Fannie Mae? Freddie Mac? Now it’s easy to choose.

Determining the best loan options for clients can be tricky –
that’s why Caliber Wholesale has produced this checklist for our Broker Associates.
New Features
Fannie Mae Freddie Mac
HomeReady Mortgage — 1 unit O/O to 97% LTV (conforming limit) with reduced MI Home Possible — 1 unit O/O to 97% LTV (conforming limit) with reduced MI >90%
Financed Properties: Primary residences: unlimited; NOO or second homes: Up to 10 finance properties allowed Financed Properties: Primary residences: unlimited; NOO or second homes: Up to 6 finance properties allowed
Established Features
Fannie Mae Freddie Mac
DU Refi Plus to 125% LTV Relief Refi — Open Access to 125% LTV
Condos to 97% LTV with CPM approval Condos to 97% LTV with full review
Cash out — up to 80% LTV (OO properties), 70% LTV on recently listed properties Cash out — up to 80% LTV (OO properties), 70% LTV on recently listed properties
Appraisal Waiver – PIW in lieu of appraisal. $75 fee applies. Appraisal Waiver not offered
DU Refi Plus Appraisal Waiver – PIW in lieu of appraisal. $75 fee applies. Relief Refi-Open Access Appraisal Waiver – HVE in lieu of appraisal $0 fee.
7/1 & 10/1 ARMs — qualify at the greater of the note rate or fully-indexed rate 7/1 & 10/1 ARMs — qualify at the note rate unless the loan is HPML.
Previous year’s expenses — not required to be deducted from income ≤ 25% of total income. Required if commission/bonus is > 25% of income. Previous year’s expenses — a 24-month average must be considered when calculating income, regardless of the percentage of bonus/commission vs income.
Shared Features
  • Transferred appraisals allowed
  • No I-94 required with EAD card if the borrower has
    > 2 years within the US
  • Conforming and Conforming High Balance NOO Purchase
    to 85% LTV
  • Agency High balance LTVs mirror conforming LTVs
  • 4506T for W2 for wage earners (restrictions apply)
  • Landlord requirements – follow AUS
  • No minimum borrower contribution for down payment
    on a 1 unit O/O
  • No seasoning required for rate/term refinances
    on most transactions
  • Follow AUS for ratios, trade lines and credit scores
    (min. 620 FICO)
  • Equity is not required in departure residence
    to consider rental income

Find out why we’re the #1 Local Lender