View
2
Download
0
Category
Preview:
Citation preview
Franklin American Mortgage Company (FAMC) is a lender approved by the Department of Housing & Urban Development (HUD), as well as the Department Of Veterans Affairs (VA), and is an approved seller servicer with Federal Home Loan Mortgage Corporation (Freddie Mac or FHLMC), the Federal National Mortgage Association (Fannie Mae or FNMA), and the Government National Mortgage Association (Ginnie Mae or GNMA).
Equal Housing Lender; Franklin American Mortgage Company Inc. 501 Corporate Centre Drive, Suite 400 Franklin, TN 37067; California: Licensed by the Department of Corporations, under the California Residential Mortgage Lending Act, Georgia: Residential Mortgage Licensee, Illinois: Residential Mortgage Licensee, Kansas: Licensed Mortgage Company, Mississippi: Supervised Mortgage Company, Missouri: Residential Mortgage Licensee, Pennsylvania: Licensed by Department of Banking. For mortgage banking professionals only; not authorized for distribution to consumers.
Prog
ram
Gui
dePr
ogra
m G
uide
Prog
ram
Gui
de
W H O L E S A L E L E N D I N GP R O D U C T M AT R I X
2nd
nd Q
uart
er 2
005
Qua
rter
200
52nd
Qua
rter
200
5
FRANKLIN AMERICAN MORTGAGE COMPANY
CONVENTIONAL CONFORMING LOAN PROGRAMS
F I X E D R A T E P R O D U C T S F I X E D R A T E P R O D U C T SLOAN
PARAMETERSFIXED RATE
(10, 15, 20, 25 & 30-YEAR AMORTIZATION)FANNIE FLEX 100 PROGRAM
(15 & 30-YEAR AMORTIZATION)FREDDIE MAC ALT 100(15 & 30-YEAR AMORTIZATION)
FANNIE FLEX 97(15 & 30-YEAR AMORTIZATION)
FREDDIE ALT 97(15 & 30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
95% LTV(1–2 UNITS)
80% LTV(3–4 UNITS)
95% LTV(1–2 UNITS)
80% LTV(3–4 UNITS)
90% LTV(1–2 UNITS)
75% LTV(3–4 UNITS)
100% LTV(1 UNIT)
100% LTV(1 UNIT) N/A 100% LTV
(1 UNIT) N/A N/A 97% LTV(1 UNIT)
97% LTV(1 UNIT) N/A 97% LTV
(1 UNIT) N/A N/A
NON-OWNEROCCUPIED
90% LTV(1–2 UNITS)
75% LTV(3–4 UNITS)
90% LTV(1–2 UNITS)
75% LTV(3–4 UNITS)
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES
95% LTV(1 UNIT)
95% LTV(1 UNIT)
90% LTV(1 UNIT) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
LOAN LIMITS: $359,650 MAX LOAN AMOUNT (1 UNIT) $460,400 MAX LOAN AMOUNT (2 UNITS) $556,500 MAX LOAN AMOUNT (3 UNITS) $691,600 MAX LOAN AMOUNT (4 UNITS)
$359,650 MAX LOAN AMOUNT $359,650 MAX LOAN AMOUNT $359,650 MAX LOAN AMOUNT $359,650 MAX LOAN AMOUNT
SUBORDINATE1 FINANCING
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
95% CLTV100% HCLTV2
(1–2 UNITS)
80% CLTV85% HCLTV
(3–4 UNITS)
95% CLTV100% HCLTV2
(1–2 UNITS)
80% CLTV85% HCLTV
(3–4 UNITS)
90% CLTV95% HCLTV
(1–2 UNITS)
75% CLTV80% HCLTV
(3–4 UNITS)
100% CLTV100% HCLTV3
(1 UNIT)
100% CLTV100% HCLTV3
(1 UNIT)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
NON-OWNEROCCUPIED
90% CLTV95% HCLTV2
(1–2 UNITS)
75% CLTV80% HCLTV
(3–4 UNITS)
90% CLTV95% HCLTV2
(1–2 UNITS)
75% CLTV80% HCLTV
(3–4 UNITS)
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES
95% CLTV100% HCLTV2
(1 UNIT)
95% CLTV100% HCLTV2
(1 UNIT)
90% CLTV95% HCLTV
(1 UNIT)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
MORTGAGE INSURANCE
> 20-YEAR TERM
LTV ANNUAL COVERAGE90.01 – 95.00 30%85.01 – 90.00 25%80.01 – 85.00 12%
≤ 20-YEAR TERM
LTV ANNUAL COVERAGE90.01 – 95.00 25%85.01 – 90.00 12%80.01 – 85.00 6%
ANNUAL % COVERAGE – 35%REGARDLESS OF FINDINGS
ANNUAL % COVERAGE – 35%REGARDLESS OF FINDINGS
ANNUAL % COVERAGE – 35%REGARDLESS OF FINDINGS
ANNUAL % COVERAGE – 35%REGARDLESS OF FINDINGSACCEPTABLE MONTHLY
PREMIUM PLANS
QUALIFYINGRATIOS
AS DETERMINED BY DO/LP AS DETERMINED BY DO AS DETERMINED BY LP AS DETERMINED BY DO AS DETERMINED BY LP
CREDIT SCORES AS DETERMINED BY DO/LP AS DETERMINED BY DO AS DETERMINED BY LP AS DETERMINED BY DO AS DETERMINED BY LP
AUTOMATEDUNDERWRITING
DO/LP DO ONLY LP ONLY DO ONLY LP ONLY
RESERVES 1 UNIT 2–4 UNITS
AS DETERMINEDBY DO/LP 6-MONTHS PITI
6-MONTHS PITI 6-MONTHS PITI
AS DETERMINEDBY DO/LP N/A
AS DETERMINED BY DO AS DETERMINED BY LP AS DETERMINED BY DO AS DETERMINED BY LP
OWNEROCCUPIED
NON-OWNEROCCUPIED
