Home
Lenders
Underwriting Guidelines & Checklists
Underwriting Resources

UNDERWRITING RESOURCES

Put National MI's TrueGuide® to work for you – and take the clear path to quickly closing more loans. Our expanded AUS and Non-AUS underwriting guidelines offer straightforward solutions.
Now it’s easier to keep your loans on track.
PDF Icon

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.

A DU® Approve/Ineligible or LPA® Accept/Ineligible loan that meets National MI’s AUS Plus Overlay requirements is insurable if:
  • - 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. 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. 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. 3 Construction to Permanent excludes attached condos and co-ops.
  4. 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. 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. 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. 7 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
  8. 8 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.
  9. 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

A DU® Approve/Ineligible or LPA® Accept/Ineligible loan that meets National MI’s AUS Plus Overlay requirements is insurable if:
  • - 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. 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. 2 Construction to Permanent excludes attached condos and co-ops.
  3. 3 Manufactured homes must be multi-wide and meet requirements in Section 2.2.14.
  4. 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. 5 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
  6. 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

A DU® Approve/Ineligible or LPA® Accept/Ineligible loan that meets National MI’s AUS Plus Overlay requirements is insurable if:
  • - 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. 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. 2 Construction to Permanent excludes attached condos and co-ops.
  3. 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. 4 Minimum 6 months reserves (PITIA) for 3-4 units.
  5. 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. 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. 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. 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
  • - ARM maximum LTV/CLTV 95%, minimum initial fixed term 1 year (5 years for Investment Property) (see Section 3.1.4).
  • - ARM cash-out refinance ineligible for insurance (see Section 3.1.4).
  • - Minimum occupant borrower’s own funds is 5% for 2-4 units and 3% for 1-unit ( except for 1 unit only gifts/grants apply toward the 3% if Primary residence with no secondary financing and either: (i) 3% verified in occupant borrower’s asset accounts, or (ii) occupant borrower has minimum 720 FICO) (see Section 3.5.3.1).
  • - Non-occupants are not considered when determining qualifying DTI.
  • - New secondary financing is not permitted.
  • - Exterior only appraisals or evaluations; appraisal waivers, AVMs, or BPOs are not permitted.
  • - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
    •  
    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. 1 Refer to Section 3.5.1 of the TrueGuide® for details on documentation for specific types of income.
    2. 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. 3 Construction to Permanent: (a) Excludes attached condos and co-ops; and (b) 3-4 units are ineligible.
    4. 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. 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. 6 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
    7. 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
  • - ARM minimum initial fixed term 1 year for <= $850,000 loan amounts; 3 years for > $850,000 to $1,000,000 loan amounts; and a minimum of 5 years for > $1,000,000 loan amounts (see Section 3.1.4).
  • - Minimum 3% from occupant borrower’s own funds for <= $1,000,000 loan amounts; and a minimum of 5% for > $1,000,000 loan amounts.
  • - Non-occupants are not considered when determining qualifying DTI.
  • - New secondary financing is not permitted, and existing subordinate liens may not be re-subordinated (refer to Section 3.1.5).
  • - Exterior only appraisals or evaluations; appraisal waivers, AVMs, or BPOs are not permitted.
  • - For loan amounts > $1 million, income documented via a written VOE must be accompanied by at least one recent paystub, and assets documented via a written VOD must be accompanied by at least one recent account statement.
    •  
    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. 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. 2 Construction to Permanent excludes attached condos and co-ops.
    3. 3 Maximum Loan Amount for AK and HI is $1,350,000 (at 95% LTV).
    4. 4 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
    5. 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
  • - ARM minimum initial fixed term and maximum LTVs: 95% (initial fixed term 7+ years), 90% (3-<7 years) or ineligible (<3 years).
  • - Exterior only appraisals or evaluations, appraisal waivers, AVMs or BPOs are not permitted.
  • - Non-traditional credit is permitted (see matrix below for “Non-Traditional Credit Loan”) only for loans that meet the eligibility requirements for the GSE programs described above and also satisfy the requirements in Section 3.4.7 and in this matrix.
  • - Minimum contribution from occupant borrower’s own funds is 5% for 2-4 units and 3% for 1-unit (except for 1-unit only, gifts/grants apply toward the 3% if primary residence with no secondary financing and either: (i) 3% verified in occupant borrower’s asset accounts, or (ii) occupant borrower has minimum 720 FICO. In addition, if the loan is a GSE eligible affordable loan (per GSE published guidelines) where the GSE is providing the lender with a reimbursement of funds provided to the borrower (currently HomeReady and Home Possible with expansions), the credit can be used to satisfy the minimum contribution for 1-unit properties and applied to the down payment after the 5% contribution for 2-4 units. (see Section 3.5.3.1).
  • - Non-occupant borrowers are not considered when determining qualifying DTI.
  • - For >$1,150,000 loan amounts: Non-Delegated Underwriting MI submission path required.
    •  
    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. 1 Refer to Section 3.5.1 of the TrueGuide® for details on documentation for specific types of income.
    2. 2 Construction to Permanent: (a) Excludes attached condos and co-ops; and (b) 3-4 units are ineligible.
    3. 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. 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. 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. 6 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

    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.