LTV, TLTV, and HTLTV Ratios
The following charts outline our loan-to-value (LTV), total loan-to-value (TLTV), and Home Equity Line of Credit (HELOC) total loan-to-value (HTLTV) ratios.
Please note that maximum LTV, TLTV, and HTLTV ratios for certain mortgage products and property types that vary from those shown below may be found in other chapters of the Single-Family Seller/Servicer Guide Bulletin.
PURCHASE AND "NO CASH-OUT" REFINANCE MORTGAGES
(Fixed-Rate [Other Than 40-Year Mortgages], ARMs and 5- or 7-Year Balloon/Reset Mortgages) |
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1-2 unit Primary Residence
or second home |
95% |
90% |
95% |
97%* |
| 1-2 unit Investment Property |
90% |
85% |
90% |
95% |
| 3-4 unit Primary Residence |
80% |
75% |
80% |
85% |
| 3-4 unit Investment Property |
75% |
70% |
75% |
80% |
Cash-Out Refinance Mortgages
(Fixed-Rate [Other Than 40-Year Mortgages], ARMs and 5- or 7-Year Balloon/Reset Mortgages) |
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1-2 unit Primary Residence
or second home |
90% |
85% |
90% |
95% |
| 1-2 unit Investment Property |
85% |
80% |
85% |
90% |
| 3-4 unit Primary Residence |
75% |
70% |
75% |
80% |
| 3-4 unit Investment Property |
70% |
65% |
70% |
75% |
STREAMLINED REFINANCE MORTGAGES
(Fixed-Rate, ARMs and 5- or 7-Year Balloon/Reset Mortgages) |
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1 unit Primary Residence |
95% |
90% |
95% |
97%* |
| 2-unit Primary Residence or second home |
95% |
90% |
95% |
97%* |
STREAMLINED REFINANCE MORTGAGES WITH PAYOFFOF
A PURCHASE MONEY JUNIOR LIEN |
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1- to 2-unit Primary Residence or second home |
90% |
85% |
90% |
90% |
LTV, TLTV, and HTLTV Ratios for 40-Year Fixed-Rate Mortgages
|
PURCHASE AND "NO CASH-OUT" REFINANCE LOAN PROSPECTOR®
MORTGAGES
(40-Year Fixed-Rate Mortgages) |
|
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1-2 unit Primary Residence
or second home |
95% |
90% |
95% |
97%* |
| 1-2 unit Investment Property |
90% |
85% |
90% |
95% |
| 3-4 unit Primary Residence |
80% |
75% |
80% |
85% |
| 3-4 unit Investment Property |
75% |
70% |
75% |
80% |
|
Cash-Out Refinance Loan Prospector Mortgages
(40-Year Fixed-Rate Mortgages) |
|
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1-2 unit Primary Residence
or second home |
90% |
85% |
90% |
95% |
| 1-2 unit Investment Property |
85% |
80% |
85% |
90% |
| 3-4 unit Primary Residence |
75% |
70% |
75% |
80% |
| 3-4 unit Investment Property |
70% |
65% |
70% |
75% |
|
Purchase And "No Cash-Out" Refinance Manually
Underwritten Mortgages
(40-Year Fixed-Rate Mortgages) |
|
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1-2 unit Primary Residence
|
95% |
90% |
95% |
97%* |
| 2-unit Primary Residence or second home |
90% |
85% |
90% |
95% |
| 3-4 unit Primary Residence |
80% |
75% |
80% |
85% |
| 1-4 unit Investment Property |
75% |
70% |
75% |
80% |
|
Cash-Out Refinance Manually Underwritten Mortgages
(40-Year Fixed-Rate Mortgages) |
|
Property Type |
Max LTV
w/o sec. fin. |
Max LTV
w/sec. fin. |
Max TLTV
w/sec. fin. |
Max HTLTV
w/sec. fin. |
| 1-4 unit Primary Residence
or second home |
70% |
65% |
70% |
75% |
| 1-4 unit Investment Property |
70% |
65% |
70% |
75% |
* For mortgages with Freddie Mac settlement dates on or before May 31, 2008, the maximum HTLTV ratio is 100%.
|
