | $1,150,001 – $2,000,000 |
---|---|
OCCUPANCY | Primary |
LOAN PURPOSE | All Eligible |
# MONTHS RESERVES | 12 |
OCCUPANCY | LOAN PURPOSE2 | PROPERTY TYPE | LOAN AMOUNT3 | MAXIMUM LTV/CLTV | MINIMUM FICO4 | MAXIMUM DTI5 |
---|---|---|---|---|---|---|
Primary Residence | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo or Co-op2 | $1,150,0003 | 95% | 6804 | 45%5 |
$850,000 $1,150,000 $1,500,000 |
90% | 6604 6804 7204 |
45%5 | |||
$1,775,000 | 85% | 7204 | 45%5 | |||
$2,000,000 | 85% | 7404 | 45%5 | |||
Cash-Out Refinance | All | All | Not Eligible | Not Eligible | Not Eligible | |
All | Two-Unit 3-4 Units | All | Not Eligible | Not Eligible | Not Eligible | |
Second Home | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo or Co-op2 | $850,000 $1,050,000 |
90% | 7004 7204 |
45%5 |
Investment Property | All | All | All | Not Eligible | Not Eligible | Not Eligible |
All | All | Manufactured Homes | All | Not Eligible | Not Eligible | Not Eligible |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE | Single Family, Condo or Co-op2 |
LOAN AMOUNT3 | $1,150,0003 |
MAXIMUM LTV/CLTV | 95% |
MINIMUM FICO4 | 6804 |
MAXIMUM DTI4 | 45%5 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE | Single Family, Condo or Co-op2 |
LOAN AMOUNT3 | $850,000 | $1,150,000 | $1,500,000 |
MAXIMUM LTV/CLTV | 90% |
MINIMUM FICO4 | 6604 | 6804 | 7204 |
MAXIMUM DTI5 | 45%5 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE | Single Family, Condo or Co-op2 |
LOAN AMOUNT3 | $1,775,000 |
MAXIMUM LTV/CLTV | 85% |
MINIMUM FICO4 | 7204 |
MAXIMUM DTI5 | 45%5 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE | Single Family, Condo or Co-op2 |
LOAN AMOUNT3 | $2,000,000 |
MAXIMUM LTV/CLTV | 85% |
MINIMUM FICO4 | 7404 |
MAXIMUM DTI5 | 45%5 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Cash-Out Refinance |
PROPERTY TYPE | All |
LOAN AMOUNT3 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO4 | Not Eligible |
MAXIMUM DTI5 | Not Eligible |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | All |
PROPERTY TYPE | Two-Unit | 3-4 Units |
LOAN AMOUNT3 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO4 | Not Eligible |
MAXIMUM DTI5 | Not Eligible |
OCCUPANCY | Second Home |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE | Single Family, Condo or Co-op2 |
LOAN AMOUNT3 | $850,000 | $1,050,000 |
MAXIMUM LTV/CLTV | 90% |
MINIMUM FICO4 | 7004 | 7204 |
MAXIMUM DTI5 | 45%5 |
OCCUPANCY | Investment Property |
---|---|
LOAN PURPOSE2 | All |
PROPERTY TYPE | All |
LOAN AMOUNT3 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO4 | Not Eligible |
MAXIMUM DTI5 | Not Eligible |
OCCUPANCY | All |
---|---|
LOAN PURPOSE2 | All |
PROPERTY TYPE | Manufactured Homes |
LOAN AMOUNT3 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO4 | Not Eligible |
MAXIMUM DTI5 | Not Eligible |
- 1 Refer to Section 3.5.1 and Section 3.5.3 of the TrueGuide® for details on documentation for specific types of income and assets.
- 2 Construction to Permanent excludes attached condos and co-ops.
- 3 Maximum Loan Amount for AK and HI is $1,350,000 (at 95% LTV).
- 4 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
- 5 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.
NON-AUS AFFORDABLE LENDING
NON AUS GUIDELINE SUMMARY – CONFORMING AFFORDABLE LENDING LOANS
Affordable Lending loans that are not originated in accordance with National MI’s “AUS Plus Overlays” Affordable Lending program must meet the eligibility requirements established for GSE HomeReady®, HFA PreferredTM, Home Possible® or HFA Advantage®; and also meet the underwriting rules and be originated in accordance with National MI’s Section 3.0 Standard Underwriting Guidelines including the Affordable Lending requirements described in Section 3.4.7:
- - DU® Approve/Ineligible or LPA® Accept/Ineligible loans which meet the requirements in this matrix and are otherwise eligible in accordance with Section 3.0 guidelines may follow the AUS documentation requirements for income, assets, and employment1.
