Primary Residence

Grade

Effective Date:

FICO

Loan Amount

720+

<=1,000,000
1,000,001 - 1,500,000
1,500,001 - 2,000,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
1,000,001 - 1,500,000
<=1,250,000
<=1,250,000
<=1,250,000
<=1,250,000
<=800,000
<=800,000
<=800,000
<=800,000
<=800,000

A
680 - 719
680+
A660 - 679
640+
600-639
580 - 599
600+
580-599
620+
500 - 619
500+

B+
B
BC

Self-Employed Solutions Express

**12 Mo Bank Statements**

Self-Employed Solutions Express, Asset Utilization

Grade

FICO

Loan Amount

720+

<=1,000,000
1,000,001 - 1,500,000
1,500,001 - 2,000,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000

A
680 - 719
680+
A660 - 679
Grade Determination
Minimum FICO
Housing
BK (Chap 13 Discharge)
BK (Other)
Foreclosure
Short Sale/DIL

Full Doc
**Appendix Q Compliant**
Purch / RT Refi
Cash Out
LTV/CLTV
LTV/CLTV
85
80
80
75
75
70
85
80
80
75
85
80
80
75
80
75
80
75
80
75
75
75
75
70
75
70
70
70
70
65
60
60

A
680
0x30x12 & 0x60x24
24 mo
48 mo
48 mo
36 mo

A660
0x30x12
12 mo
24 mo
24 mo
24 mo

Purch / RT Refi
LTV/CLTV
80
75
NA
80
75
75
75
75
B+
580
1x30x12
Settled
24 mo
24 mo
12 mo

Cash Out
LTV/CLTV
75
70
NA
75
70
75
70
70
B
580
0x60x12
Settled
24 mo
24 mo
Settled

2/23/2016

Self-Employed Solutions
**24 Mo Bank Statements**
Purch / RT Refi
Cash Out
LTV/CLTV
LTV/CLTV
85
80
80
75
NA
NA
80
75
75
70
80
75
75
70
75
70
70
70
70
70
NA
NA
65
NA
NA
NA
NA
NA
NA
NA
NA
NA
Asset Utilization
Purch / RT Refi
LTV/CLTV
75
NA
NA
NA
NA
75
NA
NA
B500
0x90x12
Settled
12 mo
12 mo
Settled

Cash Out
LTV/CLTV
NA
NA
NA
NA
NA
NA
NA
NA
C500
0x90x12
Settled
Settled
Settled
Settled

Restrictions
LTV/CLTV
Condo / 2-4 Unit:
Non-Warrantable:
Loan Bal<$150k:

A, A80
75
80

B+,B ,B- ,C
75
70
75

Cashout Limit (% of Prop Value)

SFR:
75%
Condo / 2-4 Unit:
70%
Loan Bal<$150k:
70%

Non-Warrantable Condo
Max DTI = 43%
Min Reserves = 6 Mo
Max Loan Amount = $1,000,000

Loan Amount
Program Minimum: $100k
Loan Amounts>$1mm Require
2 appraisals

Loan Eligibility

Eligible Products

Eligibile States
Escrows:

5/1 LIBOR ARM (12 mo LIBOR; 2/2/5 Caps)

7/1 LIBOR ARM (12 mo LIBOR; 5/2/5 Caps)
Qualifying Rate-Full
Qualifying Rate: Greater of the Fully-Indexed
Doc: Greater of the
Rate or Note Rate
Floor = Margin
Fully-Indexed Rate or Note Rate + Initial Cap (2%)
Qualifying Rate-Other Doc Types: Greater of
Margin (A, A- Grades): 5%
ARMS
Margin (B+,B,B-,C Grades): 6%
the Fully-Indexed Rate or Note Rate
Floor = Margin
Margin (A, A- Grades): 5%
Margin (B+,B,B-,C Grades): 6%
Fixed Rate
15 Year Fixed
30 Year Fixed
Nationwide excluding Puerto Rico, Guam and the US Virgin Islands; DC, MD, NJ and NY restricted to A & A- Grades w/ a max LTV of 75%
LTV>=75: 4%
May not exceed 3% Interested Party Contribution:
Points and Fees:
Required
LTV<75: 6%

