Conforming Fixed Rate

Conforming Fixed Rate Product

Purchase and Rate Term Refinance3

Property Type Units Credit Score

DU LTV/CLTV/HCLTV1, 2, 5

LP LTV/CLTV/HCLTV1, 2, 5

Primary Residence

1 660 95/95/954 95/95/954

1 620 80/95/954 80/95/954

2 640 80/80/80 80/80/80

3 640 75/75/75 75/75/75

4 640 75/75/75 75/75/75

Second Home 1 700 90/90/90 85/85/85

1 620 80/80/80 80/80/80

Investment Property4

1 660 Purchase 80/80/80

Rate/Term 75/75/75 Purchase 80/80/80

Rate/Term 75/75/75

2 660 75/75/75 75/75/75

3 660 65/75/75 65/75/75

4 660 65/75/75 65/75/75

Cash-Out Refinance3

Property Type Units Credit Score

DU LTV/CLTV/HCLTV 1, 2, 5

LP LTV/CLTV/HCLTV1, 2, 5

Primary Residence6

1 620 85/85/85 80/80/80

2 680 75/75/75 75/75/75

3 680 75/75/75 75/75/75

4 680 75/75/75 75/75/75

Second Home 1 620 60/75/75 60/75/75

Appraisals As determined by DO/LP

Automated Underwriting DO/LP

Loan Limits

Maximum Loan Amounts 1-unit - $417,000 2-units - $533,850 3-units - $645,300 4-units - $801,950

Loan Terms 10, 15, 20, 25, and 30-year Fixed Rate only

Qualifying Ratios

DO Loans: As determined by DO

LP Loans: 45% Maximum DTI, Regardless of LP..

All loans requiring mortgage insurance are subject to MI requirements.

Reserves

1-4 unit primary residence as determined by DO/LP.

Second homes, and investment properties - as determined by DO/LP. Two months reserves for each additional financed second home or investment property regardless of DO/LP.

Seller Contributions

Owner-Occupied & Second Home Investment Property

LTV/CLTV Max Contribution LTV/CLTV Max Contribution

> 90% 3%

All CLTVs 2% >75% and ≤ 90% 6%

≤ 75% 9%

Footnotes

1. CLTV represents the loan amount of a closed-end second or the disbursed amount of the HELOC plus the first mortgage amount, divided by the sales price/appraised value of the subject property. When subordinate financing exists, the LTV cannot be within 5% of the maximum CLTV/HCLTV. For example, if the CLTV/HCLTV is 95%, the maximum LTV cannot exceed 90%.

2. HCLTV represents the HELOC credit line limit plus the first mortgage amount, divided by the value of the subject property. If the secondary financing is a HELOC, the loan amount plus the draw amount cannot exceed the CLTV and the loan amount plus the total line amount cannot exceed the HCLTV. When subordinate financing exists, the LTV cannot be within 5% of the maximum CLTV/HCLTV. For example, if the CLTV/HCLTV is 95%, the maximum LTV cannot exceed 90%.

3. Certain states may be subject to limited MI availability and require higher FICOs, LTV reductions and limitations for Cash-out refinances; these states include but are not limited to AZ, CA, FL, MI and NV.

4. Condominium maximum LTV/CLTV/HCLTV is 90%. Investment condominiums are ineligible. 5. Florida condominiums are limited to 70% LTV/CLTV/HCLTV. New and newly converted condominiums

are not allowed in Florida. 6. 1-Unit cash-out refinances with an LTV > 85% require a 620 FICO — subject to MI availability

Conforming High Balance

Conforming High Balance Product

Purchase and Rate/Term Refinance

Property Type Max Loan Amount 3 Units Credit Score LTV CLTV1 HCLTV2

Primary Residence $625,500

1 720 90%6,7 NA NA

1 700 80%7 90%7 90%7

1 660 75%4,7 75%7 75%7

Second Home 1 740 65% 65% 65%

Cash-Out Refinance5

Property Type Max Loan Amount 3 Units Credit Score LTV CLTV1 HCLTV2

Primary Residence $625,500 1 740 60%4, 5 60% 60%

Appraisals

Appraisal with interior / exterior inspection is required (Form 1004MC).

