+-----+----------------------+--------------------+-------------------+
| **C | ***FHASecure***      | **FHA 95% Cash-out | **FHA to FHA      |
| rit |                      | Refinance**        | Refinance\***     |
| eri |                      |                    |                   |
| a** |                      |                    |                   |
+-----+----------------------+--------------------+-------------------+
| *   | -   Current          | -   FHA or         | -   FHA           |
| *El |     conventional     |     conventional   |                   |
| igi |     fixed-rate or    |     loan that is   |                   |
| ble |     ARM loan.        |     seasoned at    |                   |
| L   |                      |     least 12       |                   |
| oan | -   Delinquent       |     months with    |                   |
| T   |     conventional ARM |     last 12        |                   |
| ype |     loan.            |     payments made  |                   |
| s** |                      |     within the     |                   |
|     | ```{=html}           |     month due.     |                   |
|     | <!-- -->             |     Otherwise,     |                   |
|     | ```                  |     limited to 85% |                   |
|     | -   Delinquency was  |     LTV.           |                   |
|     |     caused by rate   |                    |                   |
|     |     reset (recast)   |                    |                   |
|     |     or extenuating   |                    |                   |
|     |     circumstance but |                    |                   |
|     |     does not affect  |                    |                   |
|     |     borrower's       |                    |                   |
|     |     overall capacity |                    |                   |
|     |     to repay the FHA |                    |                   |
|     |     loan.            |                    |                   |
|     |                      |                    |                   |
|     | ```{=html}           |                    |                   |
|     | <!-- -->             |                    |                   |
|     | ```                  |                    |                   |
|     | -   Acceptable loan  |                    |                   |
|     |     features include |                    |                   |
|     |     interest only,   |                    |                   |
|     |     payment option   |                    |                   |
|     |     and negative     |                    |                   |
|     |     amortization.    |                    |                   |
+-----+----------------------+--------------------+-------------------+
| **I | -   FHA              | FHA or             | -   Conventional  |
| nel |                      | conventional loans |                   |
| igi |                      | seasoned *less     |                   |
| ble |                      | than* 12 months.   |                   |
| L   |                      | Otherwise limited  |                   |
| oan |                      | to 85% LTV.        |                   |
| T   |                      |                    |                   |
| ype |                      |                    |                   |
| s** |                      |                    |                   |
+-----+----------------------+--------------------+-------------------+
| *   | -   Standard LTV on  | -   Up to 95% LTV  | -   Standard LTV  |
| *LT |     FHA first        |     on FHA first   |     on FHA first  |
| V** |     mortgage.        |     mortgage that  |     mortgage.     |
|     |                      |     does not       |                   |
|     | -   In addition to   |     exceed         | -   Standard rate |
|     |     standard rate    |     \$417,000.     |     and term      |
|     |     and term maximum |     Otherwise      |     maximum       |
|     |     mortgage         |     limited to 85% |     mortgage      |
|     |     calculation may  |     LTV.           |     calculation.  |
|     |     include          |                    |                   |
|     |     arrearages       | -   Standard       | -   Current       |
|     |     (PITI) incurred  |     cash-out       |     appraised     |
|     |     after reset or   |     maximum        |     value is used |
|     |     extenuating      |     mortgage       |     in            |
|     |     circumstance.    |     calculation up |     determining   |
|     |                      |     to 95%.        |     maximum loan  |
|     | -   Current          |                    |     amount.       |
|     |     appraised value  | -   Current        |                   |
|     |     is used to       |     appraised      | -   No seasoning  |
|     |     determine        |     value is used  |     requirement   |
|     |     maximum loan     |     in determining |     for purchase  |
|     |     amount.          |     maximum loan   |     money         |
|     |                      |     amount.        |     seconds.      |
|     | -   No seasoning     |                    |                   |
|     |     requirement for  | -   There are no   | -   Equity line   |
|     |     purchase money   |     seasoning      |     in excess of  |
|     |     seconds.         |     requirements   |     \$1000        |
|     |                      |     for            |     advanced in   |
|     | -   Equity line in   |     subordinate    |     last 12       |
|     |     excess of \$1000 |     liens.         |     months is not |
|     |     advanced in last |                    |     eligible for  |
|     |     12 months is not |                    |     inclusion     |
|     |     eligible for     |                    |     (unless       |
|     |     inclusion        |                    |     documented    |
|     |     (unless          |                    |     for           |
|     |     documented for   |                    |     r             |
|     |                      |                    | epairs/renovation |
|     |    repair/renovation |                    |     of subject    |
|     |     of subject       |                    |     property).    |
|     |     property).       |                    |                   |
+-----+----------------------+--------------------+-------------------+
| **  | -   Unlimited CLTV   | -   Unlimited CLTV | -   Standard FHA  |
| CLT |     for new          |     for            |     CLTV ratio on |
| V** |     subordinate      |                    |     new           |
|     |     financing.       |   re-subordination |     subordinate   |
|     |                      |     and/or         |     financing:    |
|     | -   Unlimited CLTV   |     modification   |     the combined  |
|     |     for              |     of existing    |     1^st^ and     |
|     |     re-subordination |     subordinate    |     2^nd^ liens   |
