Private lender credit standards
NewRez Correspondent
94 sections · 6 documents
· newest document 2026-08-20
bank-statementdscrjumboasset-depletion
DSCR values stated in these documents: 1.00
Private standard, not a regulation. These are private, per-lender commercial standards, not regulation. They differ by lender by design and are revised without notice, often at the same web address. A program shown here is what the cited document said on the date given; it is not confirmation the lender still offers it.
Source documents
| Document | Document date | Verified unchanged |
|---|
| newrezcorrespondent.com-medical_professional_home_loan.pdf | 2026-07-15 | — |
| newrezcorrespondent.com-newrez_jumbo_aus_underwritingsubmissionchecklist_corr_non_del_option.pdf | 2025-10-16 | — |
| newrezcorrespondent.com-smartedge_grid.pdf | 2026-08-20 inferred | — |
| newrezcorrespondent.com-smartself_grid.pdf | 2026-08-20 inferred | — |
| newrezcorrespondent.com-smartvest_grid.pdf | 2026-08-20 inferred | — |
| newrezcorrespondent.com-yosemite_jumbo_aus.pdf | 2026-07-23 | — |
“Inferred” means the document printed a date but did not label it as an effective or
revision date. It is the latest plausible date on the page, not a stated one.
Criteria tables
Verifiable
newrezcorrespondent.com-yosemite_jumbo_aus.pdf · 2026-07-23
| Asset Requirements: Follow FNMA/FHLMC Seller Guide and AUS Findings Beyond the minimum reserve requirements based on overlays and to fully document the borrowers’ ability to meet their obligations, borrowers should disclose all liquid assets. • Eligible assets must be held in a US account. • Large deposits inconsistent with monthly income or deposits must be verified if used for down payment, reserves or closing costs. • The Lender is responsible for verifying large deposits did not result in any new undisclosed debt. • Asset verification by a Fannie Mae approved asset validation provider is allowed. • Asset documentation is based on AUS requirements. | | | |
|---|
| Assets 30B | | | | |
| Reserve Requirements (of Months of PITIA) ** | | | |
| Occupancy | Loan Amount | | # of Months |
| All Occupancies | ≤ $1,000,000 | | 6 months PITIA |
| | $1,000,001 - $2,500,000 | | 12 months PITIA |
| | $2,500,001 - $3,500,000 | | 18 months PITIA |
| | Non-Retirement Asset Reserves Required for LTV/CLTVs 85.01%-90% | | At least 3 months of total reserves must be liquid |
| | | • Additional three (3) -OR- six (6) months reserves PITIA | |
| Additional 1-4 Unit | | for each property is required based on the PITIA of | |
| Financed REO | | the additional REO. | |
| | | • If eligible to be excluded from the count of multiple | |
| | | financed properties, reserves are not required. | |
| See Multiple Financed Properties section for full reserves and requirements | | | |
| **Borrowed funds (secured or unsecured) are not allowed for reserves. | | | |
| borrower is stable. Declining Income: When the borrower has a declining income, the most recent twelve (12) months should be used. In certain cases, an average income for a longer period may be used when the decline is related to one-time capital expenditure and proper documentation is provided. In all cases, the decline in income must be analyzed to determine if the rate of decline would have a negative impact on the continuance of income and the borrower’s ability to repay. The employer or the borrower should provide an explanation for the decline and the underwriter should provide a written justification for including the declining income in qualifying. Residual Income Requirement - DTI > 45% < 49.99% and all loans 85.01%-90% LTV • Residual Income Calculation required for DTI exceeding 45% and not to exceed 49.99% as well as LTVs exceeding 85%. All loans must meet the residual income requirements below. Residual income equals Gross Qualifying Income Less Monthly Debt (as included in the debt-to-income ratio) # in Household 1 2 3 4 5 Required Residual $1550 $2600 $3150 $3550 $3700 Add $150 for additional family members Gaps in Employment: Refer to AUS findings. General Documentation Requirements: • 4506-C / Form 8821 must be signed and completed for all borrowers. IRS will require the latest form completed in full. • Taxpayer consent form signed by all borrowers. • Income calculation worksheet or 1008 with income calculation. The Fannie Mae 1084, or Freddie Mac Form 91 or equivalent is required for self-employment analysis. The most recent Form 1084 or Form 91 should be used based on application date. Instructions per Form 1084 or Form 91 must be followed. Copy of liquidity analysis must be included in the loan file if the income analysis includes income from boxes 1, 2 or 3 on the K-1 that is greater than distributions indicated on the K-1. If a liquidity analysis is required and the borrower is using business funds for down payment or closing costs, the liquidity analysis must consider the reduction of those assets. • Paystubs must meet the following requirements: Clearly identify the employee/borrower and the employer. Reflect the current pay period and year-to-date earnings. Computer generated. Paystubs issued electronically via email or internet, must show the URL address, date, and time printed and identifying information. Year-to-date pay with the most recent pay period at the time of application and |
| Income / 36B | |
| Employment 37B | |
| (Cont’d) | |
Refinance
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| Medical Professionals Eligibility Matrix | | | | |
|---|
| Fixed rate (15, 20, 25 and 30-year) & Hybrid ARM Products3 | | | | |
| Primary Residence | Purchase, Rate and Term Refinance2 | | | | |
| Transaction Type | Units | FICO | Max LTV | Max Loan Amount |
| 1-unit only | 680 | 95% | $2,000,000 |
| | 680 | 100% | $1,500,000 |
| Purchase or | | | | |
| Rate and Term | | | | |
| Refinance | | | | |
| | 720 | 100% | $2,000,000 |
| Medical Professionals Underwriting Guidelines | |
|---|
| Eligible Products | • Fixed Rate: 15, 20, 25, 30-year term • ARM: 5/6, 7/6 and 10/6 ARM, Fully Amortizing 30-year term |
| Product Codes | • 2600 - Medical Professional Home Loan 15 Year Fixed • 2601 - Medical Professional Home Loan 20 Year Fixed • 2602 - Medical Professional Home Loan 25 Year Fixed • 2603 - Medical Professional Home Loan 30 Year Fixed • 2604 - Medical Professional Home Loan 5/6 ARM • 2605 - Medical Professional Home Loan 7/6 ARM • 2606 - Medical Professional Home Loan 10/6 ARM |
| Eligible Transaction Type | • Primary Residence Purchase • Primary Residence R/T Refinances |
| Loan Amount | • Minimum Loan amount: $100,000 (ARM $350,000) • Maximum Loan amount: $2,000,000 |
| Debt-to-Income Ratio (DTI) | • 45% - LTV > 95% • 45% - ARMs & 15-year • 50% - LTV ≤ 95% |
| AUS Findings | • AUS findings are not eligible. Full manual underwriting is required |
| Eligible Medical Professionals | • At least one borrower whose income is being used to qualify must hold one of the eligible professional designations listed below and possess one of the specified degrees as a medical professional in active practice. Medical Doctor (MD) Doctor of Osteopathy (DO) Doctor of Dental Science or Surgery (DDS) Doctor of Dental Medicine (DMD) Doctor of Ophthalmology (MD or DO) Doctor of Psychiatry (MD or DO) Doctor of Pharmacy (PharmD) Doctor of Veterinary Medicine (VMD) Doctor of Podiatric Medicine (DPM) Certified Registered Nurse Anesthetist (CRNA with DNAP or DNP) Medical residents, fellows, or interns with one of the above degrees |
