FREDDIE SUPER CONFORMING FIXED AND ARM PRODUCTS SNAPSHOT

Effective Date Description March 3, 2012   Loan Prospector (LP) Maximum LTV/CLTV/HCLTV and Minimum Credit Score
LTV (without secondary financing) 90 75 NA 75 65

Freddie Mac version of Fannie Mae High Balance Fully Amortizing products applicable only to high cost areas determined by the Federal Housing Finance Agency (FHFA). First Lien Position only

Units 1 2 3-4 1 2

Primary Residence Fixed Rate and LIBOR ARM Purchase and Rate & Term Refinance LTV CLTV (with secondary (with secondary financing) financing) 85 90 70 75 NA NA Cash Out Refinance 70 75 60 65

Max HCLTV 90 75 NA 75 65

Credit 620 620 NA 620 620

Units 1 1

1 1

Second Home Fixed Rate and LIBOR ARM <=$625,500 Purchase and Rate & Term Refinance LTV LTV CLTV Max (without secondary (with secondary (with secondary HCLTV financing) financing) financing) 80 75 80 80 Cash Out Refinance 65 60 65 65 Fixed Rate and LIBOR ARM >$625,500-1,000,000 Purchase and Rate & Term Refinance 70 65 70 70 Cash Out Refinance 65 60 65 65 Investment Property Fixed Rate and LIBOR ARM <=$625,500 Purchase LTV LTV CLTV Max (without secondary (with secondary (with secondary HCLTV financing) financing) financing) 80 75 80 80 70 65 70 70 N/A N/A N/A N/A Rate & Term Refinance 75 70 75 75 70 65 70 70 N/A N/A N/A N/A Cash Out Refinance 65 60 65 65 65 60 65 65 Fixed Rate and LIBOR ARM >$625,500-1,000,000 Purchase and Rate & Term Refinance 80 75 80 80 75 70 75 75 Cash Out Refinance 65 60 65 65 65 60 65 65

Credit 620 620

620 620

Units 1 2 3-4* 1 2 3-4* 1 2-4

Credit 620 620 N/A 620 620 N/A 620 620

1 2-4 1 2-4

620 620 620 620

This matrix is intended as a quick reference guide only and may not capture all program features or changes that may have occurred

FREDDIE SUPER CONFORMING FIXED AND ARM PRODUCTS SNAPSHOT
Maximum Loan Amount Minimum loan amount must be greater than the current maximum conforming loan limits and may not exceed the High Cost loan Limit established by the Federal Housing Finance Agency. Please refer to the following websites to determine county eligibility: https://www.eFNMAmae.com http://ofheo.gov
Units 1 2 3 4 Continental USA Perm High Cost 2009 ARRA $625,000 $800,775 $967,950 $1,202,925 $729,750 $934,200 $1,201,150 $1,403,400 Alaska & Hawaii Perm High Cost 2009 ARRA $938,250 $1,201,150 $1,451,925 $1,804,375 N/A N/A N/A N/A

These amounts are the maximum loan amounts that may apply. The limit may be lower for a specific high-balance area. The loan amount may not exceed 115% of area median home price. See OFHEO website for eligibility in specific MSAs for 2009 and 2008 high balance loan limits. The temporary high-cost ARRA limits for each specific in Alaska and Hawaii are lower than the maximum permanent high-cost area limits. Product Code

Product Code

Description

Interest Only Period

Index (If ARM) Margin (If ARM) Adjustment Caps (If ARM)

LIBOR (London Interbank Offered Rate) for 12-month US dollar-denominated deposits as published in WSJ 2.250%  For LIBOR ARMS: 5/2/5

Floor is the margin Interest Rate and Payment Change Dates (If ARM) Escrow Waiver Interest rate and payment adjusts every 12 months following the initial fixed rate period

Primary Residence and Second Homes  Minimum credit score of 660 (except for California)  LTV less than or equal to 80% for all properties located in all states except for California  LTV less than or equal to 90% for all properties located in California Investment  Minimum credit score of 660 for all states  LTV less than or equal to 80% for all properties located in all states except for California  LTV less than or equal to 90% for all properties located in California Not allowed if current mortgage has a 1 x 30 in the last 12 months Proceeds from cash-out refinance may not be used to pay for delinquent taxes

Documentation Type Occupancy

Full Doc    Primary Residence Second Home Investment

Borrower Eligibility Non-occupant Co-Borrowers

First time homebuyers allowed Allowed with LP Approval

This matrix is intended as a quick reference guide only and may not capture all program features or changes that may have occurred

FREDDIE SUPER CONFORMING FIXED AND ARM PRODUCTS SNAPSHOT
Non- Traditional Credit Max Ratios Not Allowed     Per LP Max 50% DTI LP only. Needs to be registered and locked as a Freddie Mac Super conforming

Underwriting

Assets

Borrower’s Investment  Primary residence and second homes require 5% from borrower’s own funds  Investment property loans require 10% from borrower’s own funds  Interested Party Contributions (based on CLTV and may not exceed the actual total dollar amount of the allowable closing costs)  Primary residence and second homes o 3% for CLTV > 90% o 6% for CLTV > 75% to 90% o 9% for CLTV <= 75%  Investment properties – 2% Primary residence and second homes  Acceptable provided borrower investment requirement is met. The borrower investment is waived when the gift funds will reduce the LTV/CLTV/HCLTV to <=80%.  5% must be verified from borrower’s own funds  Investment properties are not allowed Cash from cash-out refinances may not be used to meet reserve requirement. Second Homes  Two (2) months reserves Investment Properties  Six (6) months reserves Multiple properties  Two (2) months reserves on each additionally financed second home or investment property

Gift Funds

Reserves

Limitations on other Real Estate Owned

Multiple Loans to the Same Borrower  Maximum of 20% concentration in any one project or subdivision  Up to 4 financed properties inclusive of the Primary residence if subject is a Second Home or Investment property Underwriters Note: New multiple loans must be underwritten simultaneously

Appraisal Requirements

As recommended by DU  Form 1004MC required  Age of Appraisal – 90 days maximum for both existing and new construction properties  Field Review required for loan amounts >= $625,000 and loans with LTV >= 80  Field Review required for loan amounts >= $1,000,000 and loans with LTV >= 75 Properties listed for sale are not eligible for rate and term or cash-out refinance. Properties that were listed for sale and taken off the market within the past 180 days are eligible for refinance under the following conditions:  Cash out refinances are limited to 70% maximum LTV/CLTV/HCLTV.  Properties that were listed for sale must have been taken off the market on or before the application date.   Any previous refinance transactions on the subject property (rate and term or otherwise) must have closed six months prior to the application date on the new cash-out refinance. All borrowers must have held title to the subject property for a minimum of six months.

Properties Listed for Sale

Refinance Limitations

This matrix is intended as a quick reference guide only and may not capture all program features or changes that may have occurred

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