2ND/VACATIONHOMES
APPRAISALS AS DETERMINED BY DO/LP AS DETERMINED BY DO AS DETERMINED BY LP AS DETERMINED BY DO AS DETERMINED BY LPTEMPORARYBUYDOWNS
ELIGIBLE N/A N/A N/A N/A
11 HCLTV IS HELOC CLTV. IF THE SECONDARY FINANCING IS A HELOC, THE LOAN AMOUNT PLUS THE DRAW AMOUNT CANNOT EXCEED THE CLTV AND THE LOAN AMOUNT PLUS THE TOTAL LINE AMOUNT CANNOT EXCEED THE HCLTV
22 MAXIMUM DRAW AT CLOSING MAY NOT EXCEED 95% OF THE LESSER OF THE SALES PRICE OR APPRAISED VALUE3 FULL AMOUNT OF HELOC MAY BE DRAWN AT CLOSING
FRANKLIN AMERICAN MORTGAGE COMPANY
CONVENTIONAL CONFORMING LOAN PROGRAMS
F I X E D R A T E P R O D U C T S C O N T I N U E DLOAN
PARAMETERSSTATED INCOME FIXED
(15 & 30-YEAR AMORTIZATION)FANNIE MAE EXPANDED APPROVAL (EA I & II)
(15 & 30-YEAR AMORTIZATION)FREDDIE MAC A-MINUS
(10, 15, 20, 25 & 30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
80% LTV(1 UNIT)
80% LTV(1 UNIT) N/A
100% LTV(1 UNIT)
95% LTV(2 UNITS)
100% LTV(1 UNIT)
95% LTV(2 UNITS)
90% LTV(1–2 UNITS)2
95% LTV(1–2 UNITS)
80% LTV(3–4 UNITS)
95% LTV(1–2 UNITS)
80% LTV(3–4 UNITS)
90% LTV(1–2 UNITS)
75% LTV(3–4 UNITS)
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A 95% LTV
(1 UNIT)95% LTV
(1 UNIT)90% LTV
(1 UNIT)95% LTV
(1 UNIT)95% LTV
(1 UNIT)90% LTV
(1 UNIT)
LOAN LIMITS: $359,650 MAX LOAN AMOUNT (1 UNIT) $359,650 MAX LOAN AMOUNT (1 UNIT)$460,400 MAX LOAN AMOUNT (2 UNITS)
$359,650 MAX LOAN AMOUNT (1 UNIT) $460,400 MAX LOAN AMOUNT (2 UNITS) $556,500 MAX LOAN AMOUNT (3 UNITS) $691,600 MAX LOAN AMOUNT (4 UNITS)
SUBORDINATE1 FINANCING
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
85% CLTV85% HCLTV
(1 UNIT)
85% CLTV85% HCLTV
(1 UNIT)N/A
100% CLTV2
100% HCLTV(1 UNIT)
95% CLTV95% HCLTV
(2 UNITS)
100% CLTV2
100% HCLTV(1 UNIT)
95% CLTV95% HCLTV
(2 UNITS)
90% CLTV2
90% HCLTV(1–2 UNITS)
95% CLTV3
100% HCLTV(1–2 UNITS)
80% CLTV85% HCLTV
(3–4 UNITS)
95% CLTV3
100% HCLTV(1–2 UNITS)
80% CLTV85% HCLTV
(3–4 UNITS)
90% CLTV95% HCLTV
(1–2 UNITS)
75% CLTV80% HCLTV
(3–4 UNITS)
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A
95% CLTV95% HCLTV
(1 UNIT)
95% CLTV95% HCLTV
(1 UNIT)
90% CLTV90% HCLTV
(1 UNIT)
95% CLTV3
100% HCLTV(1 UNIT)
95% CLTV3
100% HCLTV(1 UNIT)
90% CLTV95% HCLTV
(1 UNIT)
MORTGAGE INSURANCE
N/A
30-YEAR TERMLTV ANNUAL COVERAGE
95.01 – 100.00 35%90.01 – 95.00 30%85.01 – 90.00 25%80.01 – 85.00 12%
15-YEAR TERMLTV ANNUAL COVERAGE
95.01 – 100.00 35%90.01 – 95.00 25%85.01 – 90.00 12%80.01 – 85.00 6%
> 20-YEAR TERMLTV ANNUAL COVERAGE
90.01 – 95.00 30%
85.01 – 90.00 25%
80.01 – 85.00 12%≤ 20-YEAR TERM
LTV ANNUAL COVERAGE90.01 – 95.00 25%
85.01 – 90.00 12%
80.01 – 85.00 6%
ACCEPTABLE MONTHLYPREMIUM PLANS
QUALIFYINGRATIOS
36% / 40% RATIOS THAT PROVIDE AN EA LEVEL I OR LEVEL II APPROVAL RATING FROM DO AS DETERMINED BY LP
CREDIT SCORES MINIMUM 715 AS DETERMINED BY DO AS DETERMINED BY LP
AUTOMATEDUNDERWRITING
MANUAL UNDERWRITING ONLY DO ONLY LP ONLY
RESERVES 6 MONTHS PITI AS DETERMINED BY DO AS DETERMINED BY LP
APPRAISALS 2055 INTERIOR/EXTERIOR AS DETERMINED BY DO AS DETERMINED BY LP
TEMPORARYBUYDOWNS
N/A ELIGIBLE ELIGIBLE
CONVENTIONAL CONFORMING LOAN PROGRAMS
A F F O R D A B L E H O U S I N G P R O D U C T SLOAN
PARAMETERS
COMMUNITY HOMEBUYERS 95% &3/2 95% PROGRAM4
(30-YEAR AMORTIZATION)
COMMUNITY HOMEBUYERS FANNIE 97%4
(30-YEAR AMORTIZATION)FREDDIE AFFORDABLE GOLD 97
(30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
95% LTV(1 UNIT) N/A N/A 97% LTV
(1 UNIT) N/A N/A 97% LTV(1 UNIT) N/A N/A
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A N/A N/A N/A N/A N/A N/A
LOAN LIMITS: $359,650 MAX LOAN AMOUNT $359,650 MAX LOAN AMOUNT $359,650 MAX LOAN AMOUNT
SUBORDINATE1
FINANCINGPURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT
OWNER OCCUPIED N/A N/A N/A N/A N/A N/A N/A N/A N/A
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A N/A N/A N/A N/A N/A N/A
MORTGAGE INSURANCE
> 20-YEAR TERMLTV ANNUAL COVERAGE
90.01 – 95.00 30%85.01 – 90.00 25%80.01 – 85.00 12%
≤ 20-YEAR TERMLTV ANNUAL COVERAGE
90.01 – 95.00 25%85.01 – 90.00 12%80.01 – 85.00 6%