| Eligible Borrowers | • US Citizens • Permanent Resident Aliens with evidence of lawful residency o Must be employed in the US for the past twenty-four (24) months. • Non-Permanent Resident Aliens with evidence of lawful residency are eligible with the following restrictions: o Primary residence only o Unexpired Visas only o Borrower must have a current twenty-four (24) month employment history in the US. o Maximum LTV is 95% • Documentation evidencing lawful residency must be met |
Eligible Borrowers
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| Medical Professionals Underwriting Guidelines | |
|---|
| Eligible Products | • Fixed Rate: 15, 20, 25, 30-year term • ARM: 5/6, 7/6 and 10/6 ARM, Fully Amortizing 30-year term |
| Product Codes | • 2600 - Medical Professional Home Loan 15 Year Fixed • 2601 - Medical Professional Home Loan 20 Year Fixed • 2602 - Medical Professional Home Loan 25 Year Fixed • 2603 - Medical Professional Home Loan 30 Year Fixed • 2604 - Medical Professional Home Loan 5/6 ARM • 2605 - Medical Professional Home Loan 7/6 ARM • 2606 - Medical Professional Home Loan 10/6 ARM |
| Eligible Transaction Type | • Primary Residence Purchase • Primary Residence R/T Refinances |
| Loan Amount | • Minimum Loan amount: $100,000 (ARM $350,000) • Maximum Loan amount: $2,000,000 |
| Debt-to-Income Ratio (DTI) | • 45% - LTV > 95% • 45% - ARMs & 15-year • 50% - LTV ≤ 95% |
| AUS Findings | • AUS findings are not eligible. Full manual underwriting is required |
| Eligible Medical Professionals | • At least one borrower whose income is being used to qualify must hold one of the eligible professional designations listed below and possess one of the specified degrees as a medical professional in active practice. Medical Doctor (MD) Doctor of Osteopathy (DO) Doctor of Dental Science or Surgery (DDS) Doctor of Dental Medicine (DMD) Doctor of Ophthalmology (MD or DO) Doctor of Psychiatry (MD or DO) Doctor of Pharmacy (PharmD) Doctor of Veterinary Medicine (VMD) Doctor of Podiatric Medicine (DPM) Certified Registered Nurse Anesthetist (CRNA with DNAP or DNP) Medical residents, fellows, or interns with one of the above degrees |
| Eligible Borrowers | • US Citizens • Permanent Resident Aliens with evidence of lawful residency o Must be employed in the US for the past twenty-four (24) months. • Non-Permanent Resident Aliens with evidence of lawful residency are eligible with the following restrictions: o Primary residence only o Unexpired Visas only o Borrower must have a current twenty-four (24) month employment history in the US. o Maximum LTV is 95% • Documentation evidencing lawful residency must be met |
| • Inter Vivos Revocable Trust • All borrowers must have a valid Social Security Number. • Non-occupant co-borrowers are eligible; however, non-occupant contributing income must be less than or equal to 50% of total qualifying income. |
| Ineligible Borrowers | • Chiropractors • DACA • ITIN/Asylum • Foreign Nationals • Borrowers with diplomatic status/diplomatic immunity • Life Estates • Non-Revocable Trusts • Guardianships • LLCs, Corporations or Partnerships • Land Trusts, including Illinois Land Trust • Borrowers with any ownership in a business that is federally illegal, regardless if the income is not being considered for qualifying |
| ARM Features | ARM Features: • Minimum loan amount is $350,000 • Caps: 2/1/5 -5/6 ARM • Caps: 5/1/5 allowed on 7/6, 10/6 ARM • Index: SOFR (30 Day Average) • Margin: 3.5 • Floor: 3.5 • No Conversion Option • Assumable • Qualifying Rate: 5/6 ARM qualify with the greater of the fully indexed rate or the Note rate +2%. Loans in New York state must be $1 over current conforming/high balance limit set by FHFA. Investor will allow for Rebuttable Presumption (HPCT) on 5/6 ARM’s. Note: Rebuttable Presumption = APR less than 2.25% above the applicable APOR. 7/6, 10/6 ARM – qualify with greater of the fully indexed rate or the Note rate. Loans in New York state must be $1 over current conforming/high balance limit set by FHFA. |
| Ineligible Products | • Higher-Priced Mortgage Loans (HPML) • Non-Standard to Standard Refinance Transactions (ATR Exempt) • Higher-Priced Covered Transactions (HPCT QM-Rebuttable Presumption) with the exception of 5/6 ARMs which are permitted • Temporary Buydowns • Balloons • Graduated Payments • Interest Only Products |
Documentation
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| o The Settlors and the current trustees. o The powers of the trustees. o Whether the trust is revocable; and, if revocable, who holds the right to revoke. o The names and number of the trustees required to sign on behalf of the trust. o The trust identification number, whether that is a Social Security number, or an IRS issued Tax Identification Number. o How title to the trust assets should be taken. o A statement that the trust has not been revoked, modified or amended in any manner. • The trust agreement must state the following: o The trustee is authorized to borrow money for the purpose of purchase or refinance. o The beneficiary does not need to grant written consent for the trust to borrow money. If consent is required, consent has been granted in writing for purposes of the mortgage. o There is no unusual risk or impairment to the lenders' rights. o Holding title in the trust does not diminish the lenders' rights as a creditor. • Illinois Land Trust not permitted |
|---|
| Documentation | • All loans must be manually underwritten and fully documented. No documentation waivers based on AUS recommendations permitted. • Income calculation worksheet or 1008 with income calculation. Current Fannie Mae Form 1084, Freddie Mac Form 91 or equivalent is required for self-employment income analysis. Full income and asset verification is required. • 4506-C / Form 8821 must be signed and completed for all borrowers. IRS will require the latest form completed in full. • All credit documents, including title commitment, must be no older than 120 days from the Note date. • Loan file must document the eight (8) Ability to Repay (ATR) rules identified in Part 1026-Truth-in-Lending (Regulation Z). • If subject transaction is paying off a HELOC, the loan file must contain evidence the HELOC has been closed. • If the URLA/1003, title commitment or credit documents indicate the borrower is a |
| LTV Calculation for Refinances | party to a lawsuit, additional documentation must be obtained to determine no negative impact on the borrower’s ability to repay, assets or collateral. • Follow Fannie Mae Selling Guide |
|---|
| Refinance Transactions | Rate and Term Refinance: • The new loan amount is limited to pay off the current first lien mortgage, any seasoned non-first lien mortgages, closing costs and prepaid items. If the first mortgage is a HELOC, evidence it was a purchase money HELOC or it is a seasoned HELOC that has been in place for twelve (12) months and total draws do not exceed $2000 in the most recent twelve (12) months. A seasoned non-first lien mortgage is a purchase money mortgage or a mortgage that has been in place for twelve (12) months. A seasoned equity line is defined as not having draws totaling over $2000 in the most recent twelve (12) months. Withdrawal activity must be documented with a transaction history. Max cash back at closing is limited to 1% of the new loan amount. • Properties inherited less than twelve (12) months prior to application date can be considered for a Rate and Term refinance transaction if the following requirements are met: Must have clear title or copy of probate evidencing borrower was awarded the property. A copy of the will or probate document must be provided, along with the buy-out agreement signed by all beneficiaries. Borrower retains sole ownership of the property after the pay out of the other beneficiaries. Cash back to borrower not to exceed 1% of loan amount. Delayed Purchase Refinancing is allowed with the following requirements: • Property was purchased by borrower for cash within six (6) months of the loan application. • HUD-1/CD from purchase reflecting no financing obtained for the purchase of the property. • Preliminary title reflects the borrower as the owner and no liens. • Funds used to purchase the property are fully documented and sourced and must be the borrower’s own funds (no gift funds or business funds). • Funds drawn from a HELOC on another property owned by the borrower, funds borrowed against a margin account or funds from a 401(k) loan are acceptable if the following requirements are met: The borrowed funds are fully documented. The borrowed funds are reflected on the Closing Disclosure (CD) as a payoff on the new refinance transaction. LTV for Rate and Term refinances must be met. The loan is treated as a Rate and Term refinance except for primary residence transactions in Texas which are not allowed. Continuity of Obligation: |