PIW not allowed.

Field review (Form 2000) required for property values > $1 million and LTV/CLTV/HCLTV > 75%.

The lower of original appraised value, field review value, or sales price (for purchases) will be used to calculate the maximum LTV.

Automated Underwriting

DO Only

Loan Limits

Minimum Loan Amounts 1-unit - $417,001

Maximum Loan Amounts

1-unit - $625,500 OR county loan limit

High Cost Loan Limits 2013

Loan Terms 15 & 30-year Fixed Rate only

Qualifying Ratios As Determined by DO

Reserves

1-4 unit primary residence - as determined by DO.

Second homes, and investment properties - as determined by DO. Two months reserves for each additional financed second home or investment property regardless of DO.

Seller Contributions Maximum 3%, regardless of LTV/CLTV

Footnotes:

1. CLTV represents the loan amount of a closed-end second or the disbursed amount of the HELOC plus the first mortgage amount, divided by the sales price/appraised value of the subject property.

2. HCLTV represents the HELOC credit line limit plus the first mortgage amount, divided by the value of the subject property. If the secondary financing is a HELOC, the loan amount plus the draw amount cannot exceed the CLTV and the loan amount plus the total line amount cannot exceed the HCLTV.

3. Max loan amount is subject to individual high-cost county limits defined by the Federal Housing Finance Agency (FHFA). Refer to High Cost Loan Limits 2013 for details.

4. LTV must be reduced 5% with subordinate financing. 5. Maximum cash back may not exceed $200,000. 6. Loans requiring mi are not eligible for delegated underwriting. Loans must be submitted to the MI

company for underwriting. 7. Florida condominiums: maximum 70% LTV/CLTV/HCLTV.

Conforming Fixed 97

Conforming Fixed 97 Product

Purchase and Rate Term Refinance

Property Type Units Credit Score LTV

Primary Residence 1 720 97%/NA/NA

Appraisals As determined by DU

Automated Underwriting DU

Loan Limits Maximum Loan Amount

1-unit - $417,000

Loan Terms 15, 20, 25, and 30-year Fixed Rate only

Qualifying Ratios As determined by DO and MI availability

Reserves 2-months reserves required, regardless of DO

Seller Contributions Maximum contributions are limited to 3%

Non-Conforming Jumbo

Non-Conforming Jumbo

PURCHASE5

Property Type Units LTV/CLTV1, 4 Credit Score

Primary Residence 1 80% 740

1 75% 720

Second Home 1 70%

RATE TERM REFINANCE5

Property Type Units LTV/CLTV1, 2, 4 Credit Score

Primary Residence 1 75% 720

CASH OUT REFINANCE3, 5

Property Type Units LTV/CLTV4 Credit Score

Primary Residence 1 60% 720

Appraisals Appraisal with interior/exterior inspection (1004/1073) in compliance with AIR is required.

Automated Underwriting

All loans must be manually underwritten.

If DU Findings are submitted, the findings are not allowed to be followed for qualifying or documentation purposes.

Loan Limits

Maximum Loan Amount: $1,000,000.

Minimum Loan Amount: $417,001

Loan Terms 15 and 30-year fixed only

Qualifying Ratios Maximum DTI 45%

Reserves

Primary Residence 75.01% - 80% LTV 12-months reservesÂ

Primary Residence < 75% LTV 6-months reservesÂ

Second Home < 70% LTV 12-months reservesÂ

Additional 6-months reserves required for each additional financed property.

