Conventional Underwriting Guidelines

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Conventional Underwriting GuidelinesContentsGeneral.8Temporary COVID Guidelines .8Lending Policy.9Product Descriptions And Rate Sheets.9Loan Registration/Lock .9Present Address .9Purchase Commitments .9Subject Address Change.9Loan Disclosures/Submissions .9Adjustable Rate Mortgage (ARM) Disclosure.9Electronic Signed Application Disclosures.9Adverse Action.9Ineligible Participants. 10Exceptions. 10Loan Verifications . 10Liens . 10Assessments. 10Transfer Fee Covenants . 10Document Expiration. 10Escrow/Impound Funds . 11Escrow/Impound Waiver . 11Escrow Waiver Limitations . 11Multiple Loans To The Same Borrower . 11Number Of Financed Properties . 11Fannie Mae. 11Freddie Mac . 12Power Of Attorney . 12Short Sale Fees Paid By The Borrower . 13Assets . 14Asset Documentation . 14Bank Printouts . 14Truncated Asset Account Numbers. 15Verification Of Deposit Form. 15Limited Funds to Close- Freddie Mac . 15Asset Types. 15Business Assets . 15Cash-On-Hand . 16Depository Accounts . 16Individual Development Accounts (IDA). 16Life Insurance Net Cash Value. 17Pooled Savings (Community Savings Funds) . 17Retirement Accounts . 17Stocks, Bonds And Mutual Funds . 18Trust Accounts . 18Borrowed Funds . 18Borrowed Funds Secured By An Asset . 18Bridge Or Swing Loans . 19Credit Card Financing. 19VI. Underwriting GuidelinesReturn to Menu1 of 14908/19/2021

Conventional Underwriting GuidelinesDisaster Relief Grant Or Loan. 19Employer Assistance. 20Personal Unsecured Loans . 21Small Business Administration (SBA) loans and Grants under COVID-19 . 21Contributions by Interested Parties . 21Corporate Relocations . 21Down Payment Assistance Programs. 22Interested Party Contributions . 22Financing Concessions . 22Maximum Contributions . 23Payment Abatements . 23Personal Property . 23Realtor Commission. 24Sales Concessions. 24Undisclosed Seller Contributions . 24Credits . 24Credit For Value Of Lot . 24Rent Credit For Options To Purchase. 25Earnest Money Deposit (EMD) . 25Gifts . 25Proceeds from Sale of Asset or Property . 27Anticipated Or Actual Net Proceeds From Sale Of Property. 27Credit Card Rewards- Fannie Mae. 27Employee Relocation Buy-Out . 27Section 1031 Tax Deferred Exchanges . 28Trade Equity . 28Minimum Borrower Contribution Requirements. 29Exceptions To Borrower Minimum Contributions . 29Large Deposits . 30Reserves. 30Fannie Mae. 30Freddie Mac . 31Verification of Assets for Non-U.S. Citizen Borrowers . 31Credit and Liabilities. 32Automated Credit Underwriting . 32Credit Score Requirements . 32Borrower(s) With a Valid Credit Score . 32Borrower(s) Without a Valid Credit Score. 32Credit Inquiries . 33Disputed Credit Information. 34Disputed Credit Report Tradelines. 34Fannie Mae. 34Freddie Mac . 34Extended Fraud Alerts Or Active Military Alerts . 34Underwriting Borrowers With Frozen Credit . 34Fannie Mae. 34Freddie Mac . 34Credit History . 35Authorized User Tradelines . 35Verification Of Mortgage (VOM) . 35Temporary Verification of Mortgage Requirements- Applications on or after June 2, 2020 . 35VI. Underwriting GuidelinesReturn to Menu2 of 14908/19/2021

