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LTV/TLTV/HTLTV Ratio Requirements for Conforming Mortgages
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PURCHASE AND "NO CASH-OUT" REFINANCE MORTGAGES** (Fixed-Rate, ARMs and 5- or 7-Year Balloon/Reset Mortgages) ** See chart below for LTV/TLTV/HTLTV ratios and other requirements for a "no cash-out" refinance of a mortgage currently owned or securitized by Freddie Mac. |
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| Mortgage Purpose and 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% | 95% |
| 2-4 unit Primary Residence | 80% | 75% | 80% | 80% |
| Second Home | 85% | 80% | 85% | 85% |
| Purchase transaction Mortgage secured by 1-unit Investment Property | 85% | 80% | 85% | 85% |
| "No cash-out" refinance Mortgage secured by 1-unit Investment Property | 75% | 70% | 75% | 75% |
| Purchase transaction Mortgage secured by 2-4 unit Investment Property | 75% | 70% | 75% | 75% |
| "No cash-out" refinance Mortgage secured by 2-4 unit Investment Property | 75% | 70% | 75% | 75% |
Cash-Out Refinance Mortgages (Fixed-Rate, ARMs and 5- or 7-Year Balloon/Reset Mortgages) |
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| 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 | 85% | 80% | 85% | 85% |
| 2-4 unit Primary Residence | 75% | 70% | 75% | 75% |
| Second Home | 75% | 70% | 75% | 75% |
| 1-unit Investment Property | 75% | 70% | 75% | 75% |
| 2-4 unit Investment Property | 70% | 65% | 70% | 70% |
Freddie Mac – Owned STREAMLINED REFINANCE MORTGAGES (Fixed-Rate, ARMs and 5- or 7-Year Balloon/Reset Mortgages) |
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| 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 | 95% | 90% | 95% | 95% |
STREAMLINED REFINANCES OF MORTGAGES NOT CURRENTLY OWNED OR SECURITIZED BY FREDDIE MAC
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| 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% | 95% |
| 2-unit Primary Residence | 80% | 75% | 80% | 80% |
| Second Home | 85% | 80% | 85% | 85% |
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"NO CASH-OUT" REFINANCE MORTGAGES currently owned or securitized by Freddie Mac* (Fixed-Rate, ARMs and 5- or 7-Year Balloon/Reset Mortgages) *The LTV/TLTV/HTLTV ratios in this chart are only allowed with Mortgages originated in accordance with Section 24.5(c) of the Guide. |
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| 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 | 95% | 90% | 95% | 95% |
| 3- to 4-unit Primary Residence | 80% | 75% | 80% | 80% |
| Second Home | 95% | 90% | 95% | 95% |
| 1- to 4-unit Investment Property | 75% | 70% | 75% | 75% |
INITIAL INTEREST MORTGAGES |
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| Mortgage Purpose | Property Type | Max LTV w/o sec. fin. | Max LTV w/ sec. fin. | Max TLTV w/ sec. fin. | Max HTLTV w/ sec. fin. | ||||
| FRM | ARM | FRM | ARM | FRM | ARM | FRM | ARM | ||
| Purchase transaction and "no cash-out" refinance | 1-unit Primary Residence | 95% | 95% | 90% | 90% | 95% | 95% | 95% | 95% |
| Cash-out refinance | 1-unit Primary Residence | 85% | 75% | 80% | 70% | 85% | 75% | 85% | 75% |
| Purchase transaction and "no cash-out" refinance | Second Home | 85% | 85% | 80% | 80% | 85% | 85% | 85% | 85% |
| Cash-out refinance | Second home | 75% | 65% | 70% | 60% | 75% | 65% | 75% | 65% |
Maximum LTV/TLTV/HTLTV ratios for certain mortgage products and property types that vary from those shown above may be found in other chapters of the Guide.
Note: Minimum Indicator Score requirements can be found in Exhibit 25A, Mortgage Products with Risk Class and/or Minimum Indicator Score Requirements.
| © 2009 Freddie Mac |
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