Seller Contributions

LTV/CLTV Max Contribution

75.01% - 80% 3%

< 75% 6%

Footnotes:

1. Maximum LTV/CLTV 70% for condominiums. 2. Maximum CLTV 70% for loans with subordinate financing. 3. Maximum cash back to borrower is $250,000. 4. New subordinate financing is not allowed. 5. Maximum LTV must be reduced by 10% when borrower owns > 2 financed properties.

DU REFI Plus

DU Refi Plus Product

Rate/Term Refinance

Property Type

Number of Units Credit Score LTV CLTV HCLTV

Primary Residence

1 620 95% 110% 110%

2 620 95% 110% 110%

Second Home

1 680 95% 110% 110%

Appraisals As determined by DO.

Automated Underwriting

DO only underwriting findings must indicate that the loan was underwritten according to DU Refi Plus eligibility guidelines.

Borrower Eligibility

Borrower(s) must be receiving a benefit through the DU Refi Plus transaction.

Borrowers may be added or removed in the new transaction.

Loan Limits

Maximum loan amounts are as follows:

Units Conforming Loan Amounts High Balance Loan Amounts

1 $417,000 $625,500

Loan Terms Conforming Loan Amounts: 15, 20, & 30-year

High Balance Loan Amounts: 15 & 30-year

Mortgage Insurance

FAMC will only accept loans which do not require mortgage insurance per the DO findings.

Qualifying Ratios

As determined by DO.

Reserves As determined by DO.

Total Cash Back

Max $250

Conforming ARMs

Conforming ARM Product

Purchase and Rate Term Refinance 3

Property Type Units Credit Score DU Version 8.3

LTV/CLTV/HCLTV1, 2, 5 DU Version 9.0

LTV/CLTV/HCLTV1, 2, 5

Primary Residence

1 660 95/95/95 4 90/90/90

1 620 80/95/954 80/90/90

2 640 80/80/80 75/75/75

3 640 75/75/75 65/65/65

4 640 75/75/75 65/65/65

Second Home 1 700 90/90/90 N/A

1 620 80/80/80 80/80/80

Investment Property4 1 660 Purchase 80/80/80

Rate/Term 75/75/75 Purchase 75/75/75 Rate/Term 65/65/65

Cash-Out Refinance3

Property Type Units Credit Score DU Version 8.3

LTV/CLTV/HCLTV1, 2, 5 DU Version 9.0

LTV/CLTV/HCLTV1, 2, 5

Primary Residence

1 620 80/85/85 75/75/75

2 680 75/75/75 65/65/65

3 680 75/75/75 65/65/65

4 680 75/75/75 65/65/65

Second Home 1 620 60/75/75 60/65/65

Appraisals As determined by DU.

Automated Underwriting

DU

Loan Limits

Units Contiguous States Alaska

1 $417,000 $625,500

2 $533,850 $800,775

3 $645,300 $967,950

4 $801,950 $1,202,925

Loan Terms 30-year only

Qualifying Ratios As determined by DU.

Reserves

1-4 unit primary residence - as determined by DO.

Second homes and investment properties - as determined by DO. Two months reserves for each additional financed second home or investment property regardless of DO.

Seller Contributions

Owner-Occupied & Second Home Investment Property

LTV/CLTV Max Contribution

LTV/CLTV Max Contribution

> 90% 3%

All CLTVs 2% ≤ 90% and > 75% 6%

≤ 75% 9%

Footnotes:

1. CLTV represents the loan amount of a closed-end second or the disbursed amount of the HELOC plus the first mortgage amount, divided by the sales price/appraised value of the subject property. When subordinate financing exists, the LTV cannot be within 5% of the maximum CLTV/HCLTV. For example, if the CLTV/HCLTV is 95%, the maximum LTV cannot exceed 90%.

