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  • Underwriting Guideline Matrix

    FHA Conforming and High Balance

    Program / Product Codes:

    FHA 30 Year Fixed (W201) FHA 20 Year Fixed (W202) FHA 15 Year Fixed (W213) FHA 10 Year Fixed (W214)

    FHA 30 Year Fixed High Balance (W207) FHA 20 Year Fixed High Balance (W208) FHA 15 Year Fixed High Balance (W219) FHA 10 Year Fixed High Balance (W220) FHA 5 Year ARM (W225)

    NewLeaf Wholesale FHA ID Number: SKYLINE FINANCIAL CORPORATION - 78601-0029-1

    Subject to Change Without Notice Valid as of: 1/31/2018

    Copyright 2017 Skyline Financial Corp. dba NewLeaf Wholesale, Nationwide Mortgage Licensing System (NMLS) Company ID#

    12072. Arizona Mortgage Banker License #927740, Licensed by the Department of Business Oversight under the California Residential Mortgage Lending

    Act File No: 4130296, Colorado Registered with Colorado Division of Real Estate, Florida Mortgage Lender/Servicer License No. MLD947 issued by the

    Florida Office of Financial Regulation, Georgia Mortgage Lender License #42980, Hawaii Licensed by the Hawaii Division of Financial Institutions No. HI-

    12072, Idaho Licensed by the Idaho Department of Finance MBL-7422, Illinois Residential Mortgage License # MB.6761108, Louisiana Residential Mortgage

    Lending License, Nebraska Mortgage Bank License, New Jersey Residential Mortgage Lender License, New Mexico Financial Institutions Division, Registered

    Mortgage Company License # 01653, Oregon Mortgage Lender License ML-2797, South Carolina Mortgage Lender / Servicer License MLS #12072,

    Tennessee Mortgage License #108815, Texas Registered with Texas Department of Savings and Mortgage Lending, Utah Licensed by the Division of Real

    Estate License # 5318719, Virginia Lender License MC-5861, Washington Consumer Loan Company License CL-12072. This is a business to business

    communication intended for Real Estate and Lending Professionals only. Refer to www.nmlsconsumer.org and input NMLS #12072 to see where Skyline

    Financial Corp. is a licensed lender.

  • FHA Conforming and High Balance Page 1 of 14 Last Updated 1/31/2018

    Underwriting Guideline Matrix

    FHA Conforming and High Balance

    www.NewLeafWholesale.com

    NewLeaf Wholesale FHA ID Number: SKYLINE FINANCIAL CORPORATION - 78601-0029-1

    Please note that this matrix is intended as an aid to help determine whether a loan is eligible for FHA financing. This matrix is not intended as a replacement for FHA guidelines. Users are expected to know and comply with FHA requirements. Additionally, this matrix includes overlays, which may be more restrictive than FHA requirements. A thorough review of this matrix is highly recommended. For any circumstance that is not addressed in this matrix, refer to the HUD Handbook 4000.1.

    Transaction Parameters

    Owner Occupied: Purchase LTV /CLTV FICO

    96.50% / 100% 600

    Owner Occupied: Rate / Term Refinance

    LTV /CLTV FICO

    97.75% 600

    Owner Occupied: Cash Out LTV /CLTV FICO

    85.00% 600

    Mortgage Insurance: Purchase, Rate/Term, Cash Out 15 Year Term **Effective with case number assignments on or after June 3, 2013**

    General Guidelines

    Loan Limits FHA mortgage limits for all areas: https://entp.hud.gov/idapp/html/hicostlook.cfm

    Maximum Base Loan Amount cannot exceed the FHA Statutory Mortgage Limits for each county. The above limits are the maximum allowable loan amounts. See link above for specific FHA County Mortgage Limits.

