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Jumbo Fixed Fixed
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JS30I, JS15I, J30I, J15I |
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| Program Description |
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Jumbo 30 and 15 Year Fixed |
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| Loan Terms |
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30 Year and 15 Year Amortization |
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| Eligible Transaction |
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Purchase, Rate/Term Refinance, Cash Out Refinance |
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| Loan Size Limit |
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Minimum Loan Amounts:
1 Unit- $300,701
2 Unit- $352,000
3 Unit- $425,450
4 Unit- $528,750 |
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| LTVs |
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Purchase
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Rate/Term Refinance
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Cash-Out Refinance
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Owner Occupied
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1 Unit
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$300,700 - 95% LTV
$450,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 70% LTV
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$450,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 70% LTV
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$650,000 - 75% LTV
Maximum cash out $150,000 |
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2 Unit
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$450,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 70% LTV |
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$450,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 70% LTV |
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$500,000 - 70% LTV
Maximum cash out $150,000 |
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3 Unit
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$650,000 - 80% LTV
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$650,000 - 80% LTV
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Not Available |
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4 Unit
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$650,000 - 80% LTV
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$650,000 - 80% LTV
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Not Available |
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| Occupancy |
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Owner Occupied, Primary Residence |
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| Eligible Property Types |
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Single Family Detached and Attached (1 - 4 units), Condos (Limited to 8 stories) No story limits on condos in Florida, PUDs |
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| Mortgage Insurance |
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Program |
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| 30% |
90.01% - 95.00% LTV |
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JS30I |
| 25% |
90.01% - 95.00% LTV |
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JS15I |
| 25% |
85.01% - 90.00% LTV |
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JS30I |
| 12% |
85.01% - 90.00% LTV |
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JS15I |
| 12% |
80.01% - 85.00% LTV |
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JS30I |
| 6% |
80.01% - 85.00% LTV |
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JS15I |
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| Qualifying Ratios |
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Ratios that provide an Accept or Approve rating from an automated underwriting engine. Total Debt to Income Ratio < 50%. Minimum FICO score 640 |
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| Income Requirements |
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No maximum income requirements. |
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| Settlement Costs |
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Gifts are permitted, however,
borrower must have 5% of their own funds. The gift letter must state the
relationship of the donor (must be an immediate family member, finance, or
domestic partner), state that repayment is not required or expected, be signed
by donor, state the donor's current address and phone number, identify the
address of the property being purchased, state the amount of the gift, and
assert that the funds given to the borrower were not made available to the
donor by any person or entity with an interest in the sale of the property or
mortgage transaction. |
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| Escrow Waiver |
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Maximum 80% LTV, .250 discount points, Maximum Ratios 33/38, Six Months PITI in reserve after closