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Affordable Lending

AFFORDABLE LENDING

National MI TrueGuide can help you seize significant portfolio opportunities with our Affordable Lending programs.

  • Designed for Lower Income Borrowers and Low Down Payment Purchases
  • 100% Gift Funds Allowed
  • Minimum Credit Scores as Low as 620
  • May be paired with Down Payment Assistance (DPA)
  • Up to 105% CLTV allowed per GSE guidelines
  • Reduced Mortgage Insurance Requirements = Lower Monthly Payments

AUS AFFORDABLE LENDING

OCCUPANCY LOAN PURPOSE2 PROPERTY TYPE3,4 LOAN AMOUNT5,6 MAXIMUM LTV/CLTV MINIMUM FICO7 MAXIMUM DTI8
Primary Residence Purchase or Rate/Term Refinance or Construction to Permanent2 Single Family Condo, Co-op or Manufactured Hm3 $766,5505 $1,149,8256 97% / 105% 95% / 105%95% / 95% 6207No FICO Score76207 Per AUS Approval8
Cash-Out Refinance All All Not Eligible Not Eligible Not Eligible
Purchase or Rate/Term Refinance or Construction to Permanent Two-Units $981,5005 $1,472,2506 95% / 105% 85% / 95% 6207 Per AUS Approval8
Three-Units4 $1,186,3505 95% / 105% 700
Four-Units4 $1,474,4005
Second Home All All All Not Eligible Not Eligible Not Eligible
Investment Property All All All Not Eligible Not Eligible Not Eligible
OCCUPANCY Primary Residence
LOAN PURPOSE2 Purchase or Rate/Term Refinance or Construction to Permanent2
PROPERTY TYPE3,4 Single Family Condo, Co-op or Manufactured Hm3
LOAN AMOUNT5,6 $766,5505 | $1,149,8256
MAXIMUM LTV/CLTV 97% / 105% | 95% / 105% | 95% / 95%
MINIMUM FICO7 6207|No FICO Score 7|6207
MAXIMUM DTI8 Per AUS Approval8
OCCUPANCY Primary Residence
LOAN PURPOSE2 Cash-Out Refinance
PROPERTY TYPE3,4 All
LOAN AMOUNT5,6 All
MAXIMUM LTV/CLTV Not Eligible
MINIMUM FICO7 Not Eligible
MAXIMUM DTI8 Not Eligible
OCCUPANCY Primary Residence
LOAN PURPOSE2 Purchase or Rate/Term Refinance or Construction to Permanent
PROPERTY TYPE3,4 Two-Units | Three-Units4 | Four-Units4
LOAN AMOUNT5,6 $981,5005 |     $1,472,2506 | $1,186,3505 | $1,474,4005
MAXIMUM LTV/CLTV 95%/105%   |   85%/95% | 95%/105%
MINIMUM FICO7 6207 | 700
MAXIMUM DTI8 Per AUS Approval8
OCCUPANCY Second Home
LOAN PURPOSE2 All
PROPERTY TYPE3,4 All
LOAN AMOUNT5,6 All
MAXIMUM LTV/CLTV Not Eligible
MINIMUM FICO7 Not Eligible
MAXIMUM DTI8 Not Eligible
OCCUPANCY Investment Property
LOAN PURPOSE2 All
PROPERTY TYPE3,4 All
LOAN AMOUNT5,6 All
MAXIMUM LTV/CLTV Not Eligible
MINIMUM FICO7 Not Eligible
MAXIMUM DTI8 Not Eligible
  1. 1 When there are differences between agency and National MI requirements, lenders must originate to the more restrictive of the two guidelines. This rule applies at the level of individual policy topics.
  2. 2 Construction to Permanent excludes attached condos and co-ops
  3. 3 Manufactured home:
    • a) Must meet requirements in Section 2.2.14; and
    • b) If > 95% LTV, then limited to MH Advantage® or CHOICEHome® properties; and must be submitted to National MI for non-delegated underwriting review (ineligible for delegated underwriting).
  4. 4 Minimum 6 months reserves (PITIA) for 3-4 units
  5. 5 Maximum loan amounts for AK and HI are $1,149,825 (1-unit), $1,472,250 (2-units), $1,779,525 (3-units), and $2,211,600 (4-units)
  6. 6 Available only for loan amounts eligible according to Fannie Mae high balance or Freddie Mac super conforming limits. For 2023, the GSEs have not established different high balance/super conforming amount for AK and HI. Refer to county specific loan limits to determine the maximum amount for a specific area.
  7. 7 Representative FICO using middle/lower method is required for underwriting and pricing purposes. If no borrower has a GSE-eligible FICO score, the rescpective GSE's requirements for non-traditional credit must be satisfied.
  8. 8 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

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