|     |     or modification  |     financing.     |     do not exceed |
|     |     of existing      |     Also           |     the           |
|     |     subordinate      |     applicable for |     applicable    |
|     |     financing.       |     FHA first      |     FHA LTV and   |
|     |                      |     mortgages      |     maximum       |
|     |                      |     limited to 85% |     mortgage      |
|     |                      |     LTV.           |     limit for the |
|     |                      |                    |     area.         |
|     |                      |                    |                   |
|     |                      |                    | -   Unlimited     |
|     |                      |                    |     CLTV for      |
|     |                      |                    |                   |
|     |                      |                    |  re-subordination |
|     |                      |                    |     or            |
|     |                      |                    |     modification  |
|     |                      |                    |     of existing   |
|     |                      |                    |     subordinate   |
|     |                      |                    |     financing.    |
+-----+----------------------+--------------------+-------------------+

+-----+------------+----------+-------------------+-------------------+
| **C | ***FH      |          | **FHA 95%         | **FHA to FHA      |
| rit | ASecure*** |          | Cash-out          | Refinance\***     |
| eri |            |          | Refinance**       |                   |
| a** |            |          |                   |                   |
+-----+------------+----------+-------------------+-------------------+
| *   | **FHA      |          | **FHA First       | **FHA First       |
| *Un | First      |          | Mortgage**        | Mortgage**        |
| der | Mortgage** |          |                   |                   |
| wri |            |          | -   Borrower must | -   Borrower must |
| tin | -          |          |     have owned    |     be current    |
| g** |   Borrower |          |     property for  |     and have an   |
|     |     is     |          |     12 months AND |     acceptable    |
|     |            |          |     if encumbered |     mortgage      |
|     | delinquent |          |     by a mortgage |     payment       |
|     |     but    |          |     made payments |     history.      |
|     |            |          |     for the last  |                   |
|     |   mortgage |          |     12 months     | -   Standard      |
|     |            |          |     within the    |     31/43 ratios, |
|     |    payment |          |     month due.    |     may be        |
|     |            |          |     Otherwise     |     exceeded with |
|     |    history |          |     limited to    |     compensating  |
|     |     shows  |          |     85% LTV.      |     factor(s).    |
|     |     that:  |          |                   |                   |
|     |            |          | -   Standard      | -   Non-occupant  |
|     |            |          |     31/43 ratios, |     co-borrowers  |
|     | -   during |          |     may be        |     may be added. |
|     |            |          |     exceeded with |                   |
|     |        the |          |     compensating  |                   |
|     |         6  |          |     factor(s).    |                   |
|     |            |          |                   |                   |
|     |     months |          | -   Non-occupant  |                   |
|     |            |          |     co-borrowers  |                   |
|     |      prior |          |     *[may         |                   |
|     |         to |          |                   |                   |
|     |            |          | not]{.underline}* |                   |
|     |      reset |          |     be added for  |                   |
|     |         or |          |     95% cash-out  |                   |
|     |         e  |          |     refinance     |                   |
|     | xtenuating |          |     transactions  |                   |
|     |         ci |          |     but are       |                   |
|     | rcumstance |          |     permissible   |                   |
|     |            |          |     for those     |                   |
|     |      there |          |     limited to    |                   |
|     |            |          |     85% LTV.      |                   |
|     |        are |          |                   |                   |
|     |         no |          |                   |                   |
|     |            |          |                   |                   |
|     |  instances |          |                   |                   |
|     |         of |          |                   |                   |
|     |            |          |                   |                   |
|     |     making |          |                   |                   |
|     |            |          |                   |                   |
|     |   mortgage |          |                   |                   |
|     |            |          |                   |                   |
|     |   payments |          |                   |                   |
|     |            |          |                   |                   |
|     |    outside |          |                   |                   |
|     |            |          |                   |                   |
|     |        the |          |                   |                   |
|     |            |          |                   |                   |
|     |      month |          |                   |                   |
|     |            |          |                   |                   |
|     |       due; |          |                   |                   |
|     |         or |          |                   |                   |
|     |            |          |                   |                   |
|     |            |          |                   |                   |
|     | -   during |          |                   |                   |
|     |            |          |                   |                   |
|     |        the |          |                   |                   |
|     |         12 |          |                   |                   |
|     |            |          |                   |                   |
|     |     months |          |                   |                   |
|     |            |          |                   |                   |
|     |      prior |          |                   |                   |
|     |         to |          |                   |                   |
|     |            |          |                   |                   |
|     |      reset |          |                   |                   |
|     |         or |          |                   |                   |