Refinance Transactions
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| LTV Calculation for Refinances | party to a lawsuit, additional documentation must be obtained to determine no negative impact on the borrower’s ability to repay, assets or collateral. • Follow Fannie Mae Selling Guide |
|---|
| Refinance Transactions | Rate and Term Refinance: • The new loan amount is limited to pay off the current first lien mortgage, any seasoned non-first lien mortgages, closing costs and prepaid items. If the first mortgage is a HELOC, evidence it was a purchase money HELOC or it is a seasoned HELOC that has been in place for twelve (12) months and total draws do not exceed $2000 in the most recent twelve (12) months. A seasoned non-first lien mortgage is a purchase money mortgage or a mortgage that has been in place for twelve (12) months. A seasoned equity line is defined as not having draws totaling over $2000 in the most recent twelve (12) months. Withdrawal activity must be documented with a transaction history. Max cash back at closing is limited to 1% of the new loan amount. • Properties inherited less than twelve (12) months prior to application date can be considered for a Rate and Term refinance transaction if the following requirements are met: Must have clear title or copy of probate evidencing borrower was awarded the property. A copy of the will or probate document must be provided, along with the buy-out agreement signed by all beneficiaries. Borrower retains sole ownership of the property after the pay out of the other beneficiaries. Cash back to borrower not to exceed 1% of loan amount. Delayed Purchase Refinancing is allowed with the following requirements: • Property was purchased by borrower for cash within six (6) months of the loan application. • HUD-1/CD from purchase reflecting no financing obtained for the purchase of the property. • Preliminary title reflects the borrower as the owner and no liens. • Funds used to purchase the property are fully documented and sourced and must be the borrower’s own funds (no gift funds or business funds). • Funds drawn from a HELOC on another property owned by the borrower, funds borrowed against a margin account or funds from a 401(k) loan are acceptable if the following requirements are met: The borrowed funds are fully documented. The borrowed funds are reflected on the Closing Disclosure (CD) as a payoff on the new refinance transaction. LTV for Rate and Term refinances must be met. The loan is treated as a Rate and Term refinance except for primary residence transactions in Texas which are not allowed. Continuity of Obligation: |
| When at least one (1) borrower on the existing mortgage is also a borrower on the new refinance transaction, continuity of obligation requirements have been met. If continuity of obligation is not met, the following permissible exceptions are allowed for the new refinance to be eligible: • The borrower has been on title for at least twelve (12) months but is not obligated on the existing mortgage that is being refinanced and the borrower meets the following requirements: Has been making the mortgage payments (including any secondary financing) for the most recent twelve (12) months, or Is related to the borrower on the mortgage being refinanced. • The borrower on the new refinance transaction was added to title twenty- four (24) months or more prior to the disbursement date of the new refinance transaction. • The borrower on the refinance inherited or was legally awarded the property by a court in the case of divorce, separation or dissolution of a domestic partnership. • The borrower on the new refinance transaction has been added to title through a transfer from a trust, LLC or partnership. The following requirements apply: Borrower must have been a beneficiary/creator (trust) or 25% or more owner of the LLC or partnership prior to the transfer. The transferring entity and/or borrower has had a consecutive ownership (on title) for at least the most recent six (6) months prior to the disbursement of the new loan. NOTE: Transfer of ownership from a corporation to an individual does not meet the continuity of obligation requirement. |
| Secondary Financing | • Not Allowed |
| Construction-To- Permanent Financing | • No Construction to Perm allowed |
| Credit | • Minimum 1 FICO score required • Credit History must cover a minimum of 24+ months • Minimum 1 active tradeline required, non-traditional tradelines acceptable • Mortgage History: 0x30x12 • Verification of Rent (VOR): 0x30x12 • If borrower is living rent-free with family, LOE is acceptable • 4 years seasoning for derogatory credit events Derogatory Credit: • Bankruptcy, Chapter 7, 11, 13 – Four (4) years since discharge / dismissal date • Foreclosure – Four (4) years since completion date • Notice of Default – Four (4) years • Short Sale/Deed-in-Lieu – Four (4) years since completion / sale date • Mortgage accounts that were settled for less, negotiated or short payoffs – Four (4) years since settlement date • Credit events seasoned more than 10 years do not need to be considered. • Loan Modification – Lender initiated modification will not be considered a derogatory |
Credit
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| When at least one (1) borrower on the existing mortgage is also a borrower on the new refinance transaction, continuity of obligation requirements have been met. If continuity of obligation is not met, the following permissible exceptions are allowed for the new refinance to be eligible: • The borrower has been on title for at least twelve (12) months but is not obligated on the existing mortgage that is being refinanced and the borrower meets the following requirements: Has been making the mortgage payments (including any secondary financing) for the most recent twelve (12) months, or Is related to the borrower on the mortgage being refinanced. • The borrower on the new refinance transaction was added to title twenty- four (24) months or more prior to the disbursement date of the new refinance transaction. • The borrower on the refinance inherited or was legally awarded the property by a court in the case of divorce, separation or dissolution of a domestic partnership. • The borrower on the new refinance transaction has been added to title through a transfer from a trust, LLC or partnership. The following requirements apply: Borrower must have been a beneficiary/creator (trust) or 25% or more owner of the LLC or partnership prior to the transfer. The transferring entity and/or borrower has had a consecutive ownership (on title) for at least the most recent six (6) months prior to the disbursement of the new loan. NOTE: Transfer of ownership from a corporation to an individual does not meet the continuity of obligation requirement. |
