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10% Down. High Balance "Nationwide Everywhere" Loan!
Loan amounts up to $726,525
No County Limits, Only 10% Down Payment Required.
10% Down Payment High Balance Loan Program Guidelines
Loan Purpose
- Purchase
- 10% Down for 1 and 2 unit primary residence and 1 unit 2nd home
- Rate/Term Refinance
- 80% LTV/90% CLTV for 1 unit primary residence
- 80% LTV for 2 unit primary residence and 1 unit 2nd home
- Cash-out Refinance
- 80% LTV for 1 unit primary residence
- 75% LTV for 2 unit primary residence
- 75% LTV for 1 unit, 2nd home
Credit Profile
- 680 minimum middle credit score for all borrowers on the loan for all available loan types, except 700 minimum middle credit score for cash-out refinance on a second home
- Desktop Underwriting findings must be “Approved/Ineligible”
- Waiting period after a major negative credit event:
| 10% Down Nationwide Everywhere Loan Type | BK – Chapter 7 | BK – Chapter 13 Discharged | BK – Chapter 13 Dismissal | Foreclosure* | Short Sale, Deed-In-Lieu, Pre-Foreclosure* | Modified Mortgage* |
|---|---|---|---|---|---|---|
| Standard | 4 years | 2 years | 4 years | 7 years | 4 years | 2 years |
* If a property was included AND surrendered (i.e. property wasn’t retained and the debt wasn’t reaffirmed) in a Chapter 7 Bankruptcy, the borrower may potentially be able to defer to the Chapter 7 waiting period Vs. the Foreclosure waiting period.
Loan Amount and Down Payments
- Loan amount must exceed 2018 high balance conventional loan limits
- Maximum loan amount cannot exceed $726,525
- Minimum down payment based on property type:
- Primary residence:
- 1 Unit – 10% down
- 2 Unit – 10% down
- 2nd Home: 10% down
- Non-owner Occupant not allowed
- Primary residence:
Ratios
- As determined by Desktop Automated Underwriting System. Requires a Desktop Underwriter “Approved/Ineligible”. The only reason allowed for ineligible is the loan amount. No manual underwriting allowed
Property Type
- Eligible property types:
- Owner-occupied only
- 1 to 2 unit properties
- Fannie Mae approved condos
- PUD’s (i.e. Townhomes)
- Ineligible property types:
- Co-ops
- Leasehold properties
- Manufactured home
- Property zone agriculture
Co-signers
- Non-occupant co-signers are not permitted
Gifts/Down Payment
- Owner occupied 1 unit property – entire down payment can come from a gift
- Owner occupied 2 unit and 2nd home – minimum 5% down payment must come from the borrower’s own funds
- 2nd home – if gift is 20% or more, then there is no minimum borrower down payment requirement
- Gift of equity permitted for primary and 2nd home purchase
Seller Closing Cost Assist
- Owner occupied and Second Homes:
- More than 10% down – 6% max seller assist
- More than 25% down – 9% max seller assist
Documentation
- All loans must be fully documented per Agency Guidelines
- For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)
Terms
- Amortization period: 30-year fixed rate