2. HCLTV represents the HELOC credit line limit plus the first mortgage amount, divided by the value of the

subject property. If the secondary financing is a HELOC, the loan amount plus the draw amount cannot exceed the CLTV and the loan amount plus the total line amount cannot exceed the HCLTV. When subordinate financing exists, the LTV cannot be within 5% of the maximum CLTV/HCLTV. For example, if the CLTV/HCLTV is 95%, the maximum LTV cannot exceed 90%.

3. Certain states may be subject to limited MI availability and require higher FICOs and LTV reductions; these states include but are not limited to AZ, CA, FL, and NV.

4. Condo maximum LTV/CLTV/HCLTV is 90%. Investment condominiums are ineligible. 5. Florida condominiums are limited to 70% LTV/CLTV/HCLTV. New and newly converted condominiums

are not allowed in Florida.

High Balance ARMs

High Balance ARMs Product

Purchase and Rate Term Refinance

Property Type Units Credit Score LTV/CLTV/HCLTV1,2

Primary Residence 1 680 75/75/753

Second Home 1 740 65/65/65

Cash-Out Refinance

Property Type Units Credit Score LTV/CLTV/HCLTV1, 2

Primary Residence 1 740 60/60/60

Appraisals

Appraisal with interior / exterior inspection required (form 1004MC).

PIW not allowed.

Field review (form 2000) required for property values > $1 million and LTV/CLTV/HCLTV > 75%.

The lower of original appraised value, field review value, or sales price (for purchases) will be used to calculate the maximum LTV.

Automated Underwriting

DO Only

Loan Limits

Minimum Loan Amounts 1-unit - $417,001

Maximum Loan Amounts

1-unit - $625,500 OR county loan limit

Loan Terms 30-year Fixed Rate only

Qualifying Ratios As determined by DO and MI availability

Reserves

1-4 unit primary residence - as determined by DO.

Second homes - as determined by DO. Two months reserves for each additional financed second home or investment property regardless of DO.

Footnotes:

1. CLTV represents the loan amount of a closed-end second or the disbursed amount of the HELOC plus the first mortgage amount, divided by the sales price/appraised value of the subject property. When subordinate financing exists, the LTV cannot be within 5% of the maximum CLTV/HCLTV. For example, if the CLTV/HCLTV is 95%, the maximum LTV cannot exceed 90%.

2. HCLTV represents the HELOC credit line limit plus the first mortgage amount, divided by the value of the subject property. If the secondary financing is a HELOC, the loan amount plus the draw amount cannot exceed the CLTV and the loan amount plus the total line amount cannot exceed the HCLTV. When subordinate financing exists, the LTV cannot be within 5% of the maximum CLTV/HCLTV. For example, if the CLTV/HCLTV is 95%, the maximum LTV cannot exceed 90%.

3. Florida condominiums are limited to 70% LTV/CLTV/HCLTV. New and newly converted condominiums are not allowed in Florida.

FHA Standard Fixed

FHA STANDARD FIXED (15, 20, 25 & 30-year Amortization)

Loan Parameters

Purchase Refinance

RATE & TERM Refinance CASH OUT

Streamline Refinance

WITH APPRAISAL

Streamline Refinance WITHOUT APPRAISAL

LTV / CLTV1-

Primary Residence

(SFR, PUD,

CONDO)

96.5%5/ 96.5%2

97.75%/ 97.75%3, 6

85%/ 85%

97.75%/ 97.75%4

EXISTING 1st LIEN CALCULATION:

Outstanding Principal Balance

- UFMIP refund + New UFMIP CLTV: 100%

Maximum Loan

Amount

Maximum base loan amount is the lesser of the appropriate calculation above, OR

The FHA county loan limit: https://entp.hud.gov/idapp/html/hicostlook.cfm OR

1-unit $417,000

2-unit $533,850

3-unit $645,300

4-unit $801,950 Note: exceptions can be made on FHA to FHA-insured refinance transactions

Subordinate Financing

Allowed

No new secondary financing regardless of source. Existing secondary financing may re-subordinate provided CLTV does not exceed the maximum allowable LTV for the transaction.

