Symmetry Lending HELOC Program

This information is provided for the use of mortgage professionals only and is not intended for distribution to consumers or other third parties. Guidelines, rates and fees are subject to change without

December 2023 Page 1

HELOC Rate – Purchase & Refinance (Concurrent Close)

HCLTV

FICO

Rate

≤89.99%

760+

Prime + 1.25%

720-759

Prime + 1.25%

700-719

Prime + 1.50%

680-699

Prime + 1.75%

Add-Ons

1.25% for line amounts $25,000-$99,999

0.50% for line amounts $100,000-$149,999

-0.25% for line amounts >$150,000

HELOC Fees

Annual Loan Maintenance Fee

$150 ($15 in Iowa)

Lender Origination Fee

$350 (Except New Jersey)

Lender Application Fee

$350 (New Jersey Only)

JR Title Fees

For HELOCs >$250,000

Recording Fees

As Applicable

Third - Party Fees

As Applicable

If HELOC request is > $250K, a full appraisal will be required at market determined cost. The cost of the appraisal will be paid

by the borrower in place of the BPO fee.

HELOC Overview – Purchase & Refinance (Concurrent Close)

Occupancy

Primary

Second Home

Max CLTV

89.99%

85.00%

Minimum FICO

680

700

Maximum DTI

45%

43%

Maximum Line Amount

$750,000 (80% Max CLTV)

$500,000 (89.99% Max CLTV)

$500,000

Non-Occupant Co-Borrower

Allowed with 720+ FICO for Primary Wage Earner

Minimum Initial Draw

$50,000 (AZ, CA, FL, OR, WA)

$25,000 (All Other States)

Max Combined Loan Amount

$3,000,000

Tradeline Requirements

1 Open / Active, with DU/LP Approval

Property Type

SFR, 2-4 Units, PUD, Townhome, Condo, Double-Wide MH (1976+)

Acreage Restrictions

No Acreage Limit if Common to Market

Max Properties Owned

Total of Four (4) Properties Owned by Borrower* (Including Subject)

*REMN Overlay

Loan Term

10 Year Draw w/ I/O Payments / 20 Year Amortizing Repayment

Qualifying HELOC Payment

Fully Drawn Line at Start Rate + 2.00%, Amortized over 30 Year Term

Eligible Geography

AL, AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MD, MI, MN, MT, NC,

NE, NJ, NV, OH, OK, OR, PA, SC, TN, UT, VA, VT, WA, WY

Symmetry Lending HELOC Program

December 2023 Page 2

Credit

Guideline Overlay

Credit Score

Symmetry will pull its own tri-merged credit report on each borrower upon receipt of

submission. The mid-score for the Primary Wage-Earner must meet the minimums for

each program.

Derogatory Seasoning

Follow FNMA guidance for seasoning requirements on Short Sale, Foreclosure, Deed in

Lieu, and Bankruptcy. Refer to FNMA Selling Guide. No major derogatory credit following

Foreclosure, Bankruptcy, Deed in Lieu, or Short Sale.

Credit Accounts with Modification,

Deferment, or Forbearance

Mortgage, home equity, installment, or revolving accounts that are reporting a

modification plan, a payment deferral plan, or forbearance plan to the account, follow

FNMA guidance. Please refer to the FNMA selling guide.

Recent Credit Inquiries

All recent credit inquiries must be explained via LOX or Processor’s Certification. Any new

debt must be verified and factored into DTI ratios. Refer to FNMA Selling Guide.

Tradeline Requirements

All borrowers contributing income for qualifying must collectively meet these

requirements:

Piggyback

For all Piggyback loans submitted with FNMA DU or FHLMC LP approval: must meet the

following minimum tradeline requirements:

• One (1) tradeline reporting that is open, active, and current, OR

• One (1) tradeline reporting that was once open and paid as agreed for a minimum of five

(5) years.

Maximum # of Properties Owned

Maximum of 4 Total Properties* between all borrowers on the loan application.

*REMN Overlay

Owned Properties include: Primary Res., Second Homes, Vacation Homes, Lot/Land,

Investment Properties, Commercial Real Estate, Multifamily (5 or more units) Real Estate,

Timeshares

Lien Position

Second Lien Piggybacks only. First Lien HELOCs not allowed.

Symmetry Lending HELOC Program

December 2023 Page 3

Income/Employment/Debt

Ratios

Guideline Overlay

Income Calculations &

Documentation

Follow Agency Income Guidelines (refer to FNMA Selling Guide) with limited

overlays.

Non-Occupant Co-Borrower

Income

Allowed with 720+ FICO for the primary wage earner

Paystubs

Must have 1 Paystub dated no more than 60 days prior to the submission date.

- Must include all year-to-date earnings.

Self-Employed Income

Calculation

Follow FNMA guidelines and requirements that are laid out for calculating the income

derived from Self-Employed businesses.

Income Documentation

When a Piggyback is submitted with DU or LP findings, lender follows the income

documentation requirements outlined in those findings. This includes FNMA Day 1

Certainty, when DU findings allow.

Rental income Requirements

Executed lease agreement with an initial duration of 12 months.

- Verification of deposit matching the monthly lease agreement OR verification of deposit

of the security deposit on a newly executed lease.

Please Note: Form 1007, Form 1025 or any other rent schedule for rental income

calculations will not be accepted.

Employment Related Assets

If the employment related assets are in the form of stocks, bonds, or mutual funds, 100%

of the value (remaining after the costs for the transaction and consideration of any

penalty) will be used to determine the income stream. Please refer to the FNMA selling

guide.

Declining Income (S/E,

Commission, Bonus)

Use a 24-month average.

- If income is declining by > 20%, calculation will be based on the most recent 12-months

earnings.