|     |         e  |          |                   |                   |
|     | xtenuating |          |                   |                   |
|     |         ci |          |                   |                   |
|     | rcumstance |          |                   |                   |
|     |            |          |                   |                   |
|     |      there |          |                   |                   |
|     |            |          |                   |                   |
|     |        are |          |                   |                   |
|     |         no |          |                   |                   |
|     |            |          |                   |                   |
|     |       more |          |                   |                   |
|     |            |          |                   |                   |
|     |       than |          |                   |                   |
|     |            |          |                   |                   |
|     |       1x60 |          |                   |                   |
|     |            |          |                   |                   |
|     |       late |          |                   |                   |
|     |            |          |                   |                   |
|     |    payment |          |                   |                   |
|     |         or |          |                   |                   |
|     |            |          |                   |                   |
|     |       2x30 |          |                   |                   |
|     |            |          |                   |                   |
|     |       late |          |                   |                   |
|     |            |          |                   |                   |
|     |  payments; |          |                   |                   |
|     |         or |          |                   |                   |
|     |            |          |                   |                   |
|     |     -   no |          |                   |                   |
|     |            |          |                   |                   |
|     |       more |          |                   |                   |
|     |            |          |                   |                   |
|     |       than |          |                   |                   |
|     |            |          |                   |                   |
|     |       1x90 |          |                   |                   |
|     |         or |          |                   |                   |
|     |            |          |                   |                   |
|     |       3x30 |          |                   |                   |
|     |            |          |                   |                   |
|     |     during |          |                   |                   |
|     |            |          |                   |                   |
|     |        the |          |                   |                   |
|     |         12 |          |                   |                   |
|     |            |          |                   |                   |
|     |     months |          |                   |                   |
|     |            |          |                   |                   |
|     |      prior |          |                   |                   |
|     |         to |          |                   |                   |
|     |            |          |                   |                   |
|     |      reset |          |                   |                   |
|     |         or |          |                   |                   |
|     |         e  |          |                   |                   |
|     | xtenuating |          |                   |                   |
|     |         ci |          |                   |                   |
|     | rcumstance |          |                   |                   |
|     |            |          |                   |                   |
|     |   provided |          |                   |                   |
|     |            |          |                   |                   |
|     |        the |          |                   |                   |
|     |            |          |                   |                   |
|     |        LTV |          |                   |                   |
|     |         on |          |                   |                   |
|     |            |          |                   |                   |
|     |        the |          |                   |                   |
|     |            |          |                   |                   |
|     |        FHA |          |                   |                   |
|     |            |          |                   |                   |
|     |      first |          |                   |                   |
|     |            |          |                   |                   |
|     |       does |          |                   |                   |
|     |            |          |                   |                   |
|     |        not |          |                   |                   |
|     |            |          |                   |                   |
|     |     exceed |          |                   |                   |
|     |            |          |                   |                   |
|     |       90%. |          |                   |                   |
|     |            |          |                   |                   |
|     | -   D      |          |                   |                   |
|     | elinquency |          |                   |                   |
|     |     was    |          |                   |                   |
|     |     caused |          |                   |                   |
|     |     by     |          |                   |                   |
|     |     rate   |          |                   |                   |
|     |     reset  |          |                   |                   |
|     |     or     |          |                   |                   |
|     |     e      |          |                   |                   |
|     | xtenuating |          |                   |                   |
|     |     ci     |          |                   |                   |
|     | rcumstance |          |                   |                   |
|     |     but    |          |                   |                   |
|     |     does   |          |                   |                   |
|     |     not    |          |                   |                   |
|     |     affect |          |                   |                   |
|     |            |          |                   |                   |
|     | borrower's |          |                   |                   |
|     |            |          |                   |                   |
|     |    overall |          |                   |                   |
|     |            |          |                   |                   |
|     |   capacity |          |                   |                   |
