Agency Conforming Fixed Rate Products

Eligibility Guidelines

DESCRIPTION

The Conforming Fixed Rate product provides for a fixed interest rate and level payments for the life of the loan.

AVAILABLE MARKETS

Available in all states

LOAN TERM

10, 15, 20, 25, 30 AND 40-year terms.

OCCUPANCY

Primary Residence
Second Home
Investment Property (not permitted on Co-ops)

ELIGIBLE PROPERTIES

1-2 Unit (including Condominiums, PUDs, and Co-ops)
2-4 Unit

MAXIMUM LOAN AMOUNT

The maximum loan amount allowed is Fannie Mae or Freddie Mac maximum Conforming loan amount.
Refer to the Agency Jumbo Program and Product Descriptions for Agency Jumbo loan sizes and parameters.

DOCUMENTATION PROCESSES

Fannie Mae Desktop Underwriter (DU)
Freddie Mac Loan Prospector (LP)

SUBORDINATE FINANCING

This product is eligible for subordinate financing.

PRIVATE MORTGAGE INSURANCE

Standard MI coverage is required an all loans unless stated otherwise in the specific program description (i.e. The LTV reflected here is for MI purposes only. Refer to the appropriate LTV matrix for the maximum LTV that applies to the occupancy and process selected).
LTV Required Coverage:

LTV Property

95.01-97% 1 unit 35% 35%
90.01-95% 1-2 Unit & Co-ops 25% 30%
85.01-90% 1-2 Unit & Co-ops 12% 25%
80.01-85% 1-2 Unit & Co-ops 6% 12%

Trinity does not permit Reduced MI, Lower Cost MI, Custom MI, or minimum coverage levels that require a loan level price adjustment, regardless of what is contained in the AUS findings.

Financed MI is not permitted.

PREPAYMENT OPTION

Not available

ASSUMABILITY

Not permitted