Occupancy - UnitsMaximum Loan

AmountLTV Credit Score Occupancy - Units

Maximum Loan

AmountLTV Credit Score

Maximum

Cash Out

$1,000,000 90%* 720 $2,000,000 70% 700 350K

$1,500,000 90%* 740 $2,000,000 75% 720 350K

$2,000,000 80% 680 $2,000,000 60% 700 500K

Primary 1 Unit $2,500,000 70% 720

$3,000,000 60% 720

$3,000,000 70% 740

$2,000,000 80% 680 $1,000,000 70% 720 350K

$3,000,000 55% 720 $1,500,000 65% 720 350K

Primary 2 - 4 Unit $2,000,000 75% 700 $2,000,000 50% 720 500K

$1,500,000 75% 760

$1,000,000 65% 720

Occupancy - UnitsMaximum Loan

AmountLTV Credit Score Occupancy - Units

Maximum Loan

AmountLTV Credit Score

Maximum

Cash Out

$1,000,000 75% 700

$2,000,000 70% 720

$3,000,000 65% 740

Underwriting

Mortgage Insurance

Minimum Loan Amount

DTI

Reserves

Minimum Credit Requirements

Eligible Property Type

Declining Property Values

Condominium Restrictions

State Restrictions

Appraisal Restrictions

Rate & Term Refinance

Cash-Out Refinance

New Subordinate Financing

Cash-out >350K 24 months PITI reserves.

> $1,000,000 to <= $1,500,000 24 months PITI reserves.

Non traditional credit not acceptable. All borrowers must have a minimum of 2 credit scores. Each borrower must

have a minimum of 3 open trade lines active for the past 24 months. For borrowers with mortgage or rental history

borrower must have 0X30 lates in the past 24 months.

Permitted on purchase transactions only up to maximum LTV, CLTV, HLTV as per matrix.

Not allowed over 80%. Cash out must be the lower of 2,000 or 1% of the new loan amount.

If LTV/CLTV > 80%

> $2,000,000 to <= $3,000,000 24 months PITI reserves.

Fannie Mae or Freddie Mac warrantable condominiums. Maximum loan amount 2mm. Minimum 400 sq ft. Maximum

LTV 85%. LTV > 80% to 85% requires minimum FICO of 740.

<= $1,000,000 18 months PITI reserves.

Single family, PUD, Condo (Agency eligible)and Co-op (NY five boroughs and Nassau, Suffolk, Rockland and

Westchester counties), and 2-4 units.

> $1,000,000 to <= $2,000,000 12 months PITI reserves.

Non-owner occupied = 12 months PITI reserves.

Reduce maximum LTV by 5%, max 80% LTV for any property located in an area of declining property values as reported

by appraiser.

Guam, Puerto Rico and US Virgin Islands, not allowed. Hawaii (lava zones 3 thru 9 only). Texas cash out not allowed.

2 full appraisals required for loan amounts > 1.5 MM.

Maximum cash out on refinance transactions with <= to 60% LTV is max $500,000. LTV > 60% is max $350,000.

Exchange Jumbo Loan Program

Cash-Out Refinance

Primary 1 Unit

Second Home

Purchase/Rate & Term Refinance

Second Home

* Rate & term refinance eligible to 80%. Purchase eligible to 90%.

Non-Owner Occupied

FIXED RATE and FULLY AMORTIZING ARMs

Purchase/Rate & Term Refinance Cash-Out Refinance

Primary 1 Unit

INTEREST ONLY

Primary 1 Unit

Program Highlights

Loans must be underwritten manually with the exception of the Agency High Balance loan program as described in section 3.3 of the Jumbo Program Guidelines.

No PMI allowed.

$424,101.00

Max 43%. Max 40% DTI > 80%.

If LTV/CLTV <= 80%

<= $1,000,000 6 months PITI reserves .

PWL Jumbo Loan Program

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Fixed Rate Loan Terms

Fully Amortizing ARM Types

Interest Only ARM Types

Interest Only Period

ARM Margin

ARM Index

Rate Caps

ARM Qualification (Fully

Amortizing)

ARM Qualification (Interest

Only)

Balloon

First Time Home Buyer

Seller Contributions

Prepayment Penalty

Escrow Holdback

5/1 ARM qualified at higher of the maximum potential Note rate after first adjustment or the fully indexed rate. 7/1

and 10/1 ARM's qualified at the higher of the Note rate or the fully indexed rate (sum of index and margin).

5/1 ARM qualified at at the fully amortizing PITI based on 240 month amortizing term at the higher of the Note rate

plus 2 % or the fully indexed rate. The fully indexed rate is the sum of the index and the margin. 7/1 and 10/1 ARM

products must be qualified at the fully amortizing PITI based on 240 month amortizing term at the higher of the Note

rate or the fully indexed rate.

5/1, 7/1, 10/1 fully amortizing 30 year term.

Not allowed

120 months only.

2.25

1 Year LIBOR.

5/1 caps: 2/2/5 (First, Periodic, Lifetime) 7/1 and 10/1 caps: 5/2/5 (First, Periodic, Lifetime)

Maximum 6% of sales price. Non-owner occupied maximum 2%.

Owner occupied only; 12 months PITI Reserves; Maximum 1MM loan amount. Interest Only not allowed.

Not eligible

Interest Only 5/1, 7/1 and 10/1 LIBOR ARM’s.

15 and 30 year fully amortizing.

Not allowed

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