|     |     to     |          |                   |                   |
|     |     repay  |          |                   |                   |
|     |     the    |          |                   |                   |
|     |     FHA    |          |                   |                   |
|     |     loan.  |          |                   |                   |
|     |            |          |                   |                   |
|     | -          |          |                   |                   |
|     |   Borrower |          |                   |                   |
|     |            |          |                   |                   |
|     | delinquent |          |                   |                   |
|     |     on IO  |          |                   |                   |
|     |     and/or |          |                   |                   |
|     |            |          |                   |                   |
|     |    payment |          |                   |                   |
|     |     option |          |                   |                   |
|     |     ARMs   |          |                   |                   |
|     |     must   |          |                   |                   |
|     |     d      |          |                   |                   |
|     | emonstrate |          |                   |                   |
|     |     that   |          |                   |                   |
|     |     they   |          |                   |                   |
|     |     were   |          |                   |                   |
|     |     making |          |                   |                   |
|     |     their  |          |                   |                   |
|     |            |          |                   |                   |
|     |    monthly |          |                   |                   |
|     |            |          |                   |                   |
|     |   mortgage |          |                   |                   |
|     |            |          |                   |                   |
|     |   payments |          |                   |                   |
|     |     within |          |                   |                   |
|     |     the    |          |                   |                   |
|     |     month  |          |                   |                   |
|     |     due    |          |                   |                   |
|     |     during |          |                   |                   |
|     |     the 6  |          |                   |                   |
|     |     months |          |                   |                   |
|     |     prior  |          |                   |                   |
|     |     to     |          |                   |                   |
|     |     rate   |          |                   |                   |
|     |     reset. |          |                   |                   |
|     |            |          |                   |                   |
|     | ```{=html} |          |                   |                   |
|     | <!-- -->   |          |                   |                   |
|     | ```        |          |                   |                   |
|     | -          |          |                   |                   |
|     |   Standard |          |                   |                   |
|     |     31/43  |          |                   |                   |
|     |     ratios |          |                   |                   |
|     |     may be |          |                   |                   |
|     |            |          |                   |                   |
|     |   exceeded |          |                   |                   |
|     |     with   |          |                   |                   |
|     |     co     |          |                   |                   |
|     | mpensating |          |                   |                   |
|     |            |          |                   |                   |
|     | factor(s), |          |                   |                   |
|     |     except |          |                   |                   |
|     |     for    |          |                   |                   |
|     |     loans  |          |                   |                   |
|     |            |          |                   |                   |
|     |    limited |          |                   |                   |
|     |     to 90% |          |                   |                   |
|     |     LTV    |          |                   |                   |
|     |            |          |                   |                   |
|     |   mortgage |          |                   |                   |
|     |            |          |                   |                   |
|     |    payment |          |                   |                   |
|     |            |          |                   |                   |
|     |   history. |          |                   |                   |
|     |            |          |                   |                   |
|     | -   No     |          |                   |                   |
|     | n-occupant |          |                   |                   |
|     |     co     |          |                   |                   |
|     | -borrowers |          |                   |                   |
|     |     may be |          |                   |                   |
|     |     added. |          |                   |                   |
+-----+------------+----------+-------------------+-------------------+
|     | *          |          | **Secondary       | > **Secondary     |
|     | *Secondary |          | Financing**       | > Financing**     |
|     | F          |          |                   |                   |
|     | inancing** |          | -   If payments   | -   If payments   |
|     |            |          |     on the second |     on the second |
|     | -   If     |          |     are required, |     are required, |
|     |            |          |     they must be  |     they must be  |
|     |   payments |          |     included in   |     included in   |
|     |     on the |          |     qualifying    |     qualifying    |
|     |     second |          |     the borrower. |     the borrower. |
|     |     are    |          |                   |                   |
|     |            |          | ```{=html}        | ```{=html}        |
|     |  required, |          | <!-- -->          | <!-- -->          |
|     |     they   |          | ```               | ```               |
|     |     must   |          | -   Secondary     | -   Secondary     |
|     |     be     |          |     financing     |     financing     |
|     |            |          |     must meet the |     must meet the |
|     |   included |          |     following     |     following     |
|     |     in the |          |     requirements: |     requirements: |
|     |            |          |                   |                   |
