Rates & Guidelines Subpage

Loan Amounts > FHFA Max

Our Loan Amounts > FHFA Max product is designed for your portfolio loans that are greater than the Federal Housing Finance Agency’s (FHFA) maximum.

  • Maximum loan amount: $1,000,000
  • Available for second homes (up to $650,000)

Read our Guideline Summary for full details on our Loan Amounts > FHFA Max program.

Manual Underwriting

Our Manual Underwriting product is designed for your portfolio loans that are not submitted to the Agencies’ automated underwriting systems (AUS): Desktop Underwriter® and Loan Prospector®.

It’s also designed for your loans that have received Approval/Ineligible decision that cannot be accommodated by our Clear2Close® Guidelines.

Read our Guideline Summary for full details on our Manual Underwriting program.

Clear2Close®

We believe that getting MI shouldn’t slow you down. When you submit any DU® Approve/Eligible or Loan Product Advisor Accept/Eligible loan using our Clear2Close program, only a few overlays apply. It’s as simple as that.

  • Minimum FICO: 620
  • Maximum DTI per AUS
  • Manufacturing Housing is ineligible

Read our Guideline Summary for full details on our Clear2Close program.

Split Premium Rates

Our split premium mortgage insurance (MI) option may be good for a borrower who wants to reduce the monthly MI premium in order to qualify for a larger loan amount.

It offers ultimate flexibility because the cost of MI can be divided into a single, upfront premium payment and a lower monthly payment. The upfront portion can be paid several ways, including by a third party (e.g., seller, builder, lender) or financed into a borrower’s mortgage loan.

Lender-Paid Single Rates

Our lender-paid mortgage insurance (LPMI) single premium option may be appropriate for lenders who want to make a one-time, upfront MI premium payment at closing. Lenders can opt to factor the cost of MI into the interest rate that is charged on mortgage loans.

LPMI coverage cannot be canceled and remains in effect until the loan is paid off or refinanced.

Essent offers standard and portfolio LPMI programs to its lenders. Contact your Essent account manager to discuss your needs and qualifying criteria.