No new secondary financing regardless of source. Existing secondary financing may re-subordinate provided CLTV does not exceed the maximum allowable LTV for the transaction.

No new secondary financing regardless of source. One unit: existing secondary financing may re-subordinate up to 100% CLTV.

No new secondary financing regardless of source. One unit owner-occupied only: existing secondary financing may re-subordinate up to 100% CLTV.

Mortgage Insurance

Effective with case number assigned on or after June 11, 2012 and before April 1, 2013

LOAN TERM > 15 YEARS

Base Loan Amount Purchase/Refinances including

Streamlines Endorsed After May 31, 2009

UFMIP Annual

≤ $625,500 > 95% LTV 1.75% 1.25%

≤ $625,500 ≤ 95% LTV 1.75% 1.20%

LOAN TERM ≤ 15 YEARS

Base Loan Amount Purchase/Refinances including

Streamlines Endorsed After May 31, 2009

UFMIP Annual

≤ $625,500 > 90% LTV 1.75% 0.60%

≤ $625,500 ≥ 78.01% to ≤ 90% LTV 1.75% 0.35%

≤ $625,500 ≤ 78.% LTV 1.75% 0.00%

Effective with case number assigned on or after June 11, 2012 and before April 1, 2013

LOAN TERM > 15 YEARS

Base Loan Amount

Purchase/Refinances including Streamlines Endorsed After May 31, 2009

UFMIP Annual

> $625,500 > 95% LTV 1.75% 1.50%

> $625,500 < 95% LTV 1.75% 1.45%

LOAN TERM < 15 YEARS – Not Allowed

Effective with case number assigned on or after April 1, 2013

LOAN TERM > 15 YEARS

Base Loan Amount

Purchase/Refinances including Streamlines Endorsed After May 31, 2009

UFMIP Annual

< $625,500 > 95% LTV 1.75% 1.35%

< $625,500 < 95% LTV 1.75% 1.30%

> $625,500 > 95% LTV 1.75% 1.55%

> $625,500 < 95% LTV 1.75% 1.50%

Effective with case number assigned on or after April 1, 2013 and before June 3, 2013

LOAN TERM < 15 YEARS

Base Loan Amount

Purchase/Refinances including Streamlines Endorsed After May 31, 2009

UFMIP Annual

< $625,500 > 90% LTV 1.75%

LTV 0.70%

< $625,500 ≥ 78.01% - < 90% LTV 1.75%

LTV 0.45%

< $625,500 < 78% LTV 1.75%

LTV 0.00%

LOAN AMOUNTS >$417,000 – Not Allowed

Effective with case number assigned on or after June 3, 2013

LOAN TERMS < 15 YEARS

Base Loan Amount Purchase/Refinances including Streamlines

Endorsed After May 31, 2009

UFMIP Annual

< $625,500 > 90% LTV 1.75% LTV 0.70%

< $625,500 ≥ 78.01% - < 90% LTV 1.75% LTV 0.45%

< $625,500 < 78% LTV 1.75% LTV 0.45%

LOAN AMOUNTS >$417,000 - Not Allowed

Effective with Streamline Refinance case numbers assigned on or after June 11, 2012 and before June 3, 2013

Streamline Refinance of FHA loans endorsed on or before May 31, 2009

Base Loan Amount

LTV Loan Term UFMIP Annual

Any loan amount > 78% All Terms 0.01% 0.55%

Any loan amount < 78% > 15 Years 0.01% 0.55%

Any loan amount < 78% < 15 Years 0.01% 0.00%

Effective with Streamline Refinance case numbers assigned on or after June 3, 2013

Streamline Refinance of an FHA loans endorsed on or before May 31, 2009

Base Loan Amount

LTV Loan Term UFMIP Annual

Any loan amount

Any LTV All Terms 0.01% 0.55%

Qualifying Ratios

FHA Transactions require 31%/43% qualifying ratios unless there are significant compensating factors or an AUS approval is received.