| Secondary Financing | • Not Allowed |
| Construction-To- Permanent Financing | • No Construction to Perm allowed |
| Credit | • Minimum 1 FICO score required • Credit History must cover a minimum of 24+ months • Minimum 1 active tradeline required, non-traditional tradelines acceptable • Mortgage History: 0x30x12 • Verification of Rent (VOR): 0x30x12 • If borrower is living rent-free with family, LOE is acceptable • 4 years seasoning for derogatory credit events Derogatory Credit: • Bankruptcy, Chapter 7, 11, 13 – Four (4) years since discharge / dismissal date • Foreclosure – Four (4) years since completion date • Notice of Default – Four (4) years • Short Sale/Deed-in-Lieu – Four (4) years since completion / sale date • Mortgage accounts that were settled for less, negotiated or short payoffs – Four (4) years since settlement date • Credit events seasoned more than 10 years do not need to be considered. • Loan Modification – Lender initiated modification will not be considered a derogatory |
| credit event if the modification did not include debt forgiveness and was not due to hardship as evidenced by supporting documentation. No seasoning requirement would apply. If the modification was due to hardship or included debt forgiveness – Four (4) years since modification. • A forbearance that results in a loan modification (moving payments to the end of the mortgage) is a credit event and will be considered “due to hardship.” • Multiple derogatory credit events not allowed. However, credit events seasoned more than 10 years do not need to be considered. A mortgage with a Notice of Default filed that is subsequently modified is not considered a multiple event. A mortgage with a Notice of Default filed that is subsequently foreclosed upon or sold as a short sale is not considered a multiple event. • Medical collections - allowed to remain outstanding if the balance is less than $10,000 in aggregate. Outstanding Judgments/Tax Liens/Charge-offs/Past-Due Accounts: • Tax liens, judgments, charge-offs and past-due accounts must be satisfied or brought current prior to or at closing. Cash-out proceeds from the subject transaction may not be used to satisfy judgments, tax liens, charge- offs or past- due accounts. • Payment plans on prior year tax liens/liabilities are not allowed, must be paid in full. Credit Inquiries: • If the credit report indicates inquiries within the most recent 90 days of the credit report, the seller must confirm the borrower did not obtain additional credit that is not reflected in the credit report or mortgage application. In these instances, the borrower must explain the reason for the credit inquiry. • If additional credit was obtained, a verification of that debt must be provided, and the borrower must be qualified with the monthly payment. • Confirmation of no new debt may be in the form of a new credit report, pre-close credit report or gap credit report. Credit Reports-Frozen Bureaus: • Credit reports with bureaus identified as “frozen” are required to be unfrozen and a current credit report with all bureaus unfrozen is required. • Credit Refreshes/Rescores: Investor will allow for Credit Score refreshes; however, the closed loan file must include all documentation to support the change in score and still meet sufficient assets as required by the program guidelines. |
| Liabilities | Liability Requirements: • The monthly payment on revolving accounts with a balance must be included in the borrower’s DTI, regardless of the number of months remaining. If the credit report does not reflect a payment and the actual payment cannot be determined, a minimum payment may be calculated using the greater of $10 or 5%. • If the credit report reflects an open-end or net thirty (30) day account, the |
Assets
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| Normal administrative requirements, such as background checks, drug testing, and fingerprinting. Housing Allowance for Residents and Fellows: For borrowers currently in/will be in residency, or currently in/will be in training in a medical clinical fellowship program, housing allowance may be included in qualifying income with < 12 months history provided all the following requirements are met: The housing allowance is paid in cash (not a rent credit) directly to the borrower (not to a landlord or third party). Current employment: The housing allowance is clearly reflected on the borrower’s paystubs and verified with VOE. Projected employment: The employment contract or offer letter confirms the housing allowance is guaranteed. Current and projected employment: There is no indication the housing allowance will terminate prior to the end of the borrower’s employment term. For borrowers who are out of residency/fellowship and employed as a licensed practitioner, follow FNMA Selling Guide for Housing Allowance. Asset depletion: Supplemental income only and may not be used as the sole source of qualifying income. • Eligible assets must be held in US account • Calculate the depletion of assets using a 3% rate of return over the life of the loan; the same as calculating a P & I payment for a mortgage. For borrowers > 59 1/2, all post-closing retirement and liquid assets may be used in the calculation if the assets are fully vested and unrestricted. For borrowers < 59 ½, all post-closing liquid (non-retirement) assets can be included in the calculation. Minimum liquid post-closing assets of $500,000 required to include asset depletion for qualifying income. Business funds are not allowed for income calculation. |
| Assets | Minimum Reserves Required for LTVs < 95% • Loan amount: $100,000 - $1,500,000 – 0 months • Loan Amount: $1,500,001 - $2,000,000 – 3 months Minimum Reserves Required for LTVs > 95% • Loan amount: $100,000 - $1,500,000 – 3 months • Loan Amount: $1,500,001 - $2,000,000 – 6 months Note: Gift Funds are eligible for reserves Note: When projected income is used for qualifying, the borrower must document sufficient reserves to cover the monthly PITIA (Principal, Interest, Taxes, Insurance, and Assessments) for each month between the Note date and the employment start date. These additional reserves are required in excess of the minimum PITIA reserve requirement. |
| Purchase transactions: The statements must cover the most recent full two (2) month period of account activity (60 days, or, if account information is reported on a quarterly basis, the most recent quarter). Refinance transactions: The statements must cover the most recent full one (1) month period of account activity (30 days, or, if account information is reported on a quarterly basis, the most recent quarter). |
| Multiple Financed Properties | • The borrower(s) may own a total of four (4) financed, 1-4 unit residential properties including the subject property. • If the borrower owns up to four (4) financed properties: Max financing for the subject transaction is allowed Additional financed 1–4-unit residential properties require three (3) months reserves for each property |
| Financing Concessions | Follow FNMA Selling Guide |
| Seller Concessions | Follow FNMA Selling Guide |
| Properties Listed for Sale | • Properties currently listed for sale (at the time of application) or within six (6) months of the application date are not eligible for refinance transactions. |