    Maximum CLTV's

    Purchase: Max CLTV is 100.00%

    Non-Streamline Rate/Term Refinance: Max CLTV is 97.75%

    Cash Out: Max CLTV is 85.00%

    Refer to FHA Matrix for details

    Property Types

    Eligible: SFR, 2-4 Units, Condo's (Must be FHA Approved), PUDs, Manufactured Housing, Rural Properties in accordance with HUD guidelines & must be residential in nature

    Ineligible: Hotel/Resort Projects, Mobile Homes, Condo-hotels, Geodesic Domes, Income Producing Property, Unimproved Land and Co-ops, Lava Zones 1 & 2

    Ineligible Programs 203k, Hawaii Homelands, Construction Financing, Cash Out in Texas, Hope, Indian Reservation, GPM's, No Energy

    Efficient Homes (EEH), MCCs

    Eligible States AZ, CA, CO, FL, GA, HI, ID, IL, LA, NJ, NE, NM, OR, SC, TN, TX, UT, VA & WA

    Minimum Loan Amount

    $75,000

    Maximum Loans to One Borrower

    NewLeaf WholesaleSM, a division of Skyline Financial, maximum exposure per borrower is limited to the lesser of 4 properties or $2,000,000 in aggregate loans

    Purchases Purchase: Borrower must contribute 3.5% towards the transaction from their own funds or another acceptable source.

    See Assets section for details

    http://www.newleafwholesale.com/https://entp.hud.gov/idapp/html/hicostlook.cfm

  • FHA Conforming and High Balance Page 2 of 14 Last Updated 1/31/2018

    Underwriting Guideline Matrix

    FHA Conforming and High Balance

    www.NewLeafWholesale.com

    Refinances

    Limited Cash Out/Rate & Term Refinance:

    Maximum LTV is 97.75%: o When borrower has occupied subject property for the previous 12 months, OR

    o When the borrower has acquired the subject property within the previous 12 months and has occupied the

    subject property since:

    Acquisition, and

    Case number assignment

    Maximum LTV is 85%:

    o When the borrower has occupied subject property for less than 12 months prior to the case number assignment

    date, OR

    o When the Borrower has acquired the subject property within the previous 12 months and has not occupied subject property for the entire period of ownership

    Proceeds can be used to pay off a first mortgage regardless of age

    Proceeds can be used to pay off any junior liens that are purchase money or any junior liens that have been seasoned at least 12 months. If the junior lien being paid off is a HELOC and any draws within the past 12 months have not exceeded $1000 besides documented repairs, the lien may be paid off with proceeds of the loan.

    Pay related Closing Costs and Prepaid items

    Disburse cash to the borrower in an amount not to exceed $500

    Non-FHA to FHA The LTV is based on the lesser of purchase price or appraised value if property is owned less than 12 months

    Non-Occupant co-borrowers are permitted

    If any mortgage tradeline including mortgage line of credit payments, during the most recent 12 months reflects the following

    below the loan must be downgraded to a manual underwrite:

    o three or more late payments of greater than 30 Days;

    o one or more late payments of 60 Days plus one or more 30-Day late payments; or

    o one payment greater than 90 Days late.

    Cash Out:

    Subject property must have been owned and occupied by the borrower as their principle residence for the 12 months prior to the date of the case assignment

    If subject property was inherited, the borrower is not required to occupy the property for a minimum period of time before applying for a cash-out refinance transaction provided that the borrower has not utilized the subject property as an investment property at any time since the inheritance of the property

    Borrower may not have any 30 day mortgage lates in the past 12 months on subject property. If Borrower has any 30 day mortgage lates in the past 12 months on subject property, the loan must be downgraded to a manual underwrite

    Non-occupant co-borrowers are only permitted if they were on the original loan and their income is not used for qualifying purposes

    Satisfactory six months of payment history is required for all cash out transactions

    See 3 to 4 Unit section below for further clarification

    Eligible Terms

    Fixed Rate (15, 20, 25 & 30 Year)

    Section 203(b) with ADP codes of 703 & 734 for Condominiums ARMs (5/1)

    Section 203(b) with ADP code of 729 & 731 for Condominiums

    Qualifying Rate Fixed Rate & ARM's - Note Rate

    Ratios Total Scorecard Approval Ratios determined by AUS

    HPML: Any loan that is determined to be HPML has a maximum DTI of 48%

    Total Scorecard Refer/Eligible: May be manually underwritten See Manual Underwriting Section Below

    Eligible Borrowers

    U.S. Citizens & Permanent Resident Aliens are allowed with proof of lawful permanent residence

    Inter Vivos Revocable Trusts: o The borrower(s) must be the settler and the beneficiary and the trustee.

    Non-permanent Resident Aliens with acceptable Visas per HUD guidelines and MUST have an EAD card

    All borrowers must have a valid social security number

    Ineligible Borrowers

    Cor

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