Transactions with Credit Decision Scores < 650 (where allowed) require 45% DTI, regardless of AUS approval.

Purchase and refinance transactions for homes documented as -Energy-Efficient- allow qualifying ratios of 33% / 45%, unless otherwise limited as stated above. (ML 05-16)

N/A

Credit Scores Minimum 640 credit score required on all transactions

regardless of AUS findings.

Automated Underwriting

DO/LP (subject to credit score minimums)

DO/LP (subject to credit score minimums)

DO/LP (subject to credit score minimums)

Manual underwrite

only

Manual underwrite

only

Cash Reserves

As determined by DO/LP

3 mos. PITI mandatory for 3-4 unit properties

As determined by DO/LP

3 mos. PITI mandatory for 3-4 unit properties

N/A N/A N/A

Appraisals

1004: 1-unit 1025: 2-4-units

1073: Condo (including Site Condo) 1004MC Market Conditions Addendum Required for all appraisals

N/A

Footnotes:

1. In addition to the appropriate LTV and Maximum Mortgage calculations, the base loan amount must not exceed the lesser of the local Statutory Mortgage Loan Limit as published by HUD, or the applicable limit set for this product. Exceptions can be made on FHA to FHA-insured refinance transactions

2. CLTV may be exceeded with approved government agency second lien. 3. Refinance transactions other than streamline refinance transactions; CLTV cannot exceed the maximum

allowable LTV for the transaction. New subordinate financing is not permitted. 4. Existing subordinate financing may remain in place up to 100% maximum CLTV on 1-unit owner-

occupied properties. New subordinate financing is not permitted. 5. Additional circumstances due to interested party transactions may limit LTV. 6. LTV is limited to 85% for borrowers who reoccupied a former investment property <12 months prior to

loan application.

FHA Jumbo Fixed

FHA JUMBO FIXED (30-year Amortization)

Loan Parameters Purchase REFINANCE RATE/TERM

CASH STREAMLINE REFINANCE

(WITH OR W/O APPRAISAL)

LTV1 / CLTV - Primary

Residence(SFR, PUD, Condo)

96.5%/ N/A 97.75%/ 97.75%2 85% / 85% With: 97.75%/ 97.75%(3)

Without: EXISTING 1st LIEN CALCULATION:Outstanding

Principal Balance - UFMIP refund + New UFMIP CLTV: 100%(3)

Maximum Loan Amount

Maximum base loan amount is the lesser of the appropriate calculation above OR

The FHA county loan limit: https://entp.hud.gov/idapp/html/hicostlook.cfm , OR

1-unit $729,750

2-unit $934,200

Minimum Base Loan Amount:

1-unit $417,001

2-unit $533,851

Note: Exceptions can be made on FHA to FHA-insured refinance transactions.

Subordinate Financing

New secondary financing including a -soft-, -silent-, or -forgivable- second is not eligible, regardless of the source.

No new secondary financing regardless of source. Existing subordinate financing may re-subordinate provided CLTV does not exceed the maximum allowable LTV for the transaction.

No new secondary financing regardless of source. Existing subordinate financing may re-subordinate provided CLTV does not exceed the maximum allowable LTV for the transaction.

No new secondary financing regardless of source. Existing subordinate financing may remain in place up to 100% maximum CLTV on 1-unit owner-occupied properties.

Qualifying Ratios

Require 31%/43% qualifying ratios unless there are significant compensating factors or an AUS approval is received.6

Credit Scores

660 660 680 680

Automated Underwriting

DO/LP approval required (subject to credit score minimums) Not Available in FHA Jumbo

Footnotes:

1. In addition to the appropriate LTV and Maximum Mortgage calculations, the base loan amount must not exceed the lesser of the local Statutory Mortgage Loan Limit as published by HUD, or the applicable limit set for this product.

