Fannie Mae HFA Preferred
DU finding of approve/eligible and meet all other guidelines listed in this Program Summary. (HFA Preferred is available through DU using the “Additional Data Screen – then select HFA Preferred.)
| Property Type | Maximum LTV | Maximum TLTV/CLTV | Maximum DTI | Minimum Fico | Required Reserves |
|---|---|---|---|---|---|
| 1 Unit Condos/Townhomes | 97% | 105% | 45% | 640 | As determined by DU |
| 1 Unit Condos/Townhomes | 97% | 105% | 45.01 - 50% | 680 | As determined by DU |
| 2 Units | 95% | 105% | 45% | 640 | As determined by DU |
| 2 Units | 95% | 105% | 45.01%-50% | 680 | As determined by DU |
MANUAL UNDERWRITING GUIDELINES – Loans may be manually underwritten for erroneous, inaccurate, or insufficient credit.
- For Fannie Mae HFA Preferred if one or more borrowers have no credit score, lenders must follow Fannie guide chapters B5-6-03 and B3-5.4-01, B3-5.4-02, and B3-5.4-03 for manual underwriting with non-traditional credit.
- If the HFA, GSE, or MI require more in reserves as listed in LTV / DTI / FICO tables below; the greater number of months must be documented.
| Property Type | Maximum LTV | Maximum TLTV/CLTV | Maximum DTI | Minimum Fico | Minimum Required Reserves |
|---|---|---|---|---|---|
| 1 Unit Condos/Townhomes | 95% | 105% | 36% | 680 | 2 |
| 1 Unit Condos/Townhomes | 95% | 105% | 36% | 660 | 6 |
| 1 Unit Condos/Townhomes | 95% | 105% | 45% | 720 | 2 |
| 1 Unit Condos/Townhomes | 95% | 105% | 45% | 700 | 6 |