- - Minimum reserves (unless indicated differently in Section 3.5.3.5):
# UNITS | LOAN PURPOSE | # MONTHS RESERVES |
---|---|---|
1-unit | Rate/Term Refinance with lower payments | 0 |
Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances | 2 | |
2-unit | Rate/Term Refinance with lower payments | 2 |
Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances | 6 | |
3-4 unit | All Eligible | 6 |
# UNITS | 1-unit |
---|---|
LOAN PURPOSE | Rate/Term Refinance with lower payments | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances |
# MONTHS RESERVES | 0 | 2 |
# UNITS | 2-unit |
---|---|
LOAN PURPOSE | Rate/Term Refinance with lower payments | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances |
# MONTHS RESERVES | 2 | 6 |
# UNITS | 3-4 unit |
---|---|
LOAN PURPOSE | All Eligible |
# MONTHS RESERVES | 6 |
OCCUPANCY | LOAN PURPOSE2 | PROPERTY TYPE2,3 | LOAN AMOUNT4 | MAXIMUM LTV/CLTV | MINIMUM FICO5 | MAXIMUM DTI6 |
---|---|---|---|---|---|---|
Primary Residence | Purchase or Rate/Term Refinance or Construction to Permanent2 | Single Family, Condo or Co-op2 | $766,5504 | 97%/105% | 6205 | 45%6 |
95%/105% | Non-Traditional Credit5 | 36%6 | ||||
Manufactured hm2,3 | $766,5504 | 90%/105% | 6405 | 45%6 | ||
Non-Traditional Credit5 | 36%6 | |||||
Cash-Out Refinance | All | All | Not Eligible | Not Eligible | Not Eligible | |
Purchase or Rate/Term Refinance or Construction to Permanent2 | Two-Unit | $981,5004 | 95%/105% | 6805 | 45%6 | |
Purchase or Rate/Term Refinance | Three-Unit2 | $1,186,3504 | 90%/105% | 7205 | 45%6 | |
Four-Unit2 | $1,474,4004 | |||||
Second Home | All | All | All | Not Eligible | Not Eligible | Not Eligible |
Investment Property | All | All | All | Not Eligible | Not Eligible | Not Eligible |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE2,3 | Single Family, Condo or Co-op2 |
LOAN AMOUNT4 | $766,5504 |
MAXIMUM LTV/CLTV | 97%/105% | 95%/105% |
MINIMUM FICO5 | 6205 | Non-Traditional Credit5 |
MAXIMUM DTI6 | 45%6 | 36%6 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE2,3 | Manufactured hm2,3 |
LOAN AMOUNT4 | $766,5504 |
MAXIMUM LTV/CLTV | 90%/105% |
MINIMUM FICO5 | 6405 | Non-Traditional Credit5 |
MAXIMUM DTI6 | 45%6 | 36%6 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Cash-Out Refinance |
PROPERTY TYPE2,3 | All |
LOAN AMOUNT4 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO5 | Not Eligible |
MAXIMUM DTI6 | Not Eligible |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance or Construction to Permanent2 |
PROPERTY TYPE2,3 | Two-Unit |
LOAN AMOUNT4 | $981,5004 |
MAXIMUM LTV/CLTV | 95%/105% |
MINIMUM FICO5 | 6805 |
MAXIMUM DTI6 | 45%6 |
OCCUPANCY | Primary Residence |
---|---|
LOAN PURPOSE2 | Purchase or Rate/Term Refinance |
PROPERTY TYPE2,3 | Three-Unit2 | Four-Unit2 |
LOAN AMOUNT4 | $1,186,3504 | $1,424,4004 |
MAXIMUM LTV/CLTV | 90%/105% |
MINIMUM FICO5 | 7205 |
MAXIMUM DTI6 | 45%6 |
OCCUPANCY | Second Home |
---|---|
LOAN PURPOSE2 | All |
PROPERTY TYPE2,3 | All |
LOAN AMOUNT4 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO5 | Not Eligible |
MAXIMUM DTI6 | Not Eligible |
OCCUPANCY | Investment Property |
---|---|
LOAN PURPOSE2 | All |
PROPERTY TYPE2,3 | All |
LOAN AMOUNT4 | All |
MAXIMUM LTV/CLTV | Not Eligible |
MINIMUM FICO5 | Not Eligible |
MAXIMUM DTI6 | Not Eligible |
- 1 Refer to Section 3.5.1 of the TrueGuide® for details on documentation for specific types of income.
- 2 Construction to Permanent: (a) Excludes attached condos and co-ops; and (b) 3-4 units are ineligible.
- 3 Manufactured homes must be multi-wide and meet requirements in Section 3.6.1.7; and for Renovation Loans, Section 3.4.6.
- 4 Maximum loan amounts for AK and HI are $1,149,825 (1-unit), $1,472,250 (2-unit), $1,779,525 (3-unit), and $2,211,600 (4-unit).
- 5 Representative FICO using middle/lower method is required for underwriting and pricing purposes. A non-traditional credit loan is when one or more borrowers have non-traditional credit. Refer to Section 3.4.7 for additional requirements.
- 6 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.