Exceptions can be made on FHA to FHA-insured refinance transactions.

2. CLTV cannot exceed the maximum allowable LTV for the transaction. New subordinate financing is not permitted regardless of the source.

3. Existing subordinate financing may remain in place up to 100% maximum CLTV on 1-unit owner-occupied properties. New subordinate financing is not permitted.

VA Fixed

Loan Parameters

VA FIXED (15, 20, 25 & 30-year Amortization)

Residence (SFR, PUD,

CONDO) Purchase

Refinance Rate & Term and Cash-Out

Interest Rate Reduction Refinancing

Loan (IRRRL)2, 3 (No Cash-Out)

Owner-Occupied

100% AV/SP

+ funding fee

AV x 90% + funding fee

Outstanding balance + ACC

+ up to 2 discount pts. + pre-paids

+ funding fee

Investment Property

and Second Homes

Not allowed Not allowed Allowed if the veteran or spouse of an active service

member certifies in writing that they previously occupied the property as a primary residence.

Loan Limits: (With Full

Entitlement)4 $417,000 including the funding fee (1-4-units)

Subordinate Financing

Allowed

Existing subordinate financing may remain in place, not to exceed the maximum allowable LTV.

New subordinate financing is not allowed.

Existing subordinate financing may remain in place, not to exceed the maximum allowable LTV. New subordinate

financing is not allowed.

Mortgage Insurance (Funding

Fee)

Regular Military Veteran (Purchases only)

Downpayment 1st time

Use Subsequent

Use

0% - 4.99% 2.15% 3.30%

5% - 9.99% 1.50% 1.50%

10% or more 1.25% 1.25%

Reserve / Guard Veteran

Downpayment 1st time

Use Subsequent

Use

0% - 4.99% 2.40% 3. 30%

5% - 9.99% 1.75% 1.75%

10% or more 1.50% 1.50%

Refinances (Rate/Term & Cash-out)

Type of Veteran 1st

time Use

Subsequent Use

Regular Military 2.15% 3.30%

Reserves/National Guard

2.40% 3.30%

Note: Energy Efficient Mortgage -

Calculate the funding fee based on the full loan amount including the cost of

the energy efficient improvements based on the percentages listed in the

above tables.

.50%

Qualifying Ratios

41% DTI, unless significant compensating factors OR as determined by DU/LP

< 650 credit score limited to 45% DTI, regardless of AUS.

A second level signature is required if the ratio exceeds 41% and there is less than the 120% required residual

N/A

income, regardless of the AUS decision.

Credit Scores 620, regardless of AUS findings. 640, regardless of AUS findings.

Automated Underwriting

DO/LP Manual Underwrite

Only

Reserves

As determined by AUS, or by the underwriter on a manual underwrite

except in the following instances: 3-months PITI If using rental income

from another property: 6-months PITI 2-4 unit property:

N/A

Appraisals

1-unit: 1004

2-4 units: 1025

CONDO: 1073

Form 1004MC Market Conditions Addendum

Full 1004 or 2055 exterior only-appraised value must be > the total loan amount including the funding fee.

Footnotes:

1. "Other Refinance Loans" may only refinance (1) construction loans, (2) installment land contracts, and (3) loans assumed by veterans at interest rates higher than the proposed refi.

2. CLTV on IRRRLs limited to 100%. 3. IRRRL worksheet: https://www.vba.va.gov/pubs/forms/VBA-26-8923-ARE.pdf 4. Borrower's downpayment and/or equity plus available entitlement must always equal or exceed 25% of

the lesser of the purchase price or Notification of Value (NOV).

