LTV/CLTV/HCLTV
To correctly determine product eligibility and accurately price loans, the LTV and CLTV calculations use either the Total Loan Amount or Base Loan Amount as the numerator, depending on the type of loan.
- Conventional, VA Refinance non-IRRRL, and USDA loans use the Total Loan Amount
- FHA, VA Purchase, and VA IRRRL loans use the Base Loan Amount
- Mixed group loans (e.g., Conventional/FHA, Conventional/VA, USDA/FHA, or USDA/VA) use the Total Loan Amount
| Product | LTV Numerator |
|---|---|
| Agency | Total Loan |
| Non-Agency | Total Loan |
| FHA | Base Loan |
| VA Purchase and VA IRRRL | Base Loan |
| VA Refinance non-IRRRL | Total Loan |
| USDA | Total Loan |
The CLTV and HCLTV calculations are the same for government loans. This is in contrast to conventional loans, which provide a distinction between the credit accessed versus the credit limit between these two calculations.