ANNUAL % CHB COVERAGE – 35%REGARDLESS OF FINDINGS
ANNUAL % CHB COVERAGE – 35%REGARDLESS OF FINDINGS
ACCEPTABLE MONTHLYPREMIUM PLANS
QUALIFYINGRATIOS
AS DETERMINED BY DO AS DETERMINED BY DO AS DETERMINED BY LP
CREDIT SCORES AS DETERMINED BY DO AS DETERMINED BY DO AS DETERMINED BY LP
AUTOMATEDUNDERWRITING
DO ONLY DO ONLY LP ONLY
RESERVES AS DETERMINED BY DO AS DETERMINED BY DO AS DETERMINED BY LP
APPRAISALS AS DETERMINED BY DO AS DETERMINED BY DO AS DETERMINED BY LP
TEMPORARYBUYDOWNS
N/A N/A N/A
1 HCLTV IS HELOC CLTV. IF THE SECONDARY FINANCING IS A HELOC, THE LOAN AMOUNT PLUS THE DRAW AMOUNT CANNOT EXCEED THE CLTV AND THE LOAN AMOUNT PLUS THE TOTAL LINE AMOUNT CANNOT EXCEED THE HCLTV
2 CASH OUT REFINANCE NOT ALLOWED ON TWO UNITS WITH A EAII3 MAXIMUM DRAW AT CLOSING MAY NOT EXCEED 95% OF THE LESSER OF THE SALES PRICE OR APPRAISED VALUE
4 SEE THE PRODUCT DESCRIPTIONS ON OUR WEB SITE FOR EDUCATION, INCOME REQUIREMENTS HIGH-RISE (MORE THAN ONE STORY TALL) CONDOS AND OTHER ADDITIONAL INFO3 4
FRANKLIN AMERICAN MORTGAGE COMPANY
CONVENTIONAL CONFORMING LOAN PROGRAMS
A R M P R O D U C T SLOAN
PARAMETERS1-MONTH LIBOR / 6-MONTH LIBOR ARM
(30-YEAR AMORTIZATION)INTERMEDIATE 3/1, 5/1, 7/1 ARM
(30-YEAR AMORTIZATION)INTEREST ONLY INTERMEDIATE 3/1, 5/1, 7/1 ARM
(30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
95% LTV(1-4 UNITS)
95% LTV(1-4 UNITS)
75% LTV(1-4 UNITS)
95% LTV(1–2 UNITS)
80% LTV(3–4 UNITS)
95% LTV(1–2 UNITS)
80% LTV(3–4 UNITS)
90% LTV(1–2 UNITS)
70% LTV(3–4 UNITS)
90% LTV(1 UNIT)
90% LTV(1 UNIT)
70% LTV(1 UNIT)
NON-OWNEROCCUPIED N/A N/A N/A 90% LTV
(1 UNIT)90% LTV
(1 UNIT)85% LTV
(1 UNIT) N/A N/A N/A
2ND/VACATIONHOMES
80% LTV(1 UNIT)
80% LTV(1 UNIT)
90% LTV(1 UNIT)
95% LTV(1 UNIT)
95% LTV(1 UNIT)
90% LTV(1 UNIT) N/A N/A N/A
LOAN LIMITS: $359,650 MAX LOAN AMOUNT(1-4 UNITS)
$359,650 MAX LOAN AMOUNT (1 UNIT) $460,400 MAX LOAN AMOUNT (2 UNITS) $556,500 MAX LOAN AMOUNT (3 UNITS) $691,600 MAX LOAN AMOUNT (4 UNITS)
$359,650 MAX LOAN AMOUNT
SUBORDINATE1
FINANCINGPURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT
OWNER OCCUPIED
95% CLTV95% HCLTV
(1-4 UNITS)
95% CLTV95% HCLTV
(1-4 UNITS)
75% CLTV75% HCLTV
(1-4 UNITS)
100% CLTV100% HCLTV2
(1 UNIT)
95% CLTV100% HCLTV3
(2 UNITS)
80% CLTV85% HCLTV
(3–4 UNITS)
100% CLTV100% HCLTV2
(1 UNIT)
95% CLTV100% HCLTV3
(2 UNITS)
80% CLTV85% HCLTV
(3–4 UNITS)
90% CLTV95% HCLTV
(1–2 UNITS)
70% CLTV75% HCLTV
(3–4 UNITS)
90% CLTV90% HCLTV
(1 UNIT)
90% CLTV90% HCLTV
(1 UNIT)N/A
NON-OWNEROCCUPIED N/A N/A N/A
90% CLTV95% HCLTV
(1 UNIT)
90% CLTV95% HCLTV
(1 UNIT)
85% CLTV90% HCLTV
(1 UNIT)N/A N/A N/A
2ND/VACATIONHOMES
90% CLTV90% HCLTV
(1 UNIT)
90% CLTV90% HCLTV
(1 UNIT)
90% CLTV90% HCLTV
(1 UNIT)
95% CLTV 100% HCLTV3
(1 UNIT)
95% CLTV 100% HCLTV3
(1 UNIT)
90% CLTV95% HCLTV
(1 UNIT)N/A N/A N/A
MORTGAGE INSURANCE
LTV ANNUAL COVERAGE
90.01 – 95.00 30%
85.01 – 90.00 25%
80.01 – 85.00 12%
LTV ANNUAL COVERAGE
90.01 – 95.00 30%
85.01 – 90.00 25%
80.01 – 85.00 12%
LTV ANNUAL COVERAGE
85.01 – 90.00 25%
80.01 – 85.00 12%ACCEPTABLE MONTHLY
PREMIUM PLANS
QUALIFYINGRATIOS
MAXIMUM 45% AS DETERMINED BY DO/LP AS DETERMINED BY DO/LP
CREDIT SCORES MINIMUM 6804 AS DETERMINED BY DO/LP AS DETERMINED BY DO/LP
AUTOMATEDUNDERWRITING
MANUAL UNDERWRITING ONLY DO/LP ONLY DO/LP ONLY
RESERVES ALL UNITS
2-MONTHS PITI
N/A
2-MONTHS PITI
1 UNIT 2–4 UNITS
AS DETERMINEDBY DO/LP 6-MONTHS PITI
6-MONTHS PITI 6-MONTHS PITI
AS DETERMINEDBY DO/LP
AS DETERMINEDBY DO/LP
AS DETERMINED BY DO/LP
OWNEROCCUPIED
NON-OWNEROCCUPIED
2ND/VACATIONHOMES
APPRAISALS 2055 INTERIOR/EXTERIOR AS DETERMINED BY DO/LP AS DETERMINED BY DO/LP
TEMPORARYBUYDOWNS
N/A ELIGIBLE N/A
SUBORDINATE FINANCING
H E L O C
CLTV/HCLTV MAXIMUM 100% DEPENDING ON CREDIT SCORE ANDQUALIFYING RATIOS
QUALIFYING RATIOS MAXIMUM 45% – 50% DEPENDING ON LTV & CREDIT SCORE
CREDIT SCORES MINIMUM 620
UNDERWRITING MANUAL UNDERWRITE ONLY
RESERVES 1ST LIEN REQUIREMENTS MUST BE MET
ELIGIBLE 1ST
LIENS
CONVENTIONAL CONFORMING FIXED RATE & ARMS RECEIVING AN APPROVE ELIGIBLE/ACCEPT THROUGH DO/LP; JUMBO FIXED RATE