| Appraisal Requirements | • Loan amounts < $2,000,000 – 1 Full Appraisal Required • No Appraisal waivers allowed • Transfer Appraisals are Not Allowed • Appraisals must be completed for the subject transaction. Use of a prior appraisal, regardless of the date of the prior appraisal, is not allowed. • Collateral Desktop Analysis (CDA) ordered from Clear Capital, or a Consolidated Collateral Analysis (CCA) ordered from Consolidated Analytics is required to support the value of the appraisal. The Seller is responsible for ordering the CDA. If the CDA or CCA returns a value that is “Indeterminate” or if the CDA or CCA indicates a lower value than the appraised value that exceeds a 10% tolerance, then one (1) of the following requirements must be met: o A Clear Capital BPO or Consolidated Analytics BPO (Broker Price Opinion) and a Clear Capital Value Reconciliation or a Consolidated Analytics Value Reconciliation (of Three Reports) is required. o The Value Reconciliation will be used for the appraised value of the property. The Seller is responsible for ordering the BPO and Value Reconciliation through Clear Capital or Consolidated Analytics. o A field review or 2nd full appraisal may be provided. The lower of the two values will be used as the appraised value of the property. The Seller is responsible for providing the field review or 2nd full appraisal. If two (2) full appraisals are provided, a CDA is not required. • Collateral Underwriter (CU) score in lieu of a CDA or CCA. The use of the Collateral Underwriter (CU) score in lieu of a CDA is allowed with the following requirements: o UCDP SSR included in loan file with a Fannie CU score of |
Requirements
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| Purchase transactions: The statements must cover the most recent full two (2) month period of account activity (60 days, or, if account information is reported on a quarterly basis, the most recent quarter). Refinance transactions: The statements must cover the most recent full one (1) month period of account activity (30 days, or, if account information is reported on a quarterly basis, the most recent quarter). |
| Multiple Financed Properties | • The borrower(s) may own a total of four (4) financed, 1-4 unit residential properties including the subject property. • If the borrower owns up to four (4) financed properties: Max financing for the subject transaction is allowed Additional financed 1–4-unit residential properties require three (3) months reserves for each property |
| Financing Concessions | Follow FNMA Selling Guide |
| Seller Concessions | Follow FNMA Selling Guide |
| Properties Listed for Sale | • Properties currently listed for sale (at the time of application) or within six (6) months of the application date are not eligible for refinance transactions. |
| Appraisal Requirements | • Loan amounts < $2,000,000 – 1 Full Appraisal Required • No Appraisal waivers allowed • Transfer Appraisals are Not Allowed • Appraisals must be completed for the subject transaction. Use of a prior appraisal, regardless of the date of the prior appraisal, is not allowed. • Collateral Desktop Analysis (CDA) ordered from Clear Capital, or a Consolidated Collateral Analysis (CCA) ordered from Consolidated Analytics is required to support the value of the appraisal. The Seller is responsible for ordering the CDA. If the CDA or CCA returns a value that is “Indeterminate” or if the CDA or CCA indicates a lower value than the appraised value that exceeds a 10% tolerance, then one (1) of the following requirements must be met: o A Clear Capital BPO or Consolidated Analytics BPO (Broker Price Opinion) and a Clear Capital Value Reconciliation or a Consolidated Analytics Value Reconciliation (of Three Reports) is required. o The Value Reconciliation will be used for the appraised value of the property. The Seller is responsible for ordering the BPO and Value Reconciliation through Clear Capital or Consolidated Analytics. o A field review or 2nd full appraisal may be provided. The lower of the two values will be used as the appraised value of the property. The Seller is responsible for providing the field review or 2nd full appraisal. If two (2) full appraisals are provided, a CDA is not required. • Collateral Underwriter (CU) score in lieu of a CDA or CCA. The use of the Collateral Underwriter (CU) score in lieu of a CDA is allowed with the following requirements: o UCDP SSR included in loan file with a Fannie CU score of |
| 2.5 or less Note: (CU score cannot be used if a CDA or CCA has been pulled and value is not supported within 10% tolerance, further value support is required by either a Value Reconciliation from Clear Capital, Field Review, or 2nd full appraisals • For properties purchased by the seller of the property within ninety (90) days of the fully executed purchase contract the following requirements apply: Second full appraisal is required. Property seller on the purchase contract is the owner of record. Increases in value should be documented with commentary from the appraiser and recent paired sales. The above requirements do not apply if the property seller is a bank that received the property as a result of foreclosure or deed-in lieu. • When two (2) appraisals are required, the following applies: Appraisals must be completed by two (2) independent companies. The LTV will be determined by the lower of the two (2) appraised values if the lower appraisal supports the value conclusion. Both appraisal reports must be reviewed and address any inconsistencies between the two (2) reports and all discrepancies must be reconciled. | | |
| Escrow Holdbacks | • | Not allowed | |
| Eligible Properties | • 1-unit Owner Occupied Properties • Planned Unit Developments – PUDs • Warrantable Condo • Modular Homes • Properties with ≤40 acres | | |
| Ineligible Properties | • 2-4 unit Owner Occupied Properties • Second Home Properties • Investment properties • Co-ops • Manufactured Homes / Mobile Homes • Mixed-Use Properties • Model Home Leasebacks • Properties with condition rating of C5/C6 • Properties with construction rating of Q6 • Properties located in Hawaii in lava zones 1 & 2 • Properties located in areas where a valid security interest in the property cannot be obtained • Properties with a private transfer fee covenant unless the covenant is excluded under 12CFR 1228 as an excepted transfer fee covenant • Tenants-in-Common projects (TICs) | | |
Model Home Leasebacks
newrezcorrespondent.com-medical_professional_home_loan.pdf · 2026-07-15
| 2.5 or less Note: (CU score cannot be used if a CDA or CCA has been pulled and value is not supported within 10% tolerance, further value support is required by either a Value Reconciliation from Clear Capital, Field Review, or 2nd full appraisals • For properties purchased by the seller of the property within ninety (90) days of the fully executed purchase contract the following requirements apply: Second full appraisal is required. Property seller on the purchase contract is the owner of record. Increases in value should be documented with commentary from the appraiser and recent paired sales. The above requirements do not apply if the property seller is a bank that received the property as a result of foreclosure or deed-in lieu. • When two (2) appraisals are required, the following applies: Appraisals must be completed by two (2) independent companies. The LTV will be determined by the lower of the two (2) appraised values if the lower appraisal supports the value conclusion. Both appraisal reports must be reviewed and address any inconsistencies between the two (2) reports and all discrepancies must be reconciled. | | |
| Escrow Holdbacks | • | Not allowed | |
| Eligible Properties | • 1-unit Owner Occupied Properties • Planned Unit Developments – PUDs • Warrantable Condo • Modular Homes • Properties with ≤40 acres | | |
