to the basic loan to value which simply indicates the ratio between one primary loan and the property value. When "combined" is added, it indicates that additional loans on the property have been considered in the calculation of the percentage ratio. The aggregate principal balance(s) of all mortgages on a property divided by its appraised value or purchase price, whichever is less. Distinguishing CLTV from LTV serves to identify loan scenarios that involve more than one mortgage. For example, a property valued at with a single mortgage of has an LTV of 50%. A similar property with a value of with a first mortgage of and a second mortgage of has an aggregate mortgage balance of . The CLTV is 75%. Combined loan to value is an amount in addition to the Loan to Value, which simply represents the first position mortgage or loan as a percentage of the property's value. Countries United States In the United States, conforming loans that meet Fannie Mae and Freddie Mac underwriting guidelines are limited to an LTV ratio that is less than or equal to 80%. Conforming loans above 80% are allowed but typically require private mortgage insurance. Other over-80% LTV loan options exist as well. The Federal Housing Administration (FHA) insures purchase loans to 96.5% and the United States Department of Veterans Affairs and United States Department of Agriculture guarantee purchase loans to 100%. Properties with more than one lien, such as a second lien, are subject to combined loan to value (CLTV) criteria. The CLTV for a property valued at with a first mortgage and a home equity lines of credit (HELOC) balance of would be the 60% ( + )/. The LTV for the stand-alone seconds and Home Equity Line of Credit would be the loan balance as a percentage of the appraised value. However, in order to measure the riskiness of the borrower, one should look at all outstanding mortgage debt. Australia In Australia, the term loan to value ratio (LVR) is used. An LVR of 80% or below is considered to be low risk for standard conforming loans, and 60% and below for a no doc loan or low doc loan. Higher LVRs of up to 95% are available if the loan is mortgage insured. It's also possible to take out a home loan with a 100% LVR, where home buyers aren't required to save up for a