AND JUMBO ARM WITH OR WITHOUT INTEREST ONLY OPTION
APPRAISALS CONFORMING 1ST LIEN – MINIMUM 2055 INT/EXTJUMBO 1ST LIEN – FULL APPRAISAL
TEMPORARYBUYDOWNS MAY BE ELIGIBLE ON 1ST LIEN IF PROGRAM PERMITS
INTRODUCTORY RATE PRIME MINUS 1% FOR THE FIRST 3 MONTHS
C L O S E D E N D S E C O N D
CLTV MAXIMUM 100% DEPENDING ON CREDIT SCORE ANDQUALIFYING RATIOS
QUALIFYING RATIOS
MAXIMUM 45% TO 50% DEPENDING ON LTV AND CREDIT SCORE
CREDIT SCORES MINIMUM 620
UNDERWRITING MANUAL UNDERWRITE ONLY
RESERVES 1ST LIEN REQUIREMENTS MUST BE MET
ELIGIBLE 1ST
LIENS
CONVENTIONAL CONFORMING FIXED RATE & ARMS RECEIVING AN APPROVE ELIGIBLE/ACCEPT THROUGH DO/LP; JUMBO FIXED RATE
AND JUMBO ARM WITH OR WITHOUT INTEREST ONLY OPTION
APPRAISALS CONFORMING 1ST LIEN – MINIMUM 2055 INT/EXTJUMBO 1ST LIEN – FULL APPRAISAL
TEMPORARY BUYDOWNS MAY BE ELIGIBLE ON 1ST LIEN IF PROGRAM PERMITS
1 HCLTV IS HELOC CLTV. IF THE SECONDARY FINANCING IS A HELOC, THE LOAN AMOUNT PLUS THE DRAW AMOUNT CANNOT EXCEED THE CLTV AND THE LOAN AMOUNT PLUS THE TOTAL LINE AMOUNT CANNOT EXCEED THE HCLTV
2 EA II NOT ALLOWED ON CASH OUT REFINANCE OR CLTV/HCLTV > 95%3 MAXIMUM DRAW AT CLOSING MAY NOT EXCEED 95% OF THE LINE AMOUNT
4 CERTAIN LTV/CLTV/HCLTVS REQUIRE HIGHER CREDIT SCORES – SEE OUR WEB SITE FOR PRODUCT DESCRIPTIONS5 6
FRANKLIN AMERICAN MORTGAGE COMPANY
1 HCLTV IS HELOC CLTV. IF THE SECONDARY FINANCING IS A HELOC, THE LOAN AMOUNT PLUS THE DRAW AMOUNT CANNOT EXCEED THE CLTV AND THE LOAN AMOUNT PLUS THE TOTAL LINE AMOUNT CANNOT EXCEED THE HCLTV
2 REDUCE LTV/CLTV/HCLTV BY 5% FOR 2 UNITS3 FULL AMOUNT OF HELOC MAY BE DRAWN AT CLOSING
4 MAXIMUM DRAW AT CLOSING MAY NOT EXCEED 95% OF THE LESSER OF THE SALES PRICE OR APPRAISED VALUE5 HIGHER LOAN AMOUNTS AVAILABLE. CONTACT YOUR FAMC ACCOUNT EXECUTIVE FOR ADDITIONAL INFORMATION6 CERTAIN LTV/CLTV/HCLTVS REQUIRE HIGHER CREDIT SCORES – SEE OUR WEB SITE FOR PRODUCT DESCRIPTIONS
7 8
NON-CONFORMING LOAN PROGRAMS
F I X E D R A T E P R O D U C T S
LOAN PARAMETERS
JUMBO FIXED RATE (15 & 30-YEAR AMORTIZATION)
STATED INCOME FIXED(15 & 30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT
OWNER OCCUPIED
95% LTV TO $400K90% LTV TO $500K85% LTV TO $650K
(1–2 UNITS)
95% LTV TO $400K90% LTV TO $500K85% LTV TO $650K
(1–2 UNITS)
80% LTV TO $400K2
75% LTV TO $650K(1–2 UNITS)
80% LTV TO $400K75% LTV TO $650K
(1 UNIT)
80% LTV TO $400K75% LTV TO $650K
(1 UNIT) N/A
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES
90% LTV TO $400K80% LTV TO $500K80% LTV TO $650K
(1 UNIT)
90% LTV TO $400K80% LTV TO $500K80% LTV TO $650K
(1 UNIT)
70% LTV TO $500K(1 UNIT) N/A N/A N/A
LOAN LIMITS: $650K MAX LOAN AMOUNT $650K MAX LOAN AMOUNT
SUBORDINATE1
FINANCING PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT
OWNER OCCUPIED
95% CLTV TO $650K2
95% HCLTV TO $650K2
(1–2 UNITS)
95% CLTV TO $650K2
95% HCLTV TO $650K2
(1–2 UNITS)
80% CLTV TO $400K2
80% HCLTV TO $400K2
(1–2 UNITS)
85% CLTV TO $400K85% HCLTV TO $400K
(1–2 UNITS)
85% CLTV TO $400K85% HCLTV TO $400K
(1–2 UNITS)N/A
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES
90% CLTV TO $650K90% HCLTV TO $650K
(1 UNIT)
90% CLTV TO $650K90% HCLTV TO $650K
(1 UNIT)
70% CLTV TO $500K70% HCLTV TO $500K
(1 UNIT)N/A N/A N/A
MORTGAGE INSURANCE
30-YEAR TERMLTV ANNUAL COVERAGE
90.01 – 95.00 30%85.01 – 90.00 25%80.01 – 85.00 12%
15-YEAR TERMLTV ANNUAL COVERAGE
90.01 – 95.00 25%85.01 – 90.00 12%80.01 – 85.00 6%
N/AACCEPTABLE MONTHLY
PREMIUM PLANS
QUALIFYINGRATIOS MAXIMUM 38 TO 45% DEPENDING ON LTV & CREDIT SCORE MAXIMUM 36% / 40%
CREDIT SCORES MINIMUM 6206 MINIMUM 715
AUTOMATEDUNDERWRITING
MANUAL ONLYDO/LP FOR DOCUMENTATION LEVEL ONLY; SEE PRODUCT DESCRIPTION MANUAL ONLY
RESERVES 2 MONTHS PITI 6 MONTHS PITI
APPRAISALS 1004 UP TO $650K 1004 UP TO $650K
TEMPORARYBUYDOWNS ELIGIBLE N/A
NON-CONFORMING LOAN PROGRAMS
A R M P R O D U C T S
LOAN PARAMETERS
1-MONTH LIBOR6-MONTH LIBOR ARM
(30-YEAR AMORTIZATION)
INTERMEDIATE ARM 3/1, 5/1, 7/1 ARM(30-YEAR AMORTIZATION)
INTEREST ONLY INTERMEDIATE3/1, 5/1, 7/1 ARM
(30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
