Direct Mortgage Loan Programs                      

**Updated Aug 16, 2010**    

6151

DU FHA Refinance

Government

HUD County
Limit⁵

97.75%/100%

OO

R&T/CO

Full/Alt (run DU)

6152

DU FHA Purchase

Government

HUD County
Limit⁵

96.5%

OO

P

Full/Alt (run DU)

6154

Conforming LIBOR ARM (DU)⁴

Conventional/
Conforming

Conforming
Loan Limit

95 LTV¹
90 LTV w/sub fin:
95 TLTV - 95 HTLTV²

640¹

OO/2nd/NOO

P/R&T/CO

Full/Alt (run DU)

6176

VA IRRRL (Interest Rate Reduction Refinance Loan)

6185

DU Super Conforming Fixed⁴

6186

DU Super Conforming Arm⁴

6187

LP Super Conforming Fixed⁴

6188

LP Super Conforming Arm⁴

6189

LP High Balance Fixed FHA

6190

LP High Balance ARM FHA

6191

DU High Balance Fixed FHA

6192

DU High Balance ARM FHA

6199

FHA $100 Down

6203

FHA High Balance Streamline⁸

6205

USDA Rural Housing
Temporarily Unavailable

6210

USDA Rural Housing Refinance
Temporarily Unavailable

6218

USDA Rural Housing Streamline
Temporarily Unavailable

6219

FHA Good Neighbor Next Door

6224

DU HomePath Conforming Fixed

6225

DU HomePath Conforming ARM

6226

DU HomePath High Balance Fixed

6227

DU HomePath High Balance ARM

6228

DU 6228 5-10 Properties

Cash Out Conv – 80% Max LTV; 2nd Home - 75% Max LTV; NOO- 75% Max LTV; FHA – 85% Max LTV; VA – 90% Max LTV; Max LTV could vary by program. Second Homes 80% Max LTV; 640 Min FICO. Cash Out - 75% Max LTV. Non-Owner Occupied Purchase - 80% Max LTV;                                       Rate and Term - 75% Max LTV; Cash Out - 75% Max LTV. NOO - With landlord history. With 2 most recent years experience, 680 FICO, and can count rents as income (proposed rents for purchase — as taken from the OIS or comparable rent schedule, whichever is lower  —  or the actual rents for a refinance — as taken from the tax return).  1x30 (12 months), 0x60 (12 months), 0x90 (24 months) mortgage lates. NOO - Without landlord history. 720 FICO score, qualifying with both payments, and max debt ratio of 45%. Mortgage Payments on time last 12 months. Max DTI Max DTI is 50%; some loan programs could be lower.

Footnotes:
¹Max 95% LTV Owner Occupied with 720 Min FICO®; Purchase/ R&T;  Max 41% DTI; 1 unit SFR only. The states AZ, CA, FL, MI, NV and OH have max 90% LTV and 740 min FICO; Max 41% DTI; 1 unit SFR only.
² TLTV must be met with HTLTV maximum. Max cash disbursed at close limited to TLTV.
³Any non-streamline VA is considered cash out.
⁴MI Guidelines apply for all conventional loans.
⁵Max loan amount is $417,000 or HUD county limit, which ever is lower (excluding Hawaii); Hawaii is $544,185.
⁶Min loan amount is $417,001 (excluding Hawaii); Hawaii is $544,186.
⁷All Borrowers must have a qualifying credit score. Exceptions granted on a case-by-case basis when the primary borrower has a qualifying score. Pricing adjustment applies.

NOTE: Values shown are examples of maximums and minimums allowed. Consult Direct Mortgage Loan Program Guidelines for details regarding any specific loan.

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Learn Key Elements of FHA loans.