source:
  type: regulation
  id: fnma-sel-b2-1.2-02
  authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
  description: "Fannie Mae Single Family Selling Guide topic B2-1.2-02 (Combined Loan-to-Value (CLTV) Ratios). Gap-fill\
    \ (verbatim, ID-diff). \n"
obligations:
- id: fnma-sel-b2-1.2-02-0
  canonical_id: fnma-sel-b2-1.2-02-0
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) Ratios: Introduction This topic contains information on
    CLTV ratios, including: Calculation of the CLTV Ratio Loan-Level Price Adjustments Calculation of the CLTV Ratio
    For ﬁrst mortgage loans that are subject to subordinate ﬁnancing, the lender must calculate the LTV ratio and
    the CLTV …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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 CLTV ratios, including: Calculation of the
      CLTV Ratio Loan-Level Price Adjustments Calculation of the CLTV Ratio For ﬁrst mortgage loans that are subject
      to subordinate ﬁnancing, the lender must calculate the LTV ratio and the CLTV ratio. For ﬁrst mortgage loans
      that are subject to a HELOC, see'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-02-1
  canonical_id: fnma-sel-b2-1.2-02-1
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) Ratios: Home Equity Combined Loan-to-Value (HCLTV) Ratios.
    For all other subordinate liens, see'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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: Home Equity Combined Loan-to-Value (HCLTV) Ratios. For all other subordinate liens, see
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-02-2
  canonical_id: fnma-sel-b2-1.2-02-2
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) Ratios: Subordinate Financing for additional information.
    The CLTV ratio is determined by dividing the sum of the items listed below by the lesser of the sales price
    or the appraised value of the property. the original loan amount of the ﬁrst mortgage, the drawn portion (outstanding
    prin…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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: Subordinate Financing for additional information. The CLTV ratio is determined by dividing
      the sum of the items listed below by the lesser of the sales price or the appraised value of the property.
      the original loan amount of the ﬁrst mortgage, the drawn portion (outstanding principal balance) of a HELOC,
      and the unpaid principal balance of all closed-end subordinate ﬁnancing. (With a closed-end loan, a borrower
      draws down all funds on day one and may not make any payment plan changes or access any paid-down
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-02-3
  canonical_id: fnma-sel-b2-1.2-02-3
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) Ratios: , 2026 164 principal once the loan is closed.) Note:
    For each subordinate liability, in order for the lender to accurately calculate the CLTV ratio for eligibility
    and underwriting purposes, the lender must determine the drawn portion of all HELOCs, if applicable, and the
    unpaid …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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 164 principal once the loan is closed.) Note: For each subordinate liability, in order
      for the lender to accurately calculate the CLTV ratio for eligibility and underwriting purposes, the lender
      must determine the drawn portion of all HELOCs, if applicable, and the unpaid principal balance for all closed-end
      subordinate ﬁnancing. If any subordinate ﬁnancing is not shown on a credit report, the lender must obtain
      documentation from the borrower or creditor. 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'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-02-4
  canonical_id: fnma-sel-b2-1.2-02-4
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) Ratios: Debt-to-Income Ratios, for additional information.)
    Note: The CLTV ratio calculation may diﬀer for certain mortgage loans. For details on these diﬀerences, see'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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: 'Debt-to-Income Ratios, for additional information.) Note: The CLTV ratio calculation may diﬀer
      for certain mortgage loans. For details on these diﬀerences, see'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-02-5
  canonical_id: fnma-sel-b2-1.2-02-5
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) 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 B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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 B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-02-6
  canonical_id: fnma-sel-b2-1.2-02-6
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) Ratios: Loans with Resale Restrictions: Eligibility, Collateral
    and Delivery Requirements; and'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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; and'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.2-02-7
  canonical_id: fnma-sel-b2-1.2-02-7
  section: Fannie Mae Single Family Selling Guide B2-1.2-02
  description: 'B2-1.2-02 Combined Loan-to-Value (CLTV) Ratios: Shared Equity Transactions: Eligibility, Underwriting
    and Collateral Requirements. Refer to the Eligibility Matrix for allowable CLTV ratios. Loan-Level Price Adjustments
    An LLPA applies to certain mortgages with subordinate ﬁnancing. These LLPAs are in addition to any other pric…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios (12/04/2018)
    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. Refer to
      the Eligibility Matrix for allowable CLTV ratios. Loan-Level Price Adjustments An LLPA applies to certain
      mortgages with subordinate ﬁnancing. 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. Recent Related
      Announcements There are no recently issued Announcements related to this topic.'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.2-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