| Ineligible Properties | • 2-4 unit Owner Occupied Properties • Second Home Properties • Investment properties • Co-ops • Manufactured Homes / Mobile Homes • Mixed-Use Properties • Model Home Leasebacks • Properties with condition rating of C5/C6 • Properties with construction rating of Q6 • Properties located in Hawaii in lava zones 1 & 2 • Properties located in areas where a valid security interest in the property cannot be obtained • Properties with a private transfer fee covenant unless the covenant is excluded under 12CFR 1228 as an excepted transfer fee covenant • Tenants-in-Common projects (TICs) | | |
| • Unique properties • Working farms, ranches or orchards • Non-Warrantable Condominiums • CondoHotels • Properties with > 40 acres • 20, 25, 30-year fixed rate only for transactions over ten (10) acres. |
| Non-Arm’s Length Transactions | A non-arm’s length transaction exists whenever there is a personal or business relationship with any parties to the transaction which may include the seller, builder, real estate agent, appraiser, lender, title company or other interested party. The following non-arm’s length transactions are eligible: Family sales or transfers Property seller acting as their own real estate agent Relative of the property seller acting as the seller’s real estate agent Borrower acting as their own real estate agent Relative of the borrower acting as the borrower’s real estate agent Borrower is the employee of the originating lender and the lender has an established employee loan program. Evidence of employee program to be included in loan file. Originator is related to the borrower Originator is a current subsidiary of the builder Borrower purchasing from their landlord (cancelled checks or bank statements required to verify satisfactory pay history between borrower and landlord). Gifts from relatives that are interested parties to the transaction are not allowed, unless it is a gift of equity. Real estate agents may apply their commission towards closing costs and/or prepaids if the amounts are within the interested party contribution limitations. Other non-arm’s length transactions may be acceptable on an exception basis. |
| Disaster Policy | The FEMA Declared Disaster Area Policy applies to all areas eligible for Individual and or Public Assistance due to a federal government disaster declaration. 1. Effective Date of Disaster Policy The disaster-area policy becomes effective as of the incident period end date for the disaster/event. FEMA publishes the incident period along with the declaration date once the area is presidentially declared. For example, refer to the following dates to understand when property re-inspection requirements apply: • Disaster Incident Period: o Begin Date: January 15 o End Date: January 17 • Disaster Declaration Date: February 2 • Effective Date for Disaster Procedures: January 17 Based on the dates noted in the above example, all appraisals performed on or before January 17 would require the appropriate re-inspection or review. Appraisals performed after January 17 would continue to require written certification by the |
Primary Residence Only
newrezcorrespondent.com-smartedge_grid.pdf · 2026-08-20
| ELIGIBILITY MATRIX 1 | | | | | | | | | | | | | |
| Transaction Type | | | Units | | | Loan Amount | | | Credit Score | | | LTV/CLTV2,3,4 | |
| Primary Residence | | | | | | | | | | | | | | |
| Purchase | | | 1-4 | | | $1,500,000 | | | 720 | | | 90% | | |
| Purchase Rate & Term Refinance | | | 1-4 | | | $3,500,000 | | | 740 | | | 70% | | |
| | | | | | $3,000,000 | | | 740 | | | 75% | | |
| | | | | | $2,000,000 | | | 700 | | | 80% | | |
| | | | | | $1,500,000 | | | 700 | | | 85% | | |
| | | | | | $1,000,000 | | | 640 | | | 80% | | |
| Cash out Refinance | | | 1-4 | | | $2,000,000 | | | 720 | | | 80% | | |
| | | | | | $1,500,000 | | | 700 | | | 80% | | |
| | | | | | $1,000,000 | | | 680 | | | 75% | | |
| | | | | | $1,000,000 | | | 640 | | | 70% | | |
| 1 One (1) Year Self Employment • Maximum LTV/CLTV 75% • Minimum FICO 700 • Maximum Loan Amount $2,000,000 • Purchase and Rate & Term Refinance Permitted 2 Condotels Cash Out Refinance: Maximum LTV/CLTV is the lesser of 75% or the LTV/CLTV based on loan amount and FICO 3 Cooperatives – Non Delegated Only • Maximum LTV/CLTV 70% 4 Texas 50A6 • Maximum LTV/CLTV 80% • Primary Residence Only | | | | | | | | | | | | | | |
| ELIGIBILITY MATRIX 1 | | | | | | | | | | | | | |
| Transaction Type | | | Units | | | Loan Amount | | | Credit Score | | | LTV/CLTV2,3 | |
| Second Home | | | | | | | | | | | | | | |
| Purchase Rate & Term Refinance | | | 1-2 | | | $2,500,000 | | | 740 | | | 75% | | |
| | | | | | $2,000,000 | | | 740 | | | 80% | | |
| | | | | | $1,500,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 680 | | | 75% | | |
| | | | | | $1,000,000 | | | 640 | | | 70% | | |
| Cash out Refinance | | | 1 | | | $1,500,000 | | | 740 | | | 80% | | |
| | | | | | $1,000,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 700 | | | 75% | | |
| | | | | | $1,000,000 | | | 660 | | | 70% | | |
| Not Permitted • First Time Homebuyers • Non-Permanent Residents 1 One (1) Year Self Employment • Maximum LTV/CLTV 70% • Minimum FICO 700 • Maximum Loan Amount $2,000,000 • Purchase and Rate & Term Refinance Permitted 2Condotels • Cash Out Refinance: Maximum LTV/CLTV is the lesser of 75% or the LTV/CLTV based on loan amount and FICO 3Cooperatives – Non-Delegated Only • Maximum LTV/CLTV 70% | | | | | | | | | | | | | | |
FICO
newrezcorrespondent.com-smartedge_grid.pdf · 2026-08-20
| ELIGIBILITY MATRIX 1 | | | | | | | | | | | | | |
| Transaction Type | | | Units | | | Loan Amount | | | Credit Score | | | LTV/CLTV2,3 | |
| Second Home | | | | | | | | | | | | | | |
| Purchase Rate & Term Refinance | | | 1-2 | | | $2,500,000 | | | 740 | | | 75% | | |
| | | | | | $2,000,000 | | | 740 | | | 80% | | |
| | | | | | $1,500,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 680 | | | 75% | | |
| | | | | | $1,000,000 | | | 640 | | | 70% | | |
| Cash out Refinance | | | 1 | | | $1,500,000 | | | 740 | | | 80% | | |
| | | | | | $1,000,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 700 | | | 75% | | |
| | | | | | $1,000,000 | | | 660 | | | 70% | | |
| Not Permitted • First Time Homebuyers • Non-Permanent Residents 1 One (1) Year Self Employment • Maximum LTV/CLTV 70% • Minimum FICO 700 • Maximum Loan Amount $2,000,000 • Purchase and Rate & Term Refinance Permitted 2Condotels • Cash Out Refinance: Maximum LTV/CLTV is the lesser of 75% or the LTV/CLTV based on loan amount and FICO 3Cooperatives – Non-Delegated Only • Maximum LTV/CLTV 70% | | | | | | | | | | | | | | |
| Investment Property | ELIGIBILITY MATRIX Transaction Type | | | Units | | | Loan Amount | | | Credit Score | | | LTV/CLTV¹ | |
|---|
| Purchase Rate & Term Refinance | | | 1-4 | | | $2,500,000 | | | 740 | | | 65% | | |
| | | | | | $2,000,000 | | | 740 | | | 70% | | |
| | | | | | $1,500,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 720 | | | 85% | | |
| | | | | | $1,000,000 | | | 640 | | | 75% | | |
| Cash out Refinance | | | 1-4 | | | $1,500,000 | | | 720 | | | 65% | | |
| | | | | | $1,000,000 | | | 720 | | | 75% | | |
| | | | | | $1,000,000 | | | 700 | | | 70% | | |
| | | | | | $1,000,000 | | | 660 | | | 65% | | |
| Not Permitted • First Time Homebuyers • Non-Permanent Residents • 1 Year Self Employed ¹ Condotels • Cash Out Refinance: Maximum LTV/CLTV is the lesser of 75% or the LTV/CLTV based on loan amount and FICO | | | | | | | | | | | | | | |
FICO
newrezcorrespondent.com-smartedge_grid.pdf · 2026-08-20
| Investment Property | ELIGIBILITY MATRIX Transaction Type | | | Units | | | Loan Amount | | | Credit Score | | | LTV/CLTV¹ | |
|---|
| Purchase Rate & Term Refinance | | | 1-4 | | | $2,500,000 | | | 740 | | | 65% | | |
