TERMS AVAILABLE

    LOAN LIMITS

• Conforming $417,000 (One Unit)
• Agency High Cost balances are not eligible

    LTV / CLTV

• 105% LTV - Max
• No Minimum on LTV
• No limit on CLTV
• Existing 2nd lien mortgage cannot be paid off through Refi Plus product
• Existing 2nd lien mortgage must be re-subordinated
• Use current payment on 2nd from credit report to qualify

• Rate and Term Refinance Owner Occupied

Units	Max Loan Amount	Max LTV	Min FICO
( * Min Loan 0)
1	417,000	105 %	620
2	533,850	105 %	620

• Rate and Term Refinance Second Home

Units	Max Loan Amount	Max LTV	Min FICO
( * Min Loan 0)
1	417,000	105 %	620

• Rate and Term Refinance Investment Property

Units	Max Loan Amount	Max LTV	Min FICO
( * Min Loan 0)
1	417,000	105 %	620
2	533,850	105 %	620
3	645,300	105 %	620
4	801,950	105 %	620

    FEES

• NRCCs can be rolled into new loan amount
• Not to exceed 105% LTV   

    CREDIT

• 620 middle Fico
• Borrowers must be current on their mortgage
• No more than 2x60 day lates in last 2 years

• Bankruptcy - 4 years since date of discharge
• Foreclosure / Deed in Lieu - 7 years

    BORROWER / CO-BORROWER

• An Original Borrower can be Removed and Not be Placed on the New Loan
• The remaining borrower must provide evidence of payments being made from own account
• 12-month payment history must be on the existing mortgage
• Borrower(s) being removed from the loan must also be removed from the deed
• If a borrower is being removed as the result of a death, the 12-month payment history and removal of the borrower from the deed is not required, though the remaining borrower must provide evidence of the previous borrower’s death

• Co-Borrowers can be added with no restriction
• Non-Occupied Co-Borrowers are not allowed

    PROPERTY ELIGIBILTY

• No maximum financed property restriction regardless of occupancy
• 1 - 2 Unit SFR, PUD and Condo
• Condotels & Manufactured Homes are not eligible
• Modular Homes are allowed

• Condos
• No warranty required
• No owner occupancy ratio requirement
• No HOA cert
• No verification of pending litigation required

• Insurance Policy Coverage
• HOA must maintain "Blanket" Policy
• Must cover equipment and fixtures inside individual units
• If no "Blanket" Policy, borrower must obtain "Walls-In" or HO-6 Policy
• Coverage amount must be for 20% of the value
• Must cover 100% of replacement costs of project improvements

• Fidelity Bond Insurance
  • Required on all projects with > 20 units
  • Current HOA reserve balance is required to determine coverage adequacy

    OCCUPANCY

• Owner Occupied
• Nonowner Occupied
• 2nd Homes

    QUALIFYING

• DU Only - No Manual Underwrites

• Wage, Salary, Bonus and Overtime
• 1 recent pay stub and verbal verification

• Self Employed and Commissioned
• Most recent 1 year tax return & audited 4506t

• Reserves
• 2 months PITI Typically
• Completely driven by DU

• Qualifying with Subordinated 2nd Lien
• Qualify with current payment from credit report

Mortgage Insurance                                                Back to Top

    CURRENT LOAN DOES NOT HAVE MI 

• CMG can offer financing
• New Refi Plus loan will not require MI regardless of LTV

    CURRENT LOAN DOES HAVE MI 

• CMG will not offer financing through Refi Plus
• The lender must be the current service provider in order to offer financing

    MAY 2ND, 2009

• DU will be updated to identify if property has MI

Appraisal Requirements                                          Back to Top

    DU APPRAISAL WAIVER ELIGIBILITY

• CMG recommends you run DU prior to submitting in order to preview requirements
• Enter the original value from current loan on property into DU
• DU identifies the need for a Full Appraisal or Appraisal Waiver
• An AVM will be run internally to cross check estimated value and validate findings
• Appraisal Waiver (if issued) will cost $75 - CMG to Pay

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