|     | qualifying |          | ```{=html}        | ```{=html}        |
|     |            |          | <!-- -->          | <!-- -->          |
|     |   borrower |          | ```               | ```               |
|     |     unless |          | -   No prepayment | -   No prepayment |
|     |            |          |     penalty       |     penalty       |
|     |   deferred |          |                   |                   |
|     |     for a  |          | -   No balloon    | -   No balloon    |
|     |     period |          |     payments less |     payments less |
|     |     of at  |          |     than 10 years |     than 10 years |
|     |     least  |          |                   |                   |
|     |     36     |          | -   Payments on   | -   Payments on   |
|     |            |          |     FHA 1^st^ and |     FHA 1^st^ and |
|     |    months. |          |     subordinate   |     subordinate   |
|     |            |          |     liens, plus   |     liens, plus   |
|     | -          |          |     other housing |     other housing |
|     |  Secondary |          |     expenses,     |     expenses,     |
|     |            |          |     cannot exceed |     cannot exceed |
|     |  financing |          |     borrower's    |     borrower's    |
|     |     must   |          |     capacity to   |     capacity to   |
|     |     meet   |          |     repay.        |     repay.        |
|     |     the    |          |                   |                   |
|     |            |          | -   Any periodic  | -   Any periodic  |
|     |  following |          |     payments due  |     payments due  |
|     |     req    |          |     on the second |     on the second |
|     | uirements: |          |     mortgage are  |     mortgage are  |
|     |            |          |     due monthly   |     due monthly   |
|     | ```{=html} |          |     and are       |     and are       |
|     | <!-- -->   |          |     essentially   |     essentially   |
|     | ```        |          |     the same in   |     the same in   |
|     | -   No     |          |     dollar        |     dollar        |
|     |            |          |     amount.       |     amount.       |
|     | prepayment |          |                   |                   |
|     |            |          |                   |                   |
|     |    penalty |          |                   |                   |
|     |            |          |                   |                   |
|     | -   No     |          |                   |                   |
|     |            |          |                   |                   |
|     |    balloon |          |                   |                   |
|     |            |          |                   |                   |
|     |   payments |          |                   |                   |
|     |     less   |          |                   |                   |
|     |     than   |          |                   |                   |
|     |     10     |          |                   |                   |
|     |     years  |          |                   |                   |
|     |            |          |                   |                   |
|     | -          |          |                   |                   |
|     |   Payments |          |                   |                   |
|     |     on FHA |          |                   |                   |
|     |     1^st^  |          |                   |                   |
|     |     and    |          |                   |                   |
|     |     s      |          |                   |                   |
|     | ubordinate |          |                   |                   |
|     |     liens, |          |                   |                   |
|     |     plus   |          |                   |                   |
|     |     other  |          |                   |                   |
|     |            |          |                   |                   |
|     |    housing |          |                   |                   |
|     |            |          |                   |                   |
|     |  expenses, |          |                   |                   |
|     |     cannot |          |                   |                   |
|     |     exceed |          |                   |                   |
|     |            |          |                   |                   |
|     | borrower's |          |                   |                   |
|     |            |          |                   |                   |
|     |   capacity |          |                   |                   |
|     |     to     |          |                   |                   |
|     |     repay. |          |                   |                   |
|     |            |          |                   |                   |
|     | -   Any    |          |                   |                   |
|     |            |          |                   |                   |
|     |   periodic |          |                   |                   |
|     |            |          |                   |                   |
|     |   payments |          |                   |                   |
|     |     due on |          |                   |                   |
|     |     the    |          |                   |                   |
|     |     second |          |                   |                   |
|     |            |          |                   |                   |
|     |   mortgage |          |                   |                   |
|     |     are    |          |                   |                   |
|     |     due    |          |                   |                   |
|     |            |          |                   |                   |
|     |    monthly |          |                   |                   |
|     |     and    |          |                   |                   |
|     |     are    |          |                   |                   |
|     |     e      |          |                   |                   |
|     | ssentially |          |                   |                   |
|     |     the    |          |                   |                   |
|     |     same   |          |                   |                   |
|     |     in     |          |                   |                   |
|     |     dollar |          |                   |                   |
|     |            |          |                   |                   |
|     |    amount. |          |                   |                   |
+-----+------------+----------+-------------------+-------------------+
| **  | -   Co     |          | Conventional not  | FHA to FHA        |
| FHA | nventional |          | delinquent        | Refinance, use    |
| Ide |     not    |          |                   | appropriate       |
| nti |            |          |                   | identifier        |
| fie | delinquent |          |                   |                   |
