Product Matrix

Maximum LTV

For Case Number Assignments on or before 12/31/2008

Purchase and No Cash Out Refinance

Maximum LTV Factors

≤ $50K

> $50K - $125K

> $125K

Low Closing Cost States

98.75%

87.65%

87.15%

High Closing Cost States

98.75%

97.75%

Refer to HUD Handbook 4155.1 for a complete list of high and low closing cost states.

For Case Number Assignments on or after 4/1/2009

Purchase/No Cash Out Refinance

Cash Out Refinance

Low Closing Cost States

98.75%

85.00%

High Closing Cost States

98.75%

85.00%

Refer to HUD Handbook 4155.1 for a complete list of high and low closing cost states.

FHA Mortgage Limits

Region

1 Unit

2 Units

3 Units

4 Units

Low Cost Areas

$271,050

$347,000

$419,400

$521,250

High Cost Areas

$729,750

$934,200

$1,129,250

$1,403,400

A complete schedule of FHA mortgage limits for all areas is available at: https://ent.hud.gov/idapp/html/hicostlook.cfm

Upfront and Annual MIP

Greater than 15 year terms

15 year or less terms

LTV

UFMIP

Annual

LTV

UFMIP

Annual

> 95%

1.75%

0.55%

> 90%

1.75%

0.25%

≤ 95%

1.75%

0.50%

≤ 90%

1.75%

0.00%

MIP Notes:

•	The number of years will be determined when the loan balance equals 78% LTV, provided the borrower has paid annual MIP for at least 5 years.

•	Loan amount multiplied by Annual premium, divided by 12 mo. equals monthly MIP

•	All FHA loans will have upfront and monthly premiums, except as noted above.

•	Program eligibility is determined using the base loan amount prior to financing UFMIP.

•	Pricing is determined using the Note loan amount. (Base loan amount + UFMIP)

•	UFMIP must be 100% financed into the mortgage or paid entirely by cash; partial financing not allowed.

•	Streamline Refinance UFMIP = 1.50%

Other Notes:

•	All files submitted must have DU Approve/Eligible status...Refer/Eligible not allowed.

Additional information may be found on the following sites:
http://www.FHA.gov http://www.hudclips.org http://www.hud.gov/groups/lenders.cfm