Many companies limit their conventional loans to 95% LTV - not us. A 97% LTV is just one of the things that make NewRez's conventional loans a better choice.
Guideline Basics:
- Eligible Terms: 10, 15, 20, 25, & 30 yr fixed and 5/1, 7/1, & 10/1 ARM for DU, LP, LPMI - DU, and LPMI - LP loan programs.
Custom Loan Terms between 10 and 30 years are available on our standard fixed rate products.
- Eligible Transactions: Purchase, Rate & Term (Limited Cash-Out) Refinance, Cash-Out Refinance (Delayed financing is permitted subject to agency requirements)
- Eligible Properties and Occupancy:
- Attached/Detached SFRs and PUDs
- Low/Mid/High-Rise Condos and site Condos
- 2-4 Unit Properties
- Modular Homes (these are not considered to be manufactured and are eligible under the guidelines for 1-unit properties)
- Hobby Farms as defined in the full Product Profile
- Derogatory Credit:
- Chapter 7 Bankruptcy: 4 years from the discharge or dismissal date
- Chapter 13 Bankruptcy: 2 years after the discharge date or 4 years from the dismissal date
- Multiple Bankruptcies: 5 years from the most recent discharge or dismissal date
- Foreclosure: A 7-year waiting period is required
- Deed-in-Lieu/Pre-Foreclosure: A 4-year waiting period is required
- Modified Mortgages: For guidance, visit Fannie Mae Selling Guide.
- Short Sale:
- FNMA - A 4 year waiting period is required
- FHLMC - 48 months seasoning is required. If within the last 7 years, restrictions apply.