| r** |            |          |                   |                   |
|     | ```{=html} |          |                   |                   |
|     | <!-- -->   |          |                   |                   |
|     | ```        |          |                   |                   |
|     | -   Co     |          |                   |                   |
|     | nventional |          |                   |                   |
|     |            |          |                   |                   |
|     | delinquent |          |                   |                   |
+-----+------------+----------+-------------------+-------------------+
| **  | FHA Fixed, |          | FHA Fixed, 1-year | FHA Fixed, 1-year |
| New | 1-year ARM |          | ARM or hybrid ARM | ARM or hybrid ARM |
| M   | or hybrid  |          |                   |                   |
| ort | ARM        |          |                   |                   |
| gag |            |          |                   |                   |
| e** |            |          |                   |                   |
+-----+------------+----------+-------------------+-------------------+
| *   | Delinquent | Current  | 1.5% UFMIP and    | 1.5% UFMIP and    |
| *Mo |            |          | .50% Annual       | .50% Annual       |
| rtg |            |          | Premium           | Premium           |
| age |            |          |                   |                   |
| In  |            |          |                   |                   |
| sur |            |          |                   |                   |
| anc |            |          |                   |                   |
| e** |            |          |                   |                   |
+-----+------------+----------+-------------------+-------------------+
|     | 2.25%      | 1.5%     |                   |                   |
|     | UFMIP and  | UFMIP    |                   |                   |
|     | .55%       | and .50% |                   |                   |
|     | Annual     | Annual   |                   |                   |
|     | Premium    | Premium  |                   |                   |
|     | when LTV   |          |                   |                   |
|     | \> 95%     |          |                   |                   |
+-----+------------+----------+-------------------+-------------------+

+-----+-------------+-----------+-----------------+------------------+
| **C | ***F        |           | **FHA 95%       | **FHA to FHA     |
| rit | HASecure*** |           | Cash-out        | Refinance\***    |
| eri |             |           | Refinance**     |                  |
| a** |             |           |                 |                  |
+-----+-------------+-----------+-----------------+------------------+
| **G | Delinquency | Current   | Fixed Rate =    | Fixed Rate =     |
| NMA | and/or \>   | and       | GNMA I          | GNMA I           |
| Poo | Std FHA     | =/\<Std   |                 |                  |
| l** | CLTV Ratio: | FHA CLTV  | ARM = GNMA II   | ARM = GNMA II    |
|     |             | Ratio:    |                 |                  |
+-----+-------------+-----------+-----------------+------------------+
|     | GNMA II (M  | Fixed     |                 |                  |
|     | FS)         | Rate =    |                 |                  |
|     |             | GNMA I    |                 |                  |
|     |             |           |                 |                  |
|     |             | ARM =     |                 |                  |
|     |             | GNMA II   |                 |                  |
+-----+-------------+-----------+-----------------+------------------+
| **  | >           | > Current | > Permanent     | Permanent        |
| Exp | Delinquency | > and     |                 |                  |
| ira | > and/or \> | > =/\<    |                 |                  |
| tio | > Std FHA   | > Std FHA |                 |                  |
| n** | > CLTV      | > CLTV    |                 |                  |
|     | > Ratio:    | > Ratio:  |                 |                  |
+-----+-------------+-----------+-----------------+------------------+
|     | > A         | >         |                 |                  |
|     | pplications | Permanent |                 |                  |
|     | > on/or     |           |                 |                  |
|     | > before    |           |                 |                  |
|     | > 12/31/08  |           |                 |                  |
+-----+-------------+-----------+-----------------+------------------+
| **D | > In        |           | Standard FHA    | Standard FHA     |
| ocu | > addition  |           | documentation   | documentation    |
| men | > to        |           | requirements    | requirements     |
| tat | > standard  |           |                 |                  |
| ion | > FHA       |           |                 |                  |
| Re  | > do        |           |                 |                  |
| qui | cumentation |           |                 |                  |
| rem | > re        |           |                 |                  |
| ent | quirements, |           |                 |                  |
| s** | > the       |           |                 |                  |
|     | > following |           |                 |                  |
|     | > documents |           |                 |                  |
|     | > are       |           |                 |                  |
|     | > needed    |           |                 |                  |
|     | > for       |           |                 |                  |
|     | > *         |           |                 |                  |
|     | FHASecure*: |           |                 |                  |
|     |             |           |                 |                  |
|     | -           |           |                 |                  |
|     |    Evidence |           |                 |                  |
|     |     > of    |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |             |           |                 |                  |
|     |   > current |           |                 |                  |
|     |     > loan  |           |                 |                  |
|     |     > type  |           |                 |                  |
|     |     > and   |           |                 |                  |
|     |     > reset |           |                 |                  |
|     |     > date  |           |                 |                  |
|     |     > such  |           |                 |                  |
|     |     > as    |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |             |           |                 |                  |
|     |   > current |           |                 |                  |
|     |     > ARM   |           |                 |                  |
|     |             |           |                 |                  |
