# Combined loan-to-value (CLTV)

> Combined loan-to-value (CLTV) adds every loan secured by a home and divides by its value. How CLTV differs from LTV and HCLTV, with a HELOC example.

URL: https://mortgage-math-us.com/glossary/combined-loan-to-value/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

**Combined loan-to-value (CLTV)** is the total of all loans secured by a home (the first mortgage plus any home equity loan, drawn HELOC balance or other second lien) divided by the home’s value, or by the lower of price and appraised value on a purchase. Lenders use it to limit total borrowing against a property.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| Fannie Mae CLTV limit with a Community Seconds loan | 105% | [Fannie Mae Selling Guide B5-5.1-02](https://selling-guide.fanniemae.com/sel/b5-5.1-02/community-seconds-loan-eligibility) | May 3, 2023 |
| Freddie Mac TLTV limit with Affordable Seconds | 105% | [Freddie Mac Home Possible fact sheet](https://sf.freddiemac.com/docs/pdf/fact-sheet/home_possible_factsheet.pdf) | Feb 1, 2026 |
| Fannie Mae cash-out refinance limit (LTV, CLTV and HCLTV) | 80% | [Fannie Mae Eligibility Matrix](https://singlefamily.fanniemae.com/media/20786/display) | Apr 1, 2026 |

## Example with a HELOC

Your home is worth $400,000. You owe $280,000 on the first mortgage, an LTV of 70%, and you have a $60,000 [HELOC](https://mortgage-math-us.com/glossary/heloc/) with $20,000 drawn. Fannie Mae counts only the drawn HELOC balance in CLTV, so CLTV is 75%. A related measure, HCLTV (home equity combined LTV), counts the full credit line whether you use it or not, which gives 85%.

## Where CLTV limits show up

- **Cash-out and home equity borrowing.** Fannie Mae caps a cash-out refinance on a one-unit home you live in at 80% across LTV, CLTV and HCLTV, and home equity lenders set their own combined limits. The [equity guide](https://mortgage-math-us.com/home-equity/how-much-equity/) shows how much you could borrow.
- **Down-payment assistance.** A second loan from an assistance program can push the total above 100%: Fannie Mae allows a CLTV of up to 105% with a Community Seconds loan, and Freddie Mac up to 105% with Affordable Seconds.

## Related terms

- [Loan-to-value ratio](https://mortgage-math-us.com/glossary/loan-to-value-ratio/) and [home equity loan](https://mortgage-math-us.com/glossary/home-equity-loan/)
- [Down-payment assistance](https://mortgage-math-us.com/glossary/down-payment-assistance/)

## Sources

- [Fannie Mae Eligibility Matrix](https://singlefamily.fanniemae.com/media/20786/display) — Fannie Mae cash-out refinance maximum LTV, one-unit principal residence (Apr 1, 2026)
- [Fannie Mae Selling Guide B5-5.1-02](https://selling-guide.fanniemae.com/sel/b5-5.1-02/community-seconds-loan-eligibility) — Fannie Mae Community Seconds maximum combined LTV (May 3, 2023)
- [Freddie Mac Home Possible fact sheet](https://sf.freddiemac.com/docs/pdf/fact-sheet/home_possible_factsheet.pdf) — Freddie Mac Home Possible maximum TLTV with Affordable Seconds (Feb 1, 2026)
- [Fannie Mae Selling Guide B2-1.2-02: Combined loan-to-value (CLTV) ratios](https://selling-guide.fanniemae.com/sel/b2-1.2-02/combined-loan-value-cltv-ratios)

_General information, not financial advice._