Borrower Eligibility

Residual Income

Financed Properties

Income
Documentation

DTI & Reserves

Full Doc
Self-Employed Solutions (24 mo Bank Statement)
Asset Utilization
Self-Employed Solutions Express (12 mo Bank Statement)
LTV/CLTV <= 80%: $1,250
US Citizen; Permanent resident alien; Non-permanent resident
LTV/CLTV > 80%: $1,750
Residency
alien
Add $250 for the first dependent. Add $125 for each additional dependent.
20 financed properties including subject; exposure to a single borrower not to exceed $3,000,000 or 6 properties;
Add 2 months reserves for each additional financed property (including departure residence). Total reserve requirement is not to exceed 24 mo.
Self-Employed
Full Doc
Self-Employed Solutions
Asset Utilization
Solutions Express
DTI Max: 43%
DTI Max: 50%
DTI Max: 43%
DTI Max: 50%
DTI Max: 36%
DTI Max: 43%
Loan Amount
24 mo
6 mo
<=1,000,000
2 mo
6 mo
6 mo
12 mo
24 mo
NA
1,000,001 - 1,500,000
6 mo
12 mo
9 mo
18 mo
NA
NA
1,500,001 - 2,000,000
9 mo
18 mo
NA
NA

2nd Home

Effective Date:

Grade

FICO

Loan Amount

720+

<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
<=1,000,000
<=1,000,000
<=800,000
<=800,000

700 - 719

680 - 699
680+
A660 - 679
640+
580 - 639
580+
540+

B+
B
B-

Self-Employed Solutions Express

**12 Mo Bank Statements**

Self-Employed Solutions Express, Asset Utilization

Grade

FICO

Loan Amount

700+

<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
<=1,000,000

A
680+
700+

A-

A
680
0x30x12 & 0x60x24
24 mo
48 mo
48 mo
36 mo

Grade Determination
Minimum FICO
Housing
BK (Chap 13 Discharge)
BK (Other)
Foreclosure
Short Sale/DIL

Full Doc
**Appendix Q Compliant**
Purch / RT Refi
Cash Out
LTV/CLTV
LTV/CLTV
80
75
75
75
80
75
75
70
80
75
70
70
80
75
70
70
75
70
70
65
65
65
65
65
65
65

Purch / RT Refi
LTV/CLTV
75
70
70
NA
A660
0x30x12
12 mo
24 mo
24 mo
24 mo

Cash Out
LTV/CLTV
75
70
70
NA
B+
580
1x30x12
Settled
24 mo
24 mo
12 mo

2/23/2076

Self-Employed Solutions
**24 Mo Bank Statements**
Purch / RT Refi
LTV/CLTV
75
75
75
75
75
NA

Cash Out
LTV/CLTV
75
70
75
70
75
NA

75
NA

70
NA

70
65
NA
NA
NA

65
65
NA
NA
NA

Asset Utilization
Purch / RT Refi
LTV/CLTV
75
NA
NA
75
B
580
0x60x12
Settled
24 mo
24 mo
Settled

Cash Out
LTV/CLTV
NA
NA
NA
NA
B540
0x90x12
Settled
12 mo
12 mo
Settled

Restrictions
LTV/CLTV
Condo / 2-4 Unit:
Non-Warrantable:
Loan Bal<$150k:

A, A70
65
70

Loan Eligibility

B+,B ,B- ,C
65
65
65

Cashout Limit (% of Prop Value)

SFR:
65%
Condo / 2-4 Unit:
60%
Loan Bal<$150k:
60%

Non-Warrantable Condo
Max DTI = 43%
Min Reserves = 6 Mo
Max Loan Amount = $1,000,000