VA Fixed Jumbo

Loan Parameters VA FIXED JUMBO

(30-year Amortization)

Residence (SFR, PUD

Condo) Purchase

Refinance Rate & Term

and Cash-Out1

Other Refinance

Loans

Interest Rate Reduction

Refinancing Loan

(IRRRL) (No Cash-

Out)

Owner-Occupied 100% AV/SP + funding fee

AV x 90% + funding fee Not Allowed Not Allowed

Investment Property

(includes any non-owner-

occupied property)

N/A Not Allowed Not Allowed

Maximum Loan Amount3

$700,000 including financed funding fee Not Allowed Not Allowed

Subordinate Financing

Not Allowed Not Allowed Not Allowed

Mortgage Insurance

(Funding Fee)

Regular Military VETERAN (Purchases only)

Downpayment 1st time Use Subsequent Use

0% - 4.99% 2.15% 3.30%

5% - 9.99% 1.50% 1.50%

10% or more 1.25% 1.25%

Reserve / Guard VETERAN

Downpayment 1st time Use Subsequent Use

0% - 4.99% 2.40% 3. 30%

5% - 9.99% 1.75% 1.75%

10% or more 1.50% 1.50%

Refinances (Rate/Term & Cash-out)

Type of Veteran 1st time Use Subsequent Use

Regular Military 2.15% 3.30%

Reserves/National Guard

2.40% 3.30%

Note: Energy Efficient Mortgage - Calculate the funding fee based on the full loan amount including the cost of the energy efficient

improvements based on the percentages listed in the above tables.

Not Allowed Not Allowed

Qualifying Ratios 41%, unless there are significant compensating factorsOR a DO/LP Approval is received

Not Allowed Not Allowed

Credit Scores Minimum 680, regardless of DO/LP findings Not Allowed Not Allowed

Automated Underwriting

DO/LP Approval Required Not Allowed Not Allowed

Reserves As Determined byDO/LP Not Allowed Not Allowed

Appraisals 1-unit: Fannie Mae Form 1004/1073 or Freddie Mac Form

70/465 including Form 1004MC Market Conditions Addendum Not Allowed Not Allowed

Footnotes:

1. The amount of cash the veteran may receive after all liens are paid off is $325,000, subject to maximum LTV and Guaranty requirements.

2. All refis are treated as Cash-Out and limited to 90% LTV whether or not veteran actually receives cash. 3. Borrower's downpayment and/or equity plus available entitlement must always equal or exceed 25% of

the lesser of the purchase price or Notification of Value (NOV).

USDA

Loan Parameters USDA

(30-year Amortization)

Owner-Occupied Primary Residence

Only (SFR, PUD Condo)

Purchase

Refinance Rate & Term

Streamline Refinance Not allowed.

Maximum Loan Amount

The appraisal determines the maximum loan amount up to the conforming loan amount of $417,000. The borrower may borrow up to 100% of the appraised value. Borrowers may finance other closing costs and fees up to 100% of the current appraised value. Loans may exceed 100% LTV only by the financed guarantee fee.

Subordinate Financing

The CLTV is limited to 105% for both purchases and refinances.

Mortgage Insurance

(Guarantee Fee)

Effective with Conditional Commitments issued on or after Dec. 7, 2011 through September 30, 2012

Transaction Type Up-front Annual

Purchase 2.0% 0.3%

Refinance 1.5% 0.3%

Effective with Conditional Commitments issued on or before October 1, 2012

Transaction Type Up-front Annual

Purchase 2.0% 0.40%

Refinance 2.0% 0.40%

Qualifying Ratios Generally, ratios should not exceed 29%/41%. FAMC will consider loans with higher ratios as approved by GUS if the overall evaluation of the application indicates that there are acceptable compensating factors.

Credit Scores Minimum 640, regardless of GUS Approval

Automated Underwriting

GUS approval required.

Reserves If used for compensating factor or submitted to GUS, reserves must be documented by 2-months asset statements. Otherwise, reserves are not required.

Appraisals 1-unit: Fannie Mae Form 1004/1073 or Freddie Mac Form 70/465

Form 1004MC Market Conditions Addendum Required Appraisals must be completed by an appraiser on the FHA roster.