95% LTV TO $400K90% LTV TO $650K
(1-4 UNITS)
95% LTV TO $400K90% LTV TO $650K
(1-4 UNITS)
75% LTV TO $400K70% LTV TO $650K
(1-4 UNITS)
95% LTV TO $400K2
90% LTV TO $500K80% LTV TO $650K
(1–2 UNITS)
95% LTV TO $400K2
90% LTV TO $500K80% LTV TO $650K
(1–2 UNITS)
80% LTV TO $400K2
70% LTV TO $500K65% LTV TO $650K
(1–2 UNITS)
95% LTV TO $400K2
90% LTV TO $500K80% LTV TO $650K
(1–2 UNITS)
95% LTV TO $400K2
90% LTV TO $500K80% LTV TO $650K
(1–2 UNITS)
80% LTV TO $400K70% LTV TO $500K65% LTV TO $650K
(1–2 UNITS)
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES
80% LTV TO $525K75% LTV TO $650K
(1 UNIT)
80% LTV TO $525K75% LTV TO $650K
(1 UNIT)
90% LTV TO $425K85% LTV TO $650K
(1 UNIT)
85% LTV TO $400K80% LTV TO $500K70% LTV TO $650K
(1 UNIT)
85% LTV TO $400K80% LTV TO $500K70% LTV TO $650K
(1 UNIT)
70% LTV TO $400K65% LTV TO $500K
(1 UNIT)
85% LTV TO $400K80% LTV TO $500K70% LTV TO $650K
(1 UNIT)
85% LTV TO $400K80% LTV TO $500K70% LTV TO $650K
(1 UNIT)
70% LTV TO $400K65% LTV TO $650K
(1 UNIT)
LOAN LIMITS: $650K MAX LOAN AMOUNT 5 $650K MAX LOAN AMOUNT 5 $650K MAX LOAN AMOUNT 5
SUBORDINATE1
FINANCING PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUT PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
OWNER OCCUPIED
95% CLTV 95% HCLTV TO $400K(1-4 UNITS)
95% CLTV 95% HCLTV TO $400K(1-4 UNITS)
75% CLTV 75% HCLTV TO $650K(1-4 UNITS)
100% CLTV100% HCLTV3
TO $500K(1 UNIT)
95% CLTV95% HCLTV4
TO $500K(2 UNITS)
100% CLTV100% HCLTV3
TO $500K(1 UNIT)
95% CLTV95% HCLTV4
TO $500K(2 UNITS)
80% CLTV80% HCLTVTO $400K(1–2 UNITS)
100% CLTV100% HCLTV3
TO $500K(1 UNIT)
95% CLTV95% HCLTV4
TO $500K(2 UNITS)
100% CLTV100% HCLTV3
TO $500K(1 UNIT)
95% CLTV95% HCLTV4
TO $500K(2 UNITS)
80% CLTV80% HCLTV TO $400K(1–2 UNITS)
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A N/A N/A N/A N/A
2ND/VACATIONHOMES
90% CLTV 90% HCLTV TO $650K(1–2 UNITS)
90% CLTV 90% HCLTV TO $650K(1–2 UNITS)
90% CLTV 90% HCLTV TO $650K(1–2 UNITS)
85% CLTV85% HCLTVTO $400K
(1 UNIT)
85% CLTV85% HCLTVTO $400K
(1 UNIT)
70% CLTV70% HCLTVTO $400K
(1 UNIT)
85% CLTV85% HCLTVTO $400K(1–2 UNITS)
85% CLTV85% HCLTVTO $400K(1–2 UNITS)
70% CLTV70% HCLTV TO $400K(1–2 UNITS)
MORTGAGE INSURANCE
LTV ANNUAL COVERAGE
90.01 – 95.00 30%
85.01 – 90.00 25%
80.01 – 85.00 12%
LTV ANNUAL COVERAGE
90.01 – 95.00 30%
85.01 – 90.00 25%
80.01 – 85.00 12%
LTV ANNUAL COVERAGE
90.01 – 95.00 30%
85.01 – 90.00 25%
80.01 – 85.00 12%
ACCEPTABLE MONTHLYPREMIUM PLANS
QUALIFYINGRATIOS MAXIMUM 45% MAXIMUM 33% / 38% MAXIMUM 33% / 38%
CREDIT SCORES MINIMUM 6806 MINIMUM 6206 MINIMUM 6806
AUTOMATEDUNDERWRITING MANUAL ONLY MANUAL ONLY MANUAL ONLY
RESERVES ALL UNITS
2-MONTHS PITI
N/A
2-MONTHS PITI
1 UNIT 2–4 UNITS
2-MONTHS PITI 6-MONTHS PITI
N/A N/A
6-MONTHS PITI N/A
1 UNIT 2–4 UNITS
2-MONTHS PITI 6-MONTHS PITI
N/A N/A
6-MONTHS PITI N/A
OWNEROCCUPIED
NON-OWNEROCCUPIED
2ND/VACATIONHOMES
APPRAISALS 1004 UP TO $650K 1004 UP TO $650K 1004 UP TO $650K
TEMPORARYBUYDOWNS N/A ELIGIBLE N/A
FRANKLIN AMERICAN MORTGAGE COMPANY
GOVERNMENT LOAN PROGRAMS
F H A F I X E D R A T E P R O D U C T SLOAN
PARAMETERS FHA FIXED (15, 20, 25 & 30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCE1
NO CASH OUTREFINANCE2
CASH OUTSTREAMLINE REFINANCE3
W/O APPRAISALNO CASH OUT
STREAMLINE REFINANCE4
W/ APPRAISALNO CASH OUT
OWNER OCCUPIED
LTV CALCULATIONHIGH CLOSING
COST STATES98.75% + UFMIP
(AV/SP ≤ $50K)
97.75% + UFMIP(AV/SP > $50K)
LOW CLOSINGCOST STATES
98.75% + UFMIP(AV/SP ≤ $50K)
97.65% + UFMIP(AV/SP > $50K ≤ $125K)
97.15% + UFMIP(AV/SP > $125K)
LESSER OF: LTV CALCULATION
(Same as purchase calculation)
OR EXISTING LIENS (including any purchase money 2nd mortgage & any junior liens > 12 months) + ACC + PREPAIDS + DISCOUNT PTS. – MIP REFUND (if any) + UFMIP (SEE REFI WORKSHEET2
FOR ADDITIONAL CALCULATIONS IF OWNED < ONE YEAR)
OWNED ≥ ONE YEARAVx
85%+
UFMIPOWNED < ONE YEAR
SPx
85%+
UFMIP
LESSER OF: ORIGINAL PRINCIPAL BALANCE FROM REFI AUTHORIZATION + NEW UFMIP
OR EXISTING 1ST LIEN + ACC + PREPAIDS + DISCOUNT PTS. – MIP REFUND (if any) + UFMIP