| | | | | | $2,000,000 | | | 740 | | | 70% | | |
| | | | | | $1,500,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 720 | | | 85% | | |
| | | | | | $1,000,000 | | | 640 | | | 75% | | |
| Cash out Refinance | | | 1-4 | | | $1,500,000 | | | 720 | | | 65% | | |
| | | | | | $1,000,000 | | | 720 | | | 75% | | |
| | | | | | $1,000,000 | | | 700 | | | 70% | | |
| | | | | | $1,000,000 | | | 660 | | | 65% | | |
| Not Permitted • First Time Homebuyers • Non-Permanent Residents • 1 Year Self Employed ¹ Condotels • Cash Out Refinance: Maximum LTV/CLTV is the lesser of 75% or the LTV/CLTV based on loan amount and FICO | | | | | | | | | | | | | | |
| Primary Residence | ASSET QUALIFIER ELIGIBILITY MATRIX Transaction Type | | | Units | | | Loan Amount | | | Credit Score | | | LTV¹ | |
|---|
| Purchase Rate & Term Refinance | | | 1-4 | | | $2,000,000 | | | 700 | | | 80% | | |
| Second Home | | | | | | | | | | | | | | |
| Purchase Rate & Term Refinance | | | 1 | | | $2,000,000 | | | 720 | | | 80% | | |
| Not Permitted on Second Homes • First Time Homebuyers • Non-Permanent Residents ¹ Cooperative – Non-Delegated Only • Maximum LTV/CLTV 70% | | | | | | | | | | | | | | |
Not Permitted
newrezcorrespondent.com-smartself_grid.pdf · 2026-08-20
| ELIGIBILITY MATRIX 1,2 | | | | | | | | | | | | | |
| Units | | | Transaction Type | | | Loan Amount | | | Credit Score | | | LTV/CLTV 3,4 | |
| Second Home | | | | | | | | | | | | | | |
| 1-2 | | | Purchase Rate & Term Refinance | | | $2,500,000 | | | 740 | | | 75% | | |
| | | | | | $2,000,000 | | | 740 | | | 80% | | |
| | | | | | $1,500,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 680 | | | 75% | | |
| | | | | | $1,000,000 | | | 640 | | | 70% | | |
| 1 | | | Cash out Refinance | | | $1,500,000 | | | 740 | | | 80% | | |
| | | | | | $1,000,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 700 | | | 75% | | |
| | | | | | $1,000,000 | | | 660 | | | 70% | | |
| Not Permitted | | | | | | | | | | | | | |
| • First Time Homebuyers | | | | | | | | | | | | | |
| Investment Property | ELIGIBILITY MATRIX Units | | | Transaction Type | | | Loan Amount | | | Credit Score | | | LTV/CLTV¹ | |
|---|
| 1-4 | | | Purchase Rate & Term Refinance | | | $2,500,000 | | | 740 | | | 65% | | |
| | | | | | $2,000,000 | | | 740 | | | 70% | | |
| | | | | | $1,500,000 | | | 720 | | | 80% | | |
| | | | | | $1,000,000 | | | 720 | | | 85% | | |
| | | | | | $1,000,000 | | | 640 | | | 75% | | |
| 1-4 | | | Cash out Refinance | | | $1,500,000 | | | 720 | | | 65% | | |
| | | | | | $1,000,000 | | | 720 | | | 75% | | |
| | | | | | $1,000,000 | | | 700 | | | 70% | | |
| | | | | | $1,000,000 | | | 660 | | | 60% | | |
| Not permitted | | | | | | | | | | | | | |
| • First Time Homebuyers | | | | | | | | | | | | | |
| • Non-Permanent Residents | | | | | | | | | | | | | |
| • P&L Documentation Program | | | | | | | | | | | | | |
| • 1 Yr Self Employed | | | | | | | | | | | | | |
Correspondent Lending
newrezcorrespondent.com-yosemite_jumbo_aus.pdf · 2026-07-23
| Jumbo AUS Eligibility Matrix 0B | | | | | |
| Fixed Rate (20,25,30 year) & Hybrid ARM Products4 1B | | | | | |
| Primary Residence | Purchase, Rate and Term Refinance 5B | | | | | |
| Transaction Type | Units | FICO | Maximum | Maximum Loan Amount | |
| | | LTV/CLTV/HCLTV | | |
| 1 ¯¯¯¯¯¯¯¯ 2 | 680 | 90%2 | $2,000,000 | |
| Purchase or | | 660 | 80% | $2,000,000 | |
| Rate and Term | | 700 | 80% | $3,500,000 | |
| Refinance | | | | | |
| | 680 | 80% | $2,000,000 | |
| Primary Residence | Cash-Out Refinance1 6B | | | | | |
| Transaction Type | Units | FICO | Maximum | Maximum Loan | Maximum Cash-Out |
| | | LTV/CLTV/HCLTV | Amount | |
| 1 | 680 | 80% | $2,000,000 | Unlimited |
| Second Home | Purchase, Rate and Term Refinance 7B | | | | | |
| Transaction Type | Units | FICO | Maximum | Maximum Loan Amount | |
| | | LTV/CLTV/HCLTV | | |
| Purchase | 1 | 680 | 90%2 | $2,000,000 | |
| or Rate and Term | | 660 | 80% | $2,000,000 | |
| Refinance | | | | | |
| | 700 | 75% | $3,000,000 | |
| Second Home | Cash-Out Refinance 8B | | | | | |
| Transaction Type | Units | FICO | Maximum | Maximum Loan | Maximum Cash-Out |
| | | LTV/CLTV/HCLTV | Amount | |
| Cash-Out | 1 | 680 | 65% | $1,500,000 | Unlimited |
| Refinance | | | | | |
| | 700 | 75% | $2,000,000 | |
No Non-Occupant Co Borrowers
newrezcorrespondent.com-yosemite_jumbo_aus.pdf · 2026-07-23
| Investment3 | Purchase | Rate and Term Refinance | Cash-Out Refinance | | | | |
| | Minimum | Maximum | Maximum Loan Amount |
| Transaction Type | Units | | | |
| | FICO | LTV/CLTV/HLCTV | |
| Purchase and Rate Term | 1-4 | 680 | 80% | $2,000,000 |
| Refinance | | | | |
| Cash-Out Refinance | 1-4 | 700 | 75% | $2,000,000 Max Cash-Out: Unlimited |
| Jumbo AUS Underwriting Guidelines 2B | |
| Overlays 9B | • Maximum LTV/CLTV based on transaction type, occupancy, and credit score • Maximum DTI (Refer to Debt to Income Ratio Section) • Reserve Requirements – refer to Reserve Table • Follow “Credit Event” Seasoning requirements • For FTHB transactions with 80.01% LTV/CLTV or higher, the following requirements must be met: o Maximum loan amount is $1,500,000 o 700 minimum FICO o No gift funds allowed o Primary residence only o Reserve requirements met for FTHB as specified in the Asset section • Non-Occupant Co-Borrowers: o May or may not have an ownership interest in the subject property as indicated on title. o Maximum LTV/CLTV of 80% • Coops are not permitted |
Correspondent Lending
newrezcorrespondent.com-yosemite_jumbo_aus.pdf · 2026-07-23
| Jumbo AUS Underwriting Guidelines 2B | |
| Overlays 9B | • Maximum LTV/CLTV based on transaction type, occupancy, and credit score • Maximum DTI (Refer to Debt to Income Ratio Section) • Reserve Requirements – refer to Reserve Table • Follow “Credit Event” Seasoning requirements • For FTHB transactions with 80.01% LTV/CLTV or higher, the following requirements must be met: o Maximum loan amount is $1,500,000 o 700 minimum FICO o No gift funds allowed o Primary residence only o Reserve requirements met for FTHB as specified in the Asset section • Non-Occupant Co-Borrowers: o May or may not have an ownership interest in the subject property as indicated on title. o Maximum LTV/CLTV of 80% • Coops are not permitted |
| Jumbo AUS Underwriting Guidelines 3B | | | | | | | | |
| Eligible Products 10B | • Fixed Rate: 20, 25, 30-year term • ARM: 5/6, 7/6, and 10/6 ARM, Fully Amortizing 30-year term Subject to overlays, default to AUS Findings and FNMA/FHLMC Selling Guide for any guideline not addressed in this guide. | | | | | | | |
| Product Codes 11B | | | Product Code | | | Product Description | | |
| | 2579 | | | Yosemite Jumbo AUS 30 Year Fixed | | | |
| | 2580 | | | Yosemite Jumbo AUS 25 Year Fixed | | | |
| | 2581 | | | Yosemite Jumbo AUS 20 Year Fixed | | | |
| | 2585 | | | Yosemite Jumbo AUS 30 Year Fixed A6 | | | |
| | 2586 | | | Yosemite Jumbo AUS 25 Year Fixed A6 | | | |
| | 2587 | | | Yosemite Jumbo AUS 20 Year Fixed A6 | | | |
| | 2582 | | | Yosemite Jumbo AUS 5/6 SOFR ARM | | | |
| | 2583 | | | Yosemite Jumbo AUS 7/6 SOFR ARM | | | |
| | 2584 | | | Yosemite Jumbo AUS 10/6 SOFR ARM | | | |
| • Maximum 80% LTV/CLTV • Minimum loan amount is $350,000 • Investment property is not permitted • Caps: 2/1/5 – 5/6 ARM • Caps: 5/1/5 permitted on 7/6, 10/6 ARM • Index: SOFR (30 Day Average) • Margin: 2.75 • Floor: 2.75 • No Conversion Option • Assumable • Qualifying Rate: o 5/6 ARM qualify with the greater of the fully indexed rate or the note rate + 2% o Loans in New York state must be $1 over the current conforming/high balance limit set by FHFA • Rebuttal Presumption (HPCT) on 5/6 ARMs are permitted. Note: Rebuttable Presumption = APR less than 2.25% above the applicable APOR. o 7/6, 10/6 ARM – qualify with greater of the fully indexed rate or the note rate | | | | | | | |