Loan Amount
Program Minimum: $100k
Loan Amounts>$1mm Require
2 appraisals

5/1 LIBOR ARM (72

Qualifying Rate-Full

7/1 LIBOR ARM (72 mo LIBOR; 5/2/5 Caps)

mo LIBOR; 2/2/5 Caps)
Qualifying Rate: Greater of the Fully-Indexed
Doc: Greater of the
Rate or Note Rate
Floor = Margin
Fully-Indexed Rate or Note Rate + Initial Cap (2%)
Margin (A, A- Grades): 5%
Qualifying Rate-Other Doc Types: Greater of
ARMS
Margin (B+,B,B-,C Grades): 6%
the Fully-Indexed Rate or Note Rate
Floor = Margin
Margin (A, A- Grades): 5%
Margin (B+,B,B-,C Grades): 6%
Fixed Rate
15 Year Fixed
30 Year Fixed
Nationwide excluding Puerto Rico, Guam and the US Virgin Islands; DC, MD, NJ and NY restricted to A & A- Grades w/ a max LTV of 75%
May not exceed 3%
LTV>=75: 4%
Interested Party Contribution:
Required
Points and Fees:
LTV<75: 6%

Eligible Products

Eligibile States
Escrows:

Borrower Eligibility

Residual Income

Residency

Financed Properties

Income
Documentation

DTI & Reserves

Requirement

Full Doc
Self-Employed Solutions (24 mo Bank Statement)
Asset Utilization
Self-Employed Solutions Express (12 mo Bank Statement)
$2,500
Add $250 for the first dependent. Add $125 for each additional dependent.
US Citizen; Permanent resident alien; Non-permanent resident alien; See Foreign National matrix for 2nd Home Options
20 financed properties including subject; exposure to a single borrower not to exceed $3,000,000 or 6 properties;
Add 2 months reserves for each additional financed property (including departure residence). Total reserve requirement is not to exceed 24 mo
Self-Employed
Full Doc
Self-Employed Solutions
Solutions Express
DTI Max: 43%
DTI Max: 50%
DTI Max: 43%
DTI Max: 50%
DTI Max: 36%
Loan Amount
24 mo
<=1,000,000
6 mo
12 mo
9 mo
NA
24 mo
1,000,001 - 1,500,000
12 mo
NA
12 mo
NA

Asset Utilization
DTI Max: 43%
9 mo
NA

Investor Solutions- Full Doc

Effective Date:

Full Doc
**Appendix Q Compliant**
Grade

FICO

Loan Amount

720+

<=1,000,000
1,000,001 - 1,500,000
<=1,000,000

700 - 719

1,000,001 - 1,500,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
1,000,001 - 1,500,000
<=1,000,000
<=1,000,000

