Conforming Fixed PI - FannieMae
Updated: 08/06/2024
Loaning.ai : Conforming Fixed PI - Fannie Mae
(FNC30FP, FNC20FP, FNC15FP, FNC10FP)
| Purchase | ||||
|---|---|---|---|---|
| Fixed | ARM | |||
| Occupancy | Unit | Min. FICO | LTV / CLTV / HCLTV | LTV / CLTV / HCLTV |
| Primary | 1 | 620 | 97% / 97% / 97% ** | N/A |
| 1 | 620 | 95% / 95% / 95% | 95% / 95% / 95% | |
| 2 | 620 | 95% / 95% / 95% | 95% / 95% / 95% | |
| 3-4 | 620 | 95% / 95% / 95% | 95% / 95% / 95% | |
| Second Home | 1 | 620 | 90% / 90% / 90% | 90% / 90% / 90% |
| Investment | 1 | 620 | 85% / 85% / 85% | 85% / 85% / 85% |
| 2-4 | 620 | 75% / 75% / 75% | 75% / 75% / 75% | |
| Rate / Term Refinance | ||||
| Fixed | ARM | |||
| Occupancy | Unit | Min. FICO | LTV / CLTV / HCLTV | LTV / CLTV / HCLTV |
| Primary | 1 | 620 | 97% / 97% / 97% ** | N/A |
| 1 | 620 | 95% / 95% / 95% | 95% / 95% / 95% | |
| 2 | 620 | 95% / 95% / 95% | 95% / 95% / 95% | |
| 3-4 | 620 | 95% / 95% / 95% | 95% / 95% / 95% | |
| Second Home | 1 | 620 | 90% / 90% / 90% | 90% / 90% / 90% |
| Investment | 1 | 620 | 75% / 75% / 75% | 75% / 75% / 75% |
| Cash Out Refinance | ||||
| Fixed | ARM | |||
| Occupancy | Unit | Min. FICO | LTV / CLTV / HCLTV | LTV / CLTV / HCLTV |
| Primary | 1 | 620 | 80% / 80% / 80% | 80% / 80% / 80% |
| 2-4 | 620 | 75% / 75% / 75% | 75% / 75% / 75% | |
| Second Home | 1 | 620 | 75% / 75% / 75% | 75% / 75% / 75% |
| Investment | 1 | 620 | 75% / 75% / 75% | 75% / 75% / 75% |
| 2-4 | 620 | 70% / 70% / 70% | 70% / 70% / 70% | |
**LTV/CLTV/HCLTVs > 95% have the following restrictions:
- At least one borrower must be a first-time borrower; and
- 1-unit primary residence only; and
- A minimum FICO of 680 is required; and
- Maximum DTI is 43%; and
- A borrower(s) whose income is less than 80% of the area’s median income, or applications where the subject property is located in a low-to-moderate income (LMI) census tract
- For a refinance transaction, Loan file must be documented to reflect that the existing loan is owned (or securitized) by Fannie Mae.
**Multiple financed properties: Borrowers of second home or investment properties with multiple financed properties are subject to additional reserves requirements. Borrowers with seven to ten financed properties are subject to a minimum credit score requirement (only permitted in DU). See B3- 4.1-01, Minimum Reserves Requirements.