© 2018 Fannie Mae Single Family Selling Guide
Calculation of the HCLTV Ratio
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If the borrower discloses, or the lender discovers, new (or increased) subordinate financing after the underwriting decision has been made, up to and concurrent with closing, the lender must re-underwrite the mortgage loan. (See B3See B3-6-02, Debt-to-Income Ratios, for additional information.)
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Note: The HCLTV ratio calculation may differ for certain mortgage loans. For details on these differences, see B2see B2-1.2-05, Payoff of Installment Land Contract Requirements; B5 B5-2-03, Manufactured Housing Underwriting Requirements; B5 B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions; B5 B5-3.3-01, HomeStyle Energy for Energy Improvements on Existing Properties; B5 B5-3.2-03, HomeStyle Renovation Mortgages: Collateral Considerations; and B5and B5-5.1-02, Community Seconds Loan Eligibility.
Note: Refer to the Eligibility Matrix for maximum allowable HCLTV ratios.
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The table below provides references to the Announcements that have been issued that are related to this topic.
| Announcements | Issue Date |
|---|---|
| Announcement SEL-2016–02 | February 23, 2016 |
| Announcement SEL-2012–10 | October 2, 2012 |
| Announcement SEL-2011–03 | March 31, 2011 |
| Announcement SEL-2010–16 | December 1, 2010 |
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