LESSER OF:HIGH CLOSING
COST STATES98.75% + UFMIP
(AV/SP ≤ $50K)
97.75% + UFMIP(AV/SP > $50K)
LOW CLOSINGCOST STATES
98.75% + UFMIP(AV/SP ≤ $50K)
97.65% + UFMIP(AV/SP > $50K ≤ $125K)
97.15% + UFMIP(AV/SP > $125K)
OR EXISTING 1ST LIEN + ACC + PREPAIDS + DISCOUNT PTS – MIP REFUND (if any) + UFMIP
NON-OWNEROCCUPIED N/A N/A N/A
OUTSTANDING PRINCIPAL BALANCE – MIP REFUND (IF ANY) + UFMIP
N/A
2ND/VACATION HOMES N/A N/A N/A N/A N/ALOAN LIMITS: PLEASE CHECK THE FHA WEB SITE FOR LOAN LIMITS: https://entp.hud.gov/idapp/html/hicostlook.cfm (UFMIP MAY BE ADDED)
SUBORDINATEFINANCING
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
STREAMLINE REFINANCE W/O APPRAISAL
NO CASH OUT
STREAMLINE REFINANCE W/O APPRAISAL
NO CASH OUTOWNER
OCCUPIED PLEASE REFER TO HUD HANDBOOK 4155.1 (REV. 5)NON-OWNER
OCCUPIED N/A N/A N/A N/A N/A
2ND/VACATION HOMES N/A N/A N/A N/A N/A
MORTGAGE INSURANCE
LOAN TERM > 15 YEARSUFMIP LTV MONTHLY MIP YEARS
1.500% > 95% .500% *1.500% 90.00% – 95.00% .500% *1.500% ≤ 89.99% .500% *
LOAN TERM ≤ 15 YEARSUFMIP LTV MONTHLY MIP YEARS
1.500% > 95% .250% *1.500% 90.00% – 95.00% .250% *1.500% ≤ 89.99% N/A N/A
QUALIFYINGRATIOS
29/41 OR AS DETERMINED BY UNDERWRITER
CREDIT SCORES AS DETERMINED BY UNDERWRITER
AUTOMATEDUNDERWRITING
DO/LP DO/LP DO/LP MANUAL ONLY MANUAL ONLY
RESERVES 3 MONTHS PITI(3–4 UNITS ONLY) N/A N/A N/A N/A
APPRAISALS FULL FHA APPRAISAL REQUIRED FULL FHA APPRAISAL REQUIRED FULL FHA APPRAISAL REQUIRED N/A FULL FHA APPRAISAL REQUIRED
TEMPORARYBUYDOWNS
2–1 OR 1–0(20, 25 & 30-YEARPURCHASE ONLY)
N/A N/A N/A N/A
1 REFINANCE WORKSHEET: HTTP://WWW.HUD.GOV/OFFICES/HSG/SFH/CIRC/DEN/WSHEET1.DOC 2 REFINANCE WORKSHEET: HTTP://WWW.HUD.GOV/OFFICES/HSG/SFH/CIRC/DEN/WSHEET2.DOC
GOVERNMENT LOAN PROGRAMS
F H A A R M P R O D U C T SLOAN
PARAMETERS FHA 1-YEAR, 3/1 & 5/1 ARM (30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCE1
NO CASH OUTREFINANCE2
CASH OUTSTREAMLINE REFINANCE3
W/O APPRAISALNO CASH OUT
STREAMLINE REFINANCE4
W/ APPRAISALNO CASH OUT
OWNER OCCUPIED
LTV CALCULATIONHIGH CLOSING
COST STATES98.75% + UFMIP
(AV/SP ≤ $50K)
97.75% + UFMIP(AV/SP > $50K)
LOW CLOSINGCOST STATES
98.75% + UFMIP(AV/SP ≤ $50K)
97.65% + UFMIP(AV/SP > $50K ≤ $125K)
97.15% + UFMIP(AV/SP > $125K)
LESSER OF: LTV CALCULATION
(Same as purchase calculation)
OR EXISTING LIENS (including any purchase money 2nd mortgage & any junior liens > 12 months) + ACC + PREPAIDS + DISCOUNT PTS. – MIP REFUND (if any) + UFMIP (SEE REFI WORKSHEET2
FOR ADDITIONAL CALCULATIONS IF OWNED < ONE YEAR)
OWNED ≥ ONE YEARAVx
85%+
UFMIPOWNED < ONE YEAR
SPx
85%+
UFMIP
LESSER OF: ORIGINAL PRINCIPAL BALANCE FROM REFI AUTHORIZATION + NEW UFMIP
OR EXISTING 1ST LIEN + ACC + PREPAIDS + DISCOUNT PTS. – MIP REFUND (if any) + UFMIP
LESSER OF:HIGH CLOSING
COST STATES98.75% + UFMIP
(AV/SP ≤ $50K)
97.75% + UFMIP(AV/SP > $50K)
LOW CLOSINGCOST STATES
98.75% + UFMIP(AV/SP ≤ $50K)
97.65% + UFMIP(AV/SP > $50K ≤ $125K)
97.15% + UFMIP(AV/SP > $125K)
OR EXISTING 1ST LIEN + ACC + PREPAIDS + DISCOUNT PTS – MIP REFUND (if any) + UFMIP
NON-OWNEROCCUPIED N/A N/A N/A N/A N/A
2ND/VACATION HOMES N/A N/A N/A N/A N/ALOAN LIMITS: PLEASE CHECK THE FHA WEB SITE FOR LOAN LIMITS: https://entp.hud.gov/idapp/html/hicostlook.cfm (UFMIP MAY BE ADDED)
SUBORDINATEFINANCING
PURCHASE REFINANCENO CASH OUT
REFINANCECASH OUT
STREAMLINE REFINANCE W/O APPRAISAL
NO CASH OUT
STREAMLINE REFINANCE W/O APPRAISAL
NO CASH OUTOWNER
OCCUPIED PLEASE REFER TO HUD HANDBOOK 4155.1 (REV. 5)NON-OWNER
OCCUPIED N/A N/A N/A N/A N/A
2ND/VACATION HOMES N/A N/A N/A N/A N/A
MORTGAGE INSURANCE
LOAN TERM > 15 YEARSUFMIP LTV MONTHLY MIP YEARS
1.500% > 95% .500% *1.500% 90.00% – 95.00% .500% *1.500% ≤ 89.99% .500% *
LOAN TERM ≤ 15 YEARSUFMIP LTV MONTHLY MIP YEARS
1.500% > 95% .250% *1.500% 90.00% – 95.00% .250% *1.500% ≤ 89.99% N/A N/A
QUALIFYINGRATIOS
29/41 OR AS DETERMINED BY UNDERWRITER
CREDIT SCORES AS DETERMINED BY UNDERWRITER
AUTOMATEDUNDERWRITING
DO/LP DO/LP DO/LP MANUAL ONLY MANUAL ONLY
RESERVES 3 MONTHS PITI(3–4 UNITS ONLY)