|     |  > Mortgage |           |                 |                  |
|     |     > Note  |           |                 |                  |
|     |     > or    |           |                 |                  |
|     |             |           |                 |                  |
|     |    > Rider, |           |                 |                  |
|     |     > if    |           |                 |                  |
|     |     >       |           |                 |                  |
|     | applicable. |           |                 |                  |
|     |             |           |                 |                  |
|     | -           |           |                 |                  |
|     |    Evidence |           |                 |                  |
|     |     > of    |           |                 |                  |
|     |     >       |           |                 |                  |
|     |  occurrence |           |                 |                  |
|     |     > of    |           |                 |                  |
|     |     >       |           |                 |                  |
|     | extenuating |           |                 |                  |
|     |     > circu |           |                 |                  |
|     | mstance(s), |           |                 |                  |
|     |     > if    |           |                 |                  |
|     |     >       |           |                 |                  |
|     | applicable. |           |                 |                  |
|     |             |           |                 |                  |
|     | -           |           |                 |                  |
|     | Explanation |           |                 |                  |
|     |             |           |                 |                  |
|     |    > letter |           |                 |                  |
|     |     > from  |           |                 |                  |
|     |             |           |                 |                  |
|     |  > borrower |           |                 |                  |
|     |     > for   |           |                 |                  |
|     |     >       |           |                 |                  |
|     | delinquency |           |                 |                  |
|     |             |           |                 |                  |
|     |    > and/or |           |                 |                  |
|     |             |           |                 |                  |
|     |    > missed |           |                 |                  |
|     |             |           |                 |                  |
|     | > payments. |           |                 |                  |
|     |             |           |                 |                  |
|     | -           |           |                 |                  |
|     |    Evidence |           |                 |                  |
|     |     > that  |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |             |           |                 |                  |
|     |   > payment |           |                 |                  |
|     |             |           |                 |                  |
|     |   > history |           |                 |                  |
|     |     > for   |           |                 |                  |
|     |     > the 6 |           |                 |                  |
|     |             |           |                 |                  |
|     |    > months |           |                 |                  |
|     |     > prior |           |                 |                  |
|     |     > to    |           |                 |                  |
|     |     > reset |           |                 |                  |
|     |     > had   |           |                 |                  |
|     |     > no    |           |                 |                  |
|     |             |           |                 |                  |
|     |  > payments |           |                 |                  |
|     |             |           |                 |                  |
|     |   > outside |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |     > month |           |                 |                  |
|     |     > due   |           |                 |                  |
|     |             |           |                 |                  |
|     |   > (credit |           |                 |                  |
|     |             |           |                 |                  |
|     |   > report, |           |                 |                  |
|     |             |           |                 |                  |
|     |   > payment |           |                 |                  |
|     |             |           |                 |                  |
|     |  > history, |           |                 |                  |
|     |     > etc); |           |                 |                  |
|     |     > OR    |           |                 |                  |
|     |             |           |                 |                  |
|     | -           |           |                 |                  |
|     |    Evidence |           |                 |                  |
|     |     > that  |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |             |           |                 |                  |
|     |   > payment |           |                 |                  |
|     |             |           |                 |                  |
|     |   > history |           |                 |                  |
|     |     > has   |           |                 |                  |
|     |     > no    |           |                 |                  |
|     |     > more  |           |                 |                  |
|     |     > than  |           |                 |                  |
|     |     > 1x60  |           |                 |                  |
|     |     > late  |           |                 |                  |
|     |             |           |                 |                  |
|     |   > payment |           |                 |                  |
|     |     > or    |           |                 |                  |
|     |     > 2x30  |           |                 |                  |
|     |     > late  |           |                 |                  |
|     |             |           |                 |                  |
|     |  > payments |           |                 |                  |
|     |     > in    |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |     > last  |           |                 |                  |
|     |     > 12    |           |                 |                  |
|     |             |           |                 |                  |
|     |    > months |           |                 |                  |
|     |             |           |                 |                  |
|     |   > (credit |           |                 |                  |
