source:
  type: regulation
  id: fnma-sel-b2-1.2-01
  authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
  description: "Fannie Mae Single Family Selling Guide topic B2-1.2-01 (Loan-to-Value (LTV) Ratios). Gap-fill (verbatim,\
    \ ID-diff). \n"
obligations:
- id: fnma-sel-b2-1.2-01-0
  canonical_id: fnma-sel-b2-1.2-01-0
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: Introduction This topic contains information on LTV ratios,
    including: Calculation of the LTV Ratio Sales Price and Appraised Value Used by DU Loan-Level Price Adjustments
    Calculation of the LTV Ratio The maximum allowable LTV ratio for a ﬁrst mortgage is based on a number of fac…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Introduction This topic contains information on LTV ratios, including: Calculation of the
      LTV Ratio Sales Price and Appraised Value Used by DU Loan-Level Price Adjustments Calculation of the LTV Ratio
      The maximum allowable LTV ratio for a ﬁrst mortgage is based on a number of factors including, the representative
      credit score, the type of mortgage product, the number of dwelling units, and the occupancy status of the
      property. The following table describes the requirements for calculating LTV ratios for a ﬁrst mortgage transaction.
      The result of these calculations must be truncated (shortened) to two decimal places, then rounded up to the
      nearest whole percent. For example: 94.01% will be delivered as 95%, and 80.001% will be delivered as 80%.
      The rounding rules noted above also apply to the CLTV and HCLTV ratio calculations. Lenders'' systems must
      contain rounding methodology that results in the same or a higher LTV ratio. Underwriting Method Type of Transaction
      Calculation of the LTV Ratio 1 Manual and DU Purchase money transactions Divide the original loan amount by
      the property value. (The property value is the lower of the sales price or the current appraised value.) Manual
      and DU Reﬁnance transactions Divide the original loan amount by the property value. (The property value is
      the current appraised value.)'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-01-1
  canonical_id: fnma-sel-b2-1.2-01-1
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: , 2026 162 Underwriting Method Type of Transaction Calculation
    of the LTV Ratio 1 Manual and DU Co-op share loans See Calculating the LTV ratio for Co-op Share Loans in'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 162 Underwriting Method Type of Transaction Calculation of the LTV Ratio 1 Manual and
      DU Co-op share loans See Calculating the LTV ratio for Co-op Share Loans in'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-01-2
  canonical_id: fnma-sel-b2-1.2-01-2
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: Loan Eligibility for Co-op Share Loans. Manual and DU Mortgages
    with ﬁnanced mortgage insurance Divide the original loan amount plus the ﬁnanced mortgage insurance by the property
    value. (The property value is the lower of the sales price or the current appraised value.) Note: Th…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Loan Eligibility for Co-op Share Loans. Manual and DU Mortgages with ﬁnanced mortgage insurance
      Divide the original loan amount plus the ﬁnanced mortgage insurance by the property value. (The property value
      is the lower of the sales price or the current appraised value.) Note: The LTV ratio calculations shown above
      may diﬀer for certain mortgage loans. For details on these diﬀerences, see'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-01-3
  canonical_id: fnma-sel-b2-1.2-01-3
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: Conversion of Construction-to- Permanent Financing: Single-Closing
    Transactions;'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Conversion of Construction-to- Permanent Financing: Single-Closing Transactions;'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-01-4
  canonical_id: fnma-sel-b2-1.2-01-4
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: Loans with Resale Restrictions: Eligibility, Collateral and
    Delivery Requirements;'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Loans with Resale Restrictions: Eligibility, Collateral and Delivery Requirements;'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-01-5
  canonical_id: fnma-sel-b2-1.2-01-5
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: Shared Equity Transactions: Eligibility, Underwriting and
    Collateral Requirements; and'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Shared Equity Transactions: Eligibility, Underwriting and Collateral Requirements; and'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-01-6
  canonical_id: fnma-sel-b2-1.2-01-6
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: Provision of Mortgage Insurance. Refer to the Eligibility
    Matrix for maximum allowable LTV ratios. Sales Price and Appraised Value Used by DU DU uses information in the
    loan application to determine the sales price and appraised value it uses to calculate the LTV, CLTV, and HCLTV…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Provision of Mortgage Insurance. Refer to the Eligibility Matrix for maximum allowable LTV
      ratios. Sales Price and Appraised Value Used by DU DU uses information in the loan application to determine
      the sales price and appraised value it uses to calculate the LTV, CLTV, and HCLTV ratios. DU uses the amounts
      entered in the following data ﬁelds in the online loan application: Sales price = Line A + Line B + Line C
      (in Section L4) Line A = Sales Contract Price (the sales price for purchase transactions, or the cost of construction
      for construction transactions). Line B = Improvements, Renovations, and Repairs (the cost of these items for
      HomeStyle Renovation transactions). Line C = Land Value (For certain construction or manufactured home transactions
      the cost or value of the land if the borrower acquired the lot separately). Appraised value = Appraised Property
      Value (in Section 4a) Note: If the Appraised Property Value is not present, DU will use the Estimated Property
      Value. The Appraised Property Value must be entered (when available) and the loan caseﬁle must be resubmitted.
      Loan-Level Price Adjustments'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-01-7
  canonical_id: fnma-sel-b2-1.2-01-7
  section: Fannie Mae Single Family Selling Guide B2-1.2-01
  description: 'B2-1.2-01 Loan-to-Value (LTV) Ratios: , 2026 163 An LLPA may apply to certain mortgages based on
    the loan-to-value (LTV) ratio and representative credit score. These LLPAs are in addition to any other price
    adjustments that are otherwise applicable to the particular transaction. See the Loan-Level Price Adjustment
    (L…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-01, Loan-to-Value (LTV) Ratios (06/01/2022)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 163 An LLPA may apply to certain mortgages based on the loan-to-value (LTV) ratio and
      representative credit score. These LLPAs are in addition to any other price adjustments that are otherwise
      applicable to the particular transaction. See the Loan-Level Price Adjustment (LLPA) Matrix . As deﬁned in
      the LTV ratio, the original loan amount is the amount of the loan as indicated by the note. 1 Recent Related
      Announcements The table below provides references to recently issued Announcements that are related to this
      topic. Announcements Issue Date Announcement SEL-2022-05 June 01, 2022 Announcement SEL-2020-07 December 16,
      2020'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-01 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