| ARM Features 4B | | | | | | | | |
Assumable
newrezcorrespondent.com-yosemite_jumbo_aus.pdf · 2026-07-23
| Jumbo AUS Underwriting Guidelines 3B | | | | | | | | |
| Eligible Products 10B | • Fixed Rate: 20, 25, 30-year term • ARM: 5/6, 7/6, and 10/6 ARM, Fully Amortizing 30-year term Subject to overlays, default to AUS Findings and FNMA/FHLMC Selling Guide for any guideline not addressed in this guide. | | | | | | | |
| Product Codes 11B | | | Product Code | | | Product Description | | |
| | 2579 | | | Yosemite Jumbo AUS 30 Year Fixed | | | |
| | 2580 | | | Yosemite Jumbo AUS 25 Year Fixed | | | |
| | 2581 | | | Yosemite Jumbo AUS 20 Year Fixed | | | |
| | 2585 | | | Yosemite Jumbo AUS 30 Year Fixed A6 | | | |
| | 2586 | | | Yosemite Jumbo AUS 25 Year Fixed A6 | | | |
| | 2587 | | | Yosemite Jumbo AUS 20 Year Fixed A6 | | | |
| | 2582 | | | Yosemite Jumbo AUS 5/6 SOFR ARM | | | |
| | 2583 | | | Yosemite Jumbo AUS 7/6 SOFR ARM | | | |
| | 2584 | | | Yosemite Jumbo AUS 10/6 SOFR ARM | | | |
| • Maximum 80% LTV/CLTV • Minimum loan amount is $350,000 • Investment property is not permitted • Caps: 2/1/5 – 5/6 ARM • Caps: 5/1/5 permitted on 7/6, 10/6 ARM • Index: SOFR (30 Day Average) • Margin: 2.75 • Floor: 2.75 • No Conversion Option • Assumable • Qualifying Rate: o 5/6 ARM qualify with the greater of the fully indexed rate or the note rate + 2% o Loans in New York state must be $1 over the current conforming/high balance limit set by FHFA • Rebuttal Presumption (HPCT) on 5/6 ARMs are permitted. Note: Rebuttable Presumption = APR less than 2.25% above the applicable APOR. o 7/6, 10/6 ARM – qualify with greater of the fully indexed rate or the note rate | | | | | | | |
| ARM Features 4B | | | | | | | | |
| Jumbo AUS Underwriting Guidelines 3B | |
| • High-Cost Loans (Federal (TILA 1026.32), State, Local) • Higher-Priced Mortgage Loans (HPML) (TILA 1026.35) • Non-Standard to Standard Refinance Transactions (ATR Exempt) • Higher-Priced Covered Transactions (HPCT QM-Rebuttable Presumption) (TILA 1026.43(b)(4)) except for 5/6 ARM • Balloons • Graduated Payments • Interest Only Products • Temporary Buy Downs • Loans with Prepayment Penalties • Convertible ARMs • Loans with bridge financing or departure residence buyout by third party, i.e.: Knock, Homelight, Prefund or Opendoor • Investment Properties on ARM products • Points and Fees exceeding 3% |
| Ineligible Products 12B | |
| Follow FNMA/FHLMC Seller Guide and AUS Findings subject to overlays. • • The loan must meet the Price Based QM definition; Safe Harbor = APR less than 1.50% above the applicable APOR • In all cases, the loan file must document the eight (8) ATR rules. • Loans must be fully underwritten to one of the applicable Fannie Mae (chapters B3-3 through B3-6 of the Fannie Mae Single Family Selling Guide, published June 3, 2020) or Freddie Mac (sections 5102 through 5500 of the Freddie Mac Single-Family Seller/Servicer Guide, published June 10, 2020) guidelines (Only one guideline can be applied per loan) • NewRez aligns with Fannie Mae as the default throughout this guideline, however both Fannie Mae DU and Freddie Mac LP are acceptable AUS programs to use. • AUS findings with an Approve/Ineligible -or- Eligible due to loan amount, must be present in all closed loan files. |
| Underwriting | |
Underwriting
newrezcorrespondent.com-yosemite_jumbo_aus.pdf · 2026-07-23
| Jumbo AUS Underwriting Guidelines 3B | |
| • High-Cost Loans (Federal (TILA 1026.32), State, Local) • Higher-Priced Mortgage Loans (HPML) (TILA 1026.35) • Non-Standard to Standard Refinance Transactions (ATR Exempt) • Higher-Priced Covered Transactions (HPCT QM-Rebuttable Presumption) (TILA 1026.43(b)(4)) except for 5/6 ARM • Balloons • Graduated Payments • Interest Only Products • Temporary Buy Downs • Loans with Prepayment Penalties • Convertible ARMs • Loans with bridge financing or departure residence buyout by third party, i.e.: Knock, Homelight, Prefund or Opendoor • Investment Properties on ARM products • Points and Fees exceeding 3% |
| Ineligible Products 12B | |
| Follow FNMA/FHLMC Seller Guide and AUS Findings subject to overlays. • • The loan must meet the Price Based QM definition; Safe Harbor = APR less than 1.50% above the applicable APOR • In all cases, the loan file must document the eight (8) ATR rules. • Loans must be fully underwritten to one of the applicable Fannie Mae (chapters B3-3 through B3-6 of the Fannie Mae Single Family Selling Guide, published June 3, 2020) or Freddie Mac (sections 5102 through 5500 of the Freddie Mac Single-Family Seller/Servicer Guide, published June 10, 2020) guidelines (Only one guideline can be applied per loan) • NewRez aligns with Fannie Mae as the default throughout this guideline, however both Fannie Mae DU and Freddie Mac LP are acceptable AUS programs to use. • AUS findings with an Approve/Ineligible -or- Eligible due to loan amount, must be present in all closed loan files. |
| Underwriting | |
| • First-Time Homebuyer (FTHB) is defined as a borrower who has not owned a home in the last three (3) years. For loans with more than one (1) borrower, where at least one (1) borrower has owned a home in the last three (3) years, first-time homebuyer requirements do not apply. • US Citizens • Permanent Resident Aliens with evidence of lawful residency Must be employed in the US for the past twenty-four (24) months. • Non-Permanent Resident Aliens with evidence of lawful residency are eligible with the following restrictions: Primary residence only. Borrower must have a current twenty-four (24) month employment history in the US. Unexpired Visas only. Borrowers should have a 24-month credit history based on AUS response. Maximum LTV/CLTV is 80% Documentation evidencing lawful residency must be met • Inter Vivos Revocable Trust An inter vivos revocable trust is a trust that an individual creates during their lifetime, becomes effective during their lifetime, and can be changed or canceled at any time for any reason, during their lifetime. Investor will accept inter vivos revocable trusts as an eligible borrower for 1-2 unit owner- occupied primary residences, 1-unit second homes and 1-4 unit investment properties. The subject property can be a single-family residence, condominium, PUD, or co-op if documentation and eligibility requirements are met. Title insurance must provide full title insurance coverage without exceptions for the trust or trustees for the inter vivos revocable trust in that state. For inter vivos revocable trust signature requirements, please refer to (Title and Closing / Title Exceptions). To determine whether the trust meets all the criteria required by State and investor standards, one (1) of the following will be required: • A copy of the trust agreement • An attorney's opinion stating the trust meets all Secondary Marketing requirements as set forth by Freddie Mac (FHLMC) or Fannie Mae (FNMA), as applicable, and any applicable State requirements • Certification from a title company evidencing compliance with all Secondary Marketing requirements as set forth by FHLMC/FNMA and any applicable State requirements • Certification from an individual trustee evidencing compliance with all Secondary Marketing requirements as set forth by FHLMC/FNMA, and any applicable State requirements. Additionally, the following requirements |
| Eligible Borrowers 13B | |
Disclosure. CF Synergies provides AEO consulting to companies in the mortgage industry. Placement in anything published here is not for sale, and no lender receives preference in what is collected or shown.