Conventional Underwriting GuidelinesSignificant Derogatory Credit Events. 37Bank ruptcy, Foreclosure, Deed-In-Lieu, Short Sale . 37Past-Due, Collections, Charge-Off Of Non-Mortgage Accounts, judgments and liens. 39Monthly Debt Obligations . 40Alimony And Child Support . 40Authorized User Accounts . 40Bridge (Or Swing) Loan . 41Business Debt in Borrower’s Name. 41Calculating Monthly Real Estate Tax Payment – Subject Property . 41Court-Ordered Assignment of Debt . 42Current Residence Pending Sale. 42Non-Mortgage Debts Paid By Others . 42Deferred Installment Debt. 43Garnishments. 43Home Equity Lines of Credit . 43Installment Debt. 43Lease Payments . 43Loan Secured By Financial Assets. 44Mortgage Assumptions . 44Mortgages Paid By Others . 44Open 30-Day Charge Accounts. 44Payoff Or Paydown Of Debt for Qualification. 45Property Settlement Buy-Out . 45Rental housing payment . 46Revolving Charge Accounts. 46Student Loans . 46Borrowers. 47Borrower(s) Age . 47Closing in Trust . 47Co-Signers and Non-Occupant Co-Borrowers . 48Non-Arms-Length Transactions. 48Number of Borrowers . 49Resident And Immigration Status . 49Tax Identification Numbers . 50Occupancy . 50Principal Residence. 50Mortgaged Premises Occupied By Borrower’s Parent Or Disabled Child . 51Second Homes . 52Investment Properties. 52Purchase. 53Fannie Mae Homeownership Education Requirements . 53Freddie Mac Homeownership Education Requirments . 54Refinance. 54Rate-And-Term (Limited Cash-Out) Refinances . 54Refinances to Buy Out an Owner’s Interest . 55Property Assessed Clean Energy Loans (PACE) . 55Cash-Out Refinances . 56Student Loan Cash-Out Refinances – Fannie Mae. 56Restructure Mortgage Loans. 57Delayed Financing . 57Land Contract Refinances . 58VI. Underwriting GuidelinesReturn to Menu3 of 14908/19/2021

Conventional Underwriting GuidelinesContinuity of Obligation. 58Right of Rescission . 59Refinance Scenarios . 59New York CEMA. 60Texas Refinances . 60Construction-to-Permanent Financing – Fannie Mae . 63Maximum Mortgage Amounts . 632021 Fannie Mae/Freddie Mac Conventional Loan Limits. 63Subordinate Financing. 64Purchase Transactions . 64Refinance Transactions . 64Acceptable Subordinate Financing Types . 64Eligible Variable Payment Terms . 65Eligible Repayment Terms for Employer Subordinate Financing. 65Unacceptable Subordinate Financing. 65Maximum Total Loan-to-Value Ratio . 65Small Business Administration Loans (SBA). 66Defining Refinance Transactions Based on Subordinate Lien Payoff. 66Private Mortgage Insurance . 66Standard Mortgage Insurance. 67Monthly Mortgage Insurance. 67Financed Single Premium Mortgage Insurance. 67Lender Paid Mortgage Insurance (LPMI) . 68New York Properties . 68Reduced And Low-Cost Mortgage Insurance . 68Ineligible Transactions . 68Income And Employment. 69Employment Stability. 69Converting From Part Time To Full Time . 69Employed By Family or an Interested party . 69Frequent Job Changes . 69Gap In Employment. 70Newly Employed. 70Re-Entering The Work Force . 70Calculating Income . 70Non-Fluctuating income . 70Variable Income. 70Employment Verification . 71Employment Documentation. 71Verification of Employment [Form 1005 and 1005(S)] . 72IRS W-2 Transcripts In Lieu of W-2s . 72Unacceptable Sources of Income. 72Types of Income. 72Alimony or Child Support. 72Annuity Income. 73Automobile Allowances . 73Boarder Income. 73Bonus Income . 74Capital Gains Income . 74Housing or Parsonage Income. 74Commission Income. 74VI. Underwriting GuidelinesReturn to Menu4 of 14908/19/2021

Conventional Underwriting GuidelinesDisability Income- Long Term . 75Employment Contracts. 75Employment-R

When Flagstar is the creditor and/or completing the underwriting of the mortgage file, t he underwriter must verify the consumer’s current income, debt obligations, and assets using the more restrictive of the Flagstar Bank Conventional Underwriting Guidelines or as required by the applicable Automated Underwriting System.

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