N/A N/A N/A N/A
APPRAISALS FULL FHA APPRAISAL REQUIRED FULL FHA APPRAISAL REQUIRED FULL FHA APPRAISAL REQUIRED N/A FULL FHA APPRAISAL REQUIRED
TEMPORARYBUYDOWNS
N/A
* YEARS WILL BE DETERMINED WHEN THE LOAN BALANCE EQUALS 78%, PROVIDED THE MORTGAGOR HAS PAID THE MORTGAGE INSURANCE PREMIUM FOR AT LEAST FIVE YEARS (SCHEDULED OR ACTUAL, REFER TO MORTGAGEE LETTER 2000-46). CONDO EXCEPTION – MONTHLY MIP REMAINS FOR THE LIFE OF THE LOAN ON CONDOS
3 REFINANCE WORKSHEET: HTTP://WWW.HUD.GOV/OFFICES/HSG/SFH/CIRC/DEN/WSHEET3.DOC 4 REFINANCE WORKSHEET: HTTP://WWW.HUD.GOV/OFFICES/HSG/SFH/CIRC/DEN/WSHEET4.DOC9 10
FRANKLIN AMERICAN MORTGAGE COMPANY
1 VA NO CASH OUT REFIS MAY ONLY REFINANCE (1) CONSTRUCTION LOANS, (2) INSTALLMENT LAND CONTRACTS AND (3) LOANS ASSUMED BY VETERANS AT INTEREST RATES HIGHER THAN THE PROPOSED REFI. ALL OTHER REFIS EXCEPT IRRRLS ARE TREATED AS “CASH OUT” WHETHER OR NOT VETERAN ACTUALLY RECEIVES CASH.
2 REFINANCE WORKSHEET: HTTP://WWW.VBA.VA.GOV/PUBS/FORMS/26-8923FILL.PDF 11 12
GOVERNMENT LOAN PROGRAMS
V A F I X E D R A T E P R O D U C T SLOAN
PARAMETERS VA FIXED (15, 20, 25 & 30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCE1
NO CASH OUTREFINANCE
CASH OUTINTEREST RATE REDUCTION
REFINANCING LOAN (IRRRL)2
NO CASH OUT
OWNER OCCUPIED
100% AV/SP +
FUNDING FEE
LESSER OF: APPRAISED VALUE + FUNDING FEE
OR
OUTSTANDING BALANCE + ACC (Including the funding fee) + DISCOUNT
AVx
90 %+
FUNDING FEE
OUTSTANDING BALANCE + ACC + UP TO 2 DISCOUNT POINTS + PREPAIDS + FUNDING FEE
NON-OWNEROCCUPIED N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A N/A
LOAN LIMITS: $359,650(1 UNIT , INCLUDES FUNDING FEE)
SUBORDINATEFINANCING PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUTINTEREST RATE REDUCTION REFINANCING LOAN (IRRRL)
NO CASH OUT
OWNER OCCUPIED SEE VA LENDER HANDBOOK SEE VA LENDER HANDBOOK SEE VA LENDER HANDBOOK SEE VA LENDER HANDBOOK
NON-OWNEROCCUPIED N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A N/A
MORTGAGE INSURANCE
REGULAR MILITARY VETERAN
DOWN PAYMENT 1ST TIME USE SUBSEQUENT USE
0% 2.15% 3.30%
5% < 10% 1.50% 1.50%
≥ 10% 1.25% 1.25%
RESERVE / GUARD VETERAN
DOWN PAYMENT 1ST TIME USE SUBSEQUENT USE
0% 2.40% 3. 30%
5% < 10% 1.75% 1.75%
≥ 10% 1.25% 1.25%
REGULAR MILITARY VETERAN
1ST TIME USE SUBSEQUENT USE
2.15% 3.30%
RESERVE / GUARD VETERAN
1ST TIME USE SUBSEQUENT USE
2.40% 3. 30%
.500 %
QUALIFYINGRATIOS 41 OR AS DETERMINED BY UNDERWRITER
CREDIT SCORES AS DETERMINED BY UNDERWRITER
AUTOMATEDUNDERWRITING DO/LP DO/LP DO/LP MANUAL ONLY
RESERVES 3-MONTHS PITI(IF USING RENTAL INCOME FROM ANOTHER PROPERTY)
6-MONTHS PITI(2–4 UNITS ONLY) N/A
APPRAISALS FULL VA APPRAISAL REQUIRED FULL VA APPRAISAL REQUIRED FULL VA APPRAISAL REQUIRED N/A
TEMPORARYBUYDOWNS 2 – 1 OR 1 – 0 (NO 15-YEAR TERM)
GOVERNMENT LOAN PROGRAMS
V A A R M P R O D U C T SLOAN
PARAMETERS VA 3/1 & 5/1 ARM (30-YEAR AMORTIZATION)
RESIDENCE(SFR, PUD, CONDO)
PURCHASE REFINANCE1
NO CASH OUTREFINANCE
CASH OUTINTEREST RATE REDUCTION
REFINANCING LOAN (IRRRL)2
NO CASH OUT
OWNER OCCUPIED
100% AV/SP +
FUNDING FEE
LESSER OF: APPRAISED VALUE + FUNDING FEE
OR
OUTSTANDING BALANCE + ACC (Including the funding fee) + DISCOUNT
AVx
90 %+
FUNDING FEE
OUTSTANDING BALANCE + ACC + UP TO 2 DISCOUNT POINTS + PREPAIDS + FUNDING FEE
NON-OWNEROCCUPIED N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A N/A
LOAN LIMITS: $359,650(1 UNIT , INCLUDES FUNDING FEE)
SUBORDINATEFINANCING PURCHASE REFINANCE
NO CASH OUTREFINANCE
CASH OUTINTEREST RATE REDUCTION REFINANCING LOAN (IRRRL)
NO CASH OUT
OWNER OCCUPIED SEE VA LENDER HANDBOOK SEE VA LENDER HANDBOOK SEE VA LENDER HANDBOOK SEE VA LENDER HANDBOOK
NON-OWNEROCCUPIED N/A N/A N/A N/A
2ND/VACATIONHOMES N/A N/A N/A N/A
MORTGAGE INSURANCE
REGULAR MILITARY VETERAN
DOWN PAYMENT 1ST TIME USE SUBSEQUENT USE
0% 2.15% 3.30%
5% < 10% 1.50% 1.50%
≥ 10% 1.25% 1.25%
RESERVE / GUARD VETERAN
DOWN PAYMENT 1ST TIME USE SUBSEQUENT USE
0% 2.40% 3. 30%
5% < 10% 1.75% 1.75%
≥ 10% 1.25% 1.25%
REGULAR MILITARY VETERAN
1ST TIME USE SUBSEQUENT USE