- If income is declining due to a one-time event (e.g. medical leave), income may be

adjusted to exclude that time period. This is analyzed by lender on an exception basis.

Qualifying Payment

Use applicable qualifying rates for payments on the 1st mortgage.

- Qualify for the HELOC with a 30-year P&I payment, at the approved HELOC amount, at

the Start Rate + 2.00%. Refer to Broker Pricing Guide located on the Symmetry Website

for Start Rate.

Debt to Income Ratio

Primary Residence: Max 45.00% back-end DTI (No front-end DTI requirements)

Second Home: Max 43.00% back-end DTI (No front-end DTI requirements)

Symmetry Lending HELOC Program

December 2023 Page 4

Tax Calculation

Use 1.25% for the standard Real Estate Tax calculation for new construction. Supporting

documentation allowed to evidence lower tax rates.

Unallowable 1st Mortgage Types

Cannot follow 1st mortgages that have Interest-Only or Negative Amortization payment

terms.

Installment Debts

May be excluded from DTI calculation when 10 or fewer months remain.

Revolving Debts

- Use of assets to offset Revolving Debt is not allowed.

- Utilize 5% of the outstanding balance, for the monthly payment, when the credit

report does not show a payment or when the payment is marked as estimated.

- Use current statements to validate the balance and payment if it is lower than

what the credit report indicates.

- For open 30-day charge accounts that do not reflect a monthly payment on the

credit report, or 30-day accounts that reflect a monthly payment that is identical

to the account balance, please refer to FNMA selling guide.

Child Support Payments

Payments must be included in DTI calculation as installment debt.

Alimony

Payment amounts will be deducted from the borrower’s monthly income amount.

Mortgage Credit Certificates

Not allowed to be used as income.

Non-Resident Visa Requirements

All qualifying Non-Permanent Resident Alien borrowers must hold a valid and eligible visa

issued by the USCIS as evidence of lawful presence in the U.S. Additionally, Non-

Permanent Resident Alien borrowers may be required to verify their ability to travel out of

and return to the U.S. All Non-Permanent Resident Alien applicants must have a Social

Security Number (SSN).

An Employment Authorization Card (EAD) by itself is not sufficient to document that a

non-U.S. Citizen is legally able to reside in the United States. It is known as a “work

permit” and is a document that provides its holder a legal right to work in the U.S. It is not

the same thing as a green card.

The following documents are not acceptable in lieu of a valid SSN as they do not

evidence the applicant’s right to earn income in the U.S.:

- Individual Tax Identification Number (ITIN): Issued to an individual who is

ineligible for a SSN and is used for tax purposes only. An ITIN is a 9-digit

number, beginning with the number ‘9’ and formatted like an SSN.

- Matricula Consular Card: An identification card issued by the Mexican Consulate

to individuals who are otherwise undocumented (no green card or valid visa).

Matricula Consular Cards do not support legal residency in the U.S.

- The following Visa Types are Ineligible:

o A-3; B-1; B-2; C-3 OPT; F-1; H-1C; I; J-1; K-1; M-1; M-2; O-2; P-1; P-2;

P-3; Q-1; Q-2; R-1; U-1; U-2; U-3; U-4; U-5

US Citizenship

Applications in Maryland require at least 1 applicant to be a US citizen

All other states do not have this requirement

Symmetry Lending HELOC Program

December 2023 Page 5

Collateral

Guideline Overlay

Appraisals

Accepting full appraisals and bifurcated appraisals submitted by originating

mortgage partners, subject to Lender’s Desk Review.

Age of Appraisals / Bifurcated

Appraisals / Exterior-Only

Appraisals / BPOs

Must not be older than 120- days at date of submission.

- Loan must be submitted less than 120 days from the date of the appraisal

- Loan must close less than 150 days from the date of the appraisal

Bifurcated Appraisals, Exterior-

Only Appraisals & BPOs

Can be ordered by lender when submitted with DU findings allowing PIW, or the appraisal

is older than 120 days at submission.

- All Bifurcated Appraisals & BPOs subject to lender’s Desk Review

- Bifurcated Appraisals, Exterior-Only Appraisals & BPOs only allowed for loan amounts

less than $250,000

Requirements for Accepting

Expired Appraisals

-Expired Appraisals with Recertification of Value (Re-Cert): Any original appraisals

that are expired according to these guidelines, but are dated within 1 calendar year of

loan application, will be accepted with a Re-Cert. The Re-Cert must be performed by a

licensed appraiser, dated within 30 days of the loan application, and dated within 60 days

of the loan funding. The Re-Cert must use updated comps and must state an updated

opinion of value. The original appraisal and Re-Cert must be reviewed by Lender’s

Appraisal Review Department. The value indicated on the original appraisal will be used if

the Re-Cert shows that the market conditions in the area where the property is located

are declining, order a BPO or Exterior-Only Appraisal.

-Expired Appraisals without Recertification of Value (Re-Cert): For any original

appraisals that are expired according to these guidelines and do not include a Re-Cert,

Lender will order a BPO or Exterior-Only Appraisal. The valuation must be reviewed and

accepted by Lender’s Appraisal Review Department. Lender will use the value indicated

on the valuation.

Condominiums

Follow agency guidelines. Refer to FNMA Selling Guide.

- No Condo Questionnaire required

Ineligible Property Types

- Mobile Homes, Dome Homes, Earth or Berm Homes, Vacant Land, Non-Residential

Homes, Income producing Properties, Condotels, Leasehold Estates, and Manufactured

Homes that are single wide and / or built before 1976.

- Properties that are not typical to market with supporting comps

- No maximum acreage limitations.

Please Note: All properties must be typical to market with supporting comps

utilized in the valuation.

Appraisals / Bifurcated Appraisals / BPOs, when ordered by the lender, will be charged to the borrower.