Clarification to Cash out LTV/CLTV
Please see below clarification to the LTV/CLTV from 75% to 70% for the Cash-out 1-4 unit with a 700 Credit Score and a loan amount of $1,000,000.
|
ELIGIBILITY MATRIX |
||||
|
Units |
Transaction Type |
Credit Score |
LTV/CLTV |
Loan Amount |
|
1 |
Purchase and Rate & Term Refi |
720 |
75% |
$1,500,000 |
|
70% |
$2,000,000 |
|||
|
680 |
80% |
$1,000,000 |
||
|
1-4 |
660 |
75% |
$1,000,000 |
|
|
640 |
70% |
$1,000,000 |
||
|
1-4 |
Cash-out Refi |
720 |
75% |
$1,000,000 |
|
65% |
$1,500,000 |
|||
|
700 |
70% |
$1,000,000 |
||
|
680 |
60% |
$1,000,000 |
||
Please reference the Smart Series Product Profiles and Smart Guide in the NewRez Lending Library for the changes outlined in this announcement.