2.15% 3.30%
RESERVE / GUARD VETERAN
1ST TIME USE SUBSEQUENT USE
2.40% 3. 30%
.500 %
QUALIFYINGRATIOS 41 OR AS DETERMINED BY UNDERWRITER
CREDIT SCORES AS DETERMINED BY UNDERWRITER
AUTOMATEDUNDERWRITING DO/LP DO/LP DO/LP MANUAL ONLY
RESERVES 3-MONTHS PITI(IF USING RENTAL INCOME FROM ANOTHER PROPERTY)
6-MONTHS PITI(2–4 UNITS ONLY) N/A
APPRAISALS FULL VA APPRAISAL REQUIRED FULL VA APPRAISAL REQUIRED FULL VA APPRAISAL REQUIRED N/A
TEMPORARYBUYDOWNS N/A
BUSINESS CARDS GO HERE
Irving, TXFranklin, TN
About Franklin American MortgageFranklin American Mortgage Company (FAMC), headquartered in Franklin, Tennessee, was founded in 1993. We are a full-service, privately-held mortgage banking firm, licensed to provide residential mortgages throughout the United States. We provide a host of diverse, flexible mortgage packages for customers with a variety of backgrounds and needs. FAMC is committed to helping families and individuals achieve the dream of home ownership.
FAMC offers borrowers, brokers and lenders the strength and security of a forward-thinking national mortgage company. Dedicated to remaining an industry trendsetter, FAMC truly values its relationship with each customer and mortgage professional. We also make great efforts maintaining a company tradition of responsiveness and personalized service, characteristic of a much smaller organization. This philosophy has allowed FAMC to become one of the fastest growing mortgage bankers in the nation.
This growth rate has enabled Franklin American to become a six-time recipient of the Inc. 500 Award, subsequently entering the Company into the Inc. 500 Hall of Fame. Our success continues to be driven by personal service with attention to detail, innovative product offerings, technological advancements and customer oriented decision making.
FAMC Wholesale LendingAs a broker, you have many companies to choose from to service your mortgage needs. That’s why we are committed to providing service and support that is unmatched in our industry. We strive to be more than just the normal mortgage company that can offer you the best price for the day. FAMC wants to be your long term mortgage partner that offers you customized services in all aspects of your business. As one of the country’s fastest growing mortgage companies, we feel our wholesale division can offer you a complete line of products and services with 100% customer satisfaction. From our technologically advanced operation systems to our hands on sales approach, more mortgage brokers are finding out that with FAMC, it’s about more than just business - It’s About Relationships!
www.franklinamerican.com With customer service always our focus, we have designed our web site to provide brokers with the technology and services they need to make the lending process as efficient, productive and personal as possible. From easy to use menus to faster response time, our site provides all of the intangibles needed to service our customers at the highest level.
WHOLESALE OPERATION CENTERS
Online Features• Downloadable Forms
• Product Guidelines
• Daily Rate Sheets
• Online Locks & Loan Status
• QSub – Electronic File Submission
• QDocs – Online Closing Doc Preparation
• Loan Pipeline Management
• Automated Underwriting Access
• U/W Dispositions
• Easy To Navigate Tabs & Menus
• Fast Response Time & Support
• FAMC Information & News Bulletins13
PAGE INDEX
CONVENTIONAL CONFORMING FIXED RATE PRODUCTS ______________ 1 – 3 AFFORDABLE HOUSING PRODUCTS ________4 ARM PRODUCTS __________________ 5 – 6SUBORDINATE F INANCING HELOC ____________________________6 CLOSED END SECOND __________________6NON- CONFORMING FIXED RATE PRODUCTS _________________7 ARM PRODUCTS _____________________8GOVERNMENT FHA FIXED RATE PRODUCTS _____________9 FHA ARM PRODUCTS _________________ 10 VA FIXED RATE PRODUCTS _____________ 11 VA ARM PRODUCTS __________________ 12COMPANY INFORMATION ABOUT FAMC ______________________ 13 ONLINE SERVICES ___________________ 13
Recommended