680 - 699
680+
A660 - 679
640+
580 - 639
580+
540+

B+
B
B-

<=1,000,000
<=800,000
<=800,000

Purch / RT Refi
LTV/CLTV

Cash Out
LTV/CLTV

80

75

75

75

75
80
75

75
75
70

75
75
75

70
75
70

80
70
80
70
75

75
70
75
70
70

75
NA

75
NA

75
NA

70
NA

70

65

70
65
65
65

65
65
65
65

65
NA
NA
NA

65
NA
NA
NA

Purch / RT Refi
LTV/CLTV

Cash Out
LTV/CLTV

Asset Utilization
Purch / RT Refi
LTV/CLTV

Cash Out
LTV/CLTV

FICO

Loan Amount

700+

75
70
70

75
70
70

75
NA

NA
NA

680+

<=1,000,000
1,000,001 - 1,500,000
<=1,000,000

NA

NA

700+

<=1,000,000

NA

NA

75

NA

A
680
0x30x12 & 0x60x24
24 mo
48 mo
48 mo
36 mo

A660
0x30x12
12 mo
24 mo
24 mo
24 mo

B+
580
1x30x12
Settled
24 mo
24 mo
12 mo

B
580
0x60x12
Settled
24 mo
24 mo
Settled

B540
0x90x12
Settled
12 mo
12 mo
Settled

A
A-

Cash Out
LTV/CLTV

Self-Employed Solutions Express

**12 Mo Bank Statements**

Self-Employed Solutions Express, Asset Utilization

Grade

Purch / RT Refi
LTV/CLTV

2/23/2076

Self-Employed Solutions
**24 Mo Bank Statements**

Grade Determination
Minimum FICO
Housing
BK (Chap 13 Discharge)
BK (Other)
Foreclosure
Short Sale/DIL

Restrictions
LTV/CLTV
Condo / 2-4 Unit:
Non-Warrantable:
Loan Bal<$150k:

A, A70
65
70

Loan Eligibility

B+,B ,B- ,C
65
65
65

Cashout Limit (% of Prop Value)

SFR:
65
%
Condo / 2-4 Unit:

Non-Warrantable Condo
Max DTI = 43%
Min Reserves = 6 Mo
Max Loan Amount = $1,000,000

Loan Amount
Program Minimum: $75k
Loan Amounts>$1mm Require
2 appraisals

5/1 LIBOR ARM (72 mo LIBOR; 2/2/5 Caps)

7/1 LIBOR ARM (72 mo LIBOR; 5/2/5 Caps)
QualifyingRate:Greater
Qualifying Rate: Greater of the Fully-Indexed
of the Fully-Indexed
Rate or Note Rate
Floor = Margin
Rate or Note Rate
ARMS
Margin (A, A- Grades): 6%
Floor = Margin
Margin (B+,B,B- Grades): 7%
Margin(A,A-Grades):
6%
Margin(B+,B,B-Grades):
7%
Fixed Rate
15 Year Fixed
30 Year Fixed
Nationwide excluding Puerto Rico, Guam and the US Virgin Islands; DC, MD, NJ and NY restricted to A & A- Grades w/ a max LTV of 75%
Optional
Points and Fees: May not exceed 5%
Interested Party Contribution:
May not exceed 3%

Eligible Products:

Eligibile States:
Escrows:

Borrower Eligibility
Income

Documentation

Residency

Financed Properties

DTI & Reserves

Requirement

Full Doc
Self-Employed Solutions (24 mo Bank Statement)
Asset Utilization
Self-Employed Solutions Express (12 mo Bank Statement)
US Citizen; Permanent resident alien; Non-permanent resident alien; See Foreign National matrix for Investment Options
20 financed properties including subject; exposure to a single borrower not to exceed $3,000,000 or 6 properties;
Add 2 months reserves for each additional financed property (including primary residence). Total reserve requirement is not to exceed 24 mo.
Self-Employed
Full Doc
Self-Employed Solutions
Solutions Express
DTI Max: 43%
DTI Max: 50%
DTI Max: 43%
DTI Max: 50%
DTI Max: 36%
Loan Amount
24 mo
<=1,000,000
6 mo
12 mo
9 mo
NA
24 mo
1,000,001 - 1,500,000
12 mo
NA
12 mo
NA

Asset Utilization
DTI Max: 43%
9 mo
NA

Investor Solutions

Effective Date:

Debt Service Coverage (Gross Monthly Property Income / PITIA)

Credit Event Seasoning
Mortgage / Housing: 0x30x12
BK (Chap 13 Discharge): >12 mo
BK (Other): >36 mo
FC: >36 mo
Short Sale / DIL : >12mo

FICO

Loan Amount

700+
680 - 699
640 - 679
620 - 639

<=1,000,000
<=800,000
<=800,000
<=500,000

Purch / RT Refi LTV/CLTV

Tier 1 DSCR
Tier 2 DSCR
75
65
70
NA
70
NA
65
NA

2/23/2016

Cash Out
LTV/CLTV
70
65
65
60

Prepayment Penalty
6 months of interest on the amount of the prepayment that exceeds 20% of the original principal balance.