- Full Underwriting Guidelines Manual – TrueGuide 5.1 Effective 2024-01-22
- Full Underwriting Guidelines Manual – TrueGuide 5.0 Effective 2023-12-15
- Full Underwriting Guidelines Manual – TrueGuide 4.9 Effective 2023-07-10
- Full Underwriting Guidelines Manual – TrueGuide 4.8 Effective 2023-04-21
- Full Underwriting Guidelines Manual – TrueGuide 4.7 Effective 2023-02-07
- Full Underwriting Guidelines Manual – TrueGuide 4.6 Effective 2023-01-03
- Full Underwriting Guidelines Manual – TrueGuide 4.5 Effective 2021-12-18
- Full Underwriting Guidelines Manual – TrueGuide 4.4 Effective 2021-06-01
- Full Underwriting Guidelines Manual – TrueGuide 4.3 Effective 2021-01-01
- Full Underwriting Guidelines Manual – TrueGuide 4.2 Effective 2020-07-10
- Full Underwriting Guidelines Manual – TrueGuide 4.1 Effective 2020-03-01
- Full Underwriting Guidelines Manual – TrueGuide 4.0 Effective 2020-01-01
- Full Underwriting Guidelines Manual – TrueGuide 3.9 Effective 2019-08-09
- Full Underwriting Guidelines Manual – TrueGuide 3.8 Effective 2019-01-01
- Full Underwriting Guidelines Manual – TrueGuide 3.7 Effective 2018-11-01
- Full Underwriting Guidelines Manual – TrueGuide 3.6 Effective 2018-07-06
- Full Underwriting Guidelines Manual – TrueGuide 3.5 Effective 2018-03-24
- Full Underwriting Guidelines Manual – TrueGuide 3.4 Effective 2018-01-24
- Full Underwriting Guidelines Manual – TrueGuide 3.3 Effective 2017-12-21
- Full Underwriting Guidelines Manual – TrueGuide 3.2 Effective 2017-11-06
- Full Underwriting Guidelines Manual – TrueGuide 3.1 Effective 2017-08-28
- Full Underwriting Guidelines Manual – TrueGuide 3.0 Effective 2017-08-22
- Full Underwriting Guidelines Manual – TrueGuide 2.9 Effective 2017-07-01
- Full Underwriting Guidelines Manual – TrueGuide 2.8 Effective 2017-05-15
- Full Underwriting Guidelines Manual – TrueGuide 2.7 Effective 2016-12-10
- Full Underwriting Guidelines Manual – TrueGuide 2.6 Effective 2016-11-07
- Full Underwriting Guidelines Manual – TrueGuide 2.5 Effective 2016-08-22
- Full Underwriting Guidelines Manual – TrueGuide 2.4 Effective 2016-04-04
- Full Underwriting Guidelines Manual – TrueGuide 2.3 Effective 2015-12-07
- Full Underwriting Guidelines Manual – TrueGuide 2.2 Effective 2015-08-27
- Full Underwriting Guidelines Manual – TrueGuide 2.1 Effective 2015-07-20
- Full Underwriting Guidelines Manual – TrueGuide 2.0 Effective 2015-05-11
- Full Underwriting Guidelines Manual – TrueGuide 1.9 Effective 2015-03-23
- Full Underwriting Guidelines Manual – TrueGuide 1.8 Effective 2014-09-15
- Full Underwriting Guidelines Manual – TrueGuide 1.7 Effective 2014-05-05
- Full Underwriting Guidelines Manual – TrueGuide 1.6 Effective 2014-03-17
- Full Underwriting Guidelines Manual – TrueGuide 1.5 Effective 2014-01-27
- Full Underwriting Guidelines Manual – TrueGuide 1.4 Effective 2013-09-15
- Full Underwriting Guidelines Manual – TrueGuide 1.3 Effective 2013-06-01
- Full Underwriting Guidelines Manual – TrueGuide 1.2 Effective 2013-05-03
- Full Underwriting Guidelines Manual – TrueGuide 1.1 Effective 2013-04-22
- Full Underwriting Guidelines Manual – TrueGuide 1.0 Effective 2013-04-03
AUS Guidelines
Once a loan has been approved by Fannie Mae’s Desktop Underwriter® or
Freddie Mac’s Loan Product Advisor®, just follow our simple AUS guidelines. Manual
underwriting is no longer required.
- Minimum credit score of 620 for primary residence and second homes.
- 97% LTV down to 620 credit score for primary residence purchase and rate/term refinances.
- Investment properties are eligible.
- No condo restrictions.
- No geographic restrictions.
- Gift funds allowed on primary residences & second homes.
AUS Conforming Affordable
- May be paired with Down Payment Assistance (DPA).
- Up to 105% CLTV allowed per GSE guidelines.
Desktop Underwriter® is a registered trademarks of Fannie
Mae; Loan Product Advisor® is a service of Freddie Mac.
Please refer to National MI’s Underwriting Guidelines and
Master
Policy for a complete description of policies and requirements.