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loan to values (LTV)
Your
Loan-to-Value is determined by calculating
the percentage of your new loan compared to its existing market
value or purchase price. For example, if your home is worth
$500,000 and you owe $400,000 then you have an 80% Loan-to-Value.
Note to Consumers Buying a Home...
If you are buying a new home most lenders will
only accept the lower of the purchase price or the appraised
value. This means that if the appraised value comes in higher than the
purchase price most lenders will not accept the higher value for
calculating your down payment requirements.
Remember that your loan to value is based on the lower of the two.
If you are putting 20% down on a $500,000 home and the appraisal
comes in at $475,000 - the bank will only loan you 90% of the
$475,000 so you have to come up with 100% of the change in value. Below are highlights of some programs available to
SINGLE FAMILY RESIDENCES. This information does not
represent an offer to lend and should only serve as a tool for viewing some available limits in today's
marketplace. Learn more about the interest only programs
available -
contact a mortgage
lender for your
state.
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PURCHASE / RATE & TERM REFINANCE:
LOAN-TO-VALUE MATRIX
(Each lender has
different guidelines.
Not all products are available in all states)
Definitions:
LTV = Loan
to Value
CLTV = Combined Loan to Value
(Total of all Liens - 1st, 2nd, Home Equity
Line etc...also known as TLTV - Total Loan to Value)
Assumptions:
Full Documentation for
Income and Assets, New Home Purchase, Single Family Residence,
Acceptable Credit and Employment History and other standard
underwriting guidelines for US citizens.
Loan to Value Ratios Will Vary from
Lender to Lender
Note: Cash Out Refinance Transactions & Investment Properties will usually
have lower allowable loan to values than the ones shown below.
Contact a mortgage
professional for more info. |
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Loan Amount |
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Primary Residence LTV |
Primary CLTV |
2nd Home CLTV |
Investment CLTV |
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Up to $400,000 |
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95% |
100% |
95 / 100 % |
85 / 90 % |
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$400,000 - $650,000 |
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90% |
100% |
90 / 100 % |
85 / 90 % |
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$650,000 - $750,000 |
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90% |
100% |
80 / 100 % |
70 / 90 %
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$750,000 - $1,000,000 |
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80% |
100% |
80 / 100 % |
70 / 90 % |
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$1,000,000 - $1,500,000 |
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75% |
100% |
75 / 100 % |
70 / 90 % |
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$1,500,000 - $2,500,000 |
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70% |
100% |
70 / 100 % |
70 / 90 % |
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Over $2,500,000
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70% |
100% |
70 / 100 % |
70 / 90 % |
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