Restrictions
LTV/CLTV Restrictions
Condo / 2-4 Unit:
Loan Bal<$150k:
First Time Investor:

70
70
65

Cashout Limit (% of Prop Value)

SFR:
65%
Condo / 2-4 Unit:
50%
Loan Bal<$150k:
50%

Additional Restrictions
Minimum Loan Bal: $75,000
Non-Warrantable Condo: Not Available
First Time Invester: Purchase Money Only

Restrictions
Eligible Products:

ARMS

Fixed Rate
Eligibile States
Escrows
Points and Fees
Interested Party Contribution

Borrower Eligibility

5/1 LIBOR ARM (12 mo LIBOR; 2/2/5 Caps)

157%
Year Fixed
Nationwide excluding Puerto Rico, Guam and the US Virgin Islands
Optional
May not exceed 5%
May not exceed 3%
Experienced Investor: A borrower who has owned
(Primary residence can be included), with 1 having
First Time Investor: A borrower that does not meet
must have owned their primary residence for
Transaction qualified on cash flow of the

Income

Tier 2 LTV Minimum DSCR Requirement

Tier 2 LTVs:
Residency
Reserves Requirement
Financed Properties

2 or more properties within the most recent 12

months documented rental income of 12 months or
more. the Experienced Investor criteria. First Time
Investors a minimum of 12 months
property...

subject Gross Income:

Lower of Estimated Market Rent from Form
1007 and monthly rent from an existing lease
Tier 1 LTV Minimum DSCR Requirement
Property Value <=$150k:
Property Value $150k-$500k:
Property Value >$500k:

7/1 LIBOR ARM (12 mo LIBOR; 5/2/5 Caps)

Floor = Margin Floor = Margin
Note Margin = 7%
Note Margin =
30 Year Fixed

Debt Service Coverage Ratio (DSCR):

Gross Income/PITIA

1.30 DSCR
1.25 DSCR
1.15 DSCR

1.0 DSCR

US Citizen; Permanent resident alien; Non-permanent resident alien; See Foreign National matrix for Investment Options
12 months
Exposure to a single borrower not to exceed $3,000,000 or 6 properties;
Add 2 months reserves for each additional financed property (including primary
residence). Total reserve requirement is not to exceed 24 mo.

Foreign National - 2nd Home and Investment

Effective Date:

2/23/2076

Full Doc
Grade

FICO

Loan Amount

A
AB+

680+
660 - 679
600+
Foreign Credit

<=1,000,000
<=1,000,000
<=800,000
<=800,000

Purch / RT Refi
LTV/CLTV
75
70
65
65

Cash Out
LTV/CLTV
70
70
65
60

Debt Service Coverage

Credit Seasoning
Mortgage / Housing: 0x30x12
BK (Chap 13 Discharge): >12 mo
BK (Other): >36 mo
FC: >36 mo
Short Sale / DIL : >12mo

FICO

Loan Amount

LTV/CLTV
DSCR>=1.0

640 +

<=800,000

65

65

Foreign Credit

<=800,000

65

60

A-

Grade Determination
Minimum FICO
Housing
BK (Chap 13 Discharge)
BK (Other)
Foreclosure
Short Sale/DIL

680

660

0x30x12 & 0x60x24

24 mo
48 mo
48 mo
36 mo

0x30x12
12 mo
24 mo
24 mo
24 mo

LTV/CLTV
DSCR>=1.25

B+

600;
Foreign Credit
1x30x12
Settled
24 mo
24 mo
12 mo

Prepayment Penalty
6 months of interest on the amount of the prepayment that exceeds 20% of the original principal balance. Not available for 2nd home transactions.

