Loan to Value
Type of Loan Maximum LTV/CLTV (1)
Purchase 96.5% (2)
Rate-and-Term Refinance* 97.75% (3)
FHA-to-FHA Streamline Refinance w/Appraisal* 97.75% (3)
FHA-to-FHA Streamline Refinance w/o Appraisal* See Refinance section (3)
Cash-Out Refinance 85% / 85% (3)
(1) In addition to the appropriate LTV and Maximum Mortgage Worksheet calculations, the base loan
amount may not exceed the lesser of the local Statutory Mortgage Loan Limit as published by HUD, or
the applicable limit set for this product (see MAXIMUM / MINIMUM LOAN AMOUNT)
(2) As of 1/24/09, DU is applying the 2009 3.5% down payment requirement to all submissions
and resubmissions. Case numbers assigned prior to 1/1/09 may use the previous 3% down
payment calculation. DU Approve / Ineligible recommendations are acceptable if the underwriter notes
on the transmittal and the DU findings that:
- the FHA case number was assigned before 1/1/09,
- the 3% down payment applies, and
- the “Ineligible” is only due to the erroneous 3.5% down payment requirement.
(3) Max CLTV is 100%
