SmartVest Product Update
Newrez LLC "Newrez" Approved Correspondent Clients: please see the below update to the LTV/CLTV from 75% to 70% for the Cash-out 1-4 unit with a 700 Credit Score and a loan amount of $1,000,000.
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ELIGIBILITY MATRIX |
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Units |
Transaction Type |
Credit Score |
LTV/CLTV |
Loan Amount |
|
1 |
Purchase and |
680 |
80% |
$1,000,000 |
|
720 |
75% |
$1,500,000 |
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|
70% |
$2,000,000 |
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1-4 |
Purchase and |
640 |
70% |
$1,000,000 |
|
660 |
75% |
$1,000,000 |
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|
1-4 |
Cash-out Refi |
680 |
60% |
$1,000,000 |
|
700 |
70% |
$1,000,000 |
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|
720 |
75% |
$1,000,000 |
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|
720 |
65% |
$1,500,000 |
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New or newly converted warrantable condo projects in Florida: Max 60% LTV/CLTV |
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