Additional Restrictions
LTV/CLTV Restrictions

Additional Restrictions

Cashout Limit (% of Prop Value)

Condo / 2-4 Unit:

Loan Bal<$150k:
First Time Investor:

70
70
65

SFR:
Condo / 2-4 Unit:
Loan Bal<$150k:

50%
40%
40%

Minimum Loan Bal: $75,000

Non-Warrantable Condo: Not Available
First Time Invester: Purchase Money Only

Restrictions
5/1 LIBOR ARM (72 mo LIBOR; 2/2/5 Caps)

Eligible Products:

Eligibile States:
Points and Fees:

Qualifying Rate: Greater of the Fully-Indexed Rate

or Note Rate
ARMS
Floor = Margin
Margin (A, A- Grades): 6%
Margin (B+ Grade & DSCR): 7%
Fixed Rate
15 Year
DSCR):Fixed
Nationwide excluding Puerto Rico, Guam and the US Virgin Islands
2nd Home: <=3%
Investment: <= 5%

7/1 LIBOR ARM (72 mo LIBOR;5/2/5 Caps)

Qualifying Rate: Greater ofthe Fully-Indexed Rate

or Note Rate
Floor = Margin
Margin (A, A- Grades): 6%
7%
Margin (B+ Grades &
30 Year Fixed
Escrows:
Required
Interested Party Contribution:

May not exceed 3%

Borrower Eligibility - Documentation

Documentation Highlights

Borrower Eligibility - Credit

Qualifying U.S. Credit

Qualifying Foreign Credit

Visa types allowed: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa
The following are required as evidence the borrower is in the U.S legally
o Copy of the borrowers valid and unexpired passport (including photograph)
o Copy of the borrowers valid and unexpired visa (including photograph) OR an I-797 form with valid extension dates and I-94. Borrowers
from countries participating in the State Departments Visa Waiver Program (VWP) are not required to provide a valid visa.
For Foreign National Borrowers with a valid Social Security number a credit report should be obtained. Requirements found in the CREDIT section of
this underwriting guide apply. Borrowers not meeting these requirements may proceed under the Qualifying Foreign Credit requirements detailed in
the underwriting guide.
ForeignNationalBorrowerswithout
Qualifying U.S. Credit (Including borrowers without a valid Social Security Number and borrowers with or without an
IndividualTaxIdentificationNumber)
must provide evidence of three (3) active and open tradelines with a 2 year history. No derogatory credit history is
permitted.ANYcombinationof
the following is acceptable to arrive at the tradeline requirement...
Tradelines

At least 3 tradeline active and open 24 months

o Tradelines evidenced viaU.S. credit report; AND/OR
a
credit report; AND/OR
o Tradelinesevidencedviacredit reference letter from a verified financial institution in the borrwers country of origin
i
n
ternati
o
nal
Borrower Eligibility - Income/Assets
Full Doc: See the Foreign National Income section of the guide for income requirements.
DebtServiceCoverageRatio(DSCR):
Transaction qualified on cash flow of the subject (DSCR=Gross Income/PITIA)
Income Documentation
Options:

property DSCR Requirement

Property Value <=$150k: 1.30 DSCR
Property Value $150k-$500k: 1.25 DSCR
Property Value >$500k:
1.15 DSCR
Assets must be verified in U.S. Dollar equivalency at the current exchange rate via either www.xe.com or the Wall Street Journal

Documenting Assets Held in

A copy of the two (2) most recent statements of that account. If the funds are not seasoned a minimum of sixty (60) days, a letter of
Foreign Accounts:
Maximum DTI:
Financed Properties:

explanation is required along with the information to comprise a sixty (60) day chain of funds.
50% (Full Doc Only)
Mimimum Reserves:
12 Months
Minimum Residual Income:
$2,500 (2nd Home Only)
No limit on financed properties; Verus exposure to a single borrower not to exceed $3,000,000 or 6 properties;
Add 2 months reserves for each additional financed property (including primary residence). Total reserve requirement is not to exceed 24 months.