|     |             |           |                 |                  |
|     |   > report, |           |                 |                  |
|     |             |           |                 |                  |
|     |   > payment |           |                 |                  |
|     |             |           |                 |                  |
|     |  > history, |           |                 |                  |
|     |     > etc); |           |                 |                  |
|     |     > OR    |           |                 |                  |
|     |             |           |                 |                  |
|     | -           |           |                 |                  |
|     |    Evidence |           |                 |                  |
|     |     > that  |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |             |           |                 |                  |
|     |   > payment |           |                 |                  |
|     |             |           |                 |                  |
|     |   > history |           |                 |                  |
|     |     > has   |           |                 |                  |
|     |     > no    |           |                 |                  |
|     |     > more  |           |                 |                  |
|     |     > than  |           |                 |                  |
|     |     > 1x90  |           |                 |                  |
|     |     > or    |           |                 |                  |
|     |     > 3x30  |           |                 |                  |
|     |     > late  |           |                 |                  |
|     |             |           |                 |                  |
|     |  > payments |           |                 |                  |
|     |     > in    |           |                 |                  |
|     |     > the   |           |                 |                  |
|     |     > last  |           |                 |                  |
|     |     > 12    |           |                 |                  |
|     |             |           |                 |                  |
|     |   > months. |           |                 |                  |
|     |             |           |                 |                  |
|     | -   Include |           |                 |                  |
|     |             |           |                 |                  |
|     |  > evidence |           |                 |                  |
|     |     > of    |           |                 |                  |
|     |             |           |                 |                  |
|     |   > partial |           |                 |                  |
|     |     > f     |           |                 |                  |
|     | orbearance, |           |                 |                  |
|     |     > if    |           |                 |                  |
|     |     >       |           |                 |                  |
|     | applicable. |           |                 |                  |
|     |             |           |                 |                  |
|     | -           |           |                 |                  |
|     |    Evidence |           |                 |                  |
|     |     > of    |           |                 |                  |
|     |     > terms |           |                 |                  |
|     |     > and   |           |                 |                  |
|     |     >       |           |                 |                  |
|     |  conditions |           |                 |                  |
|     |     > of    |           |                 |                  |
|     |             |           |                 |                  |
|     | > secondary |           |                 |                  |
|     |     >       |           |                 |                  |
|     |  financing, |           |                 |                  |
|     |     > if    |           |                 |                  |
|     |     >       |           |                 |                  |
|     | applicable. |           |                 |                  |
|     |             |           |                 |                  |
|     | -   MCAW    |           |                 |                  |
|     |     (LT)    |           |                 |                  |
|     |     with    |           |                 |                  |
|     |             |           |                 |                  |
|     |    comments |           |                 |                  |
|     |     from    |           |                 |                  |
|     |     the     |           |                 |                  |
|     |             |           |                 |                  |
|     | underwriter |           |                 |                  |
|     |     in the  |           |                 |                  |
|     |     Remarks |           |                 |                  |
|     |     section |           |                 |                  |
|     |     to      |           |                 |                  |
|     |             |           |                 |                  |
|     |    document |           |                 |                  |
|     |             |           |                 |                  |
|     |    decision |           |                 |                  |
|     |     that    |           |                 |                  |
|     |     reset   |           |                 |                  |
|     |     or      |           |                 |                  |
|     |             |           |                 |                  |
|     |   temporary |           |                 |                  |
|     |             |           |                 |                  |
|     |   financial |           |                 |                  |
|     |     setback |           |                 |                  |
|     |     caused  |           |                 |                  |
|     |     the     |           |                 |                  |
|     |     loan to |           |                 |                  |
|     |     become  |           |                 |                  |
|     |             |           |                 |                  |
|     | delinquent. |           |                 |                  |
+-----+-------------+-----------+-----------------+------------------+
| **O | All other   |           | All other       | All other        |
| the | standard    |           | standard FHA    | standard FHA     |
| r** | FHA         |           | requirements    | requirements     |
|     | r           |           | apply           | apply            |
|     | equirements |           |                 |                  |
|     | apply       |           |                 |                  |
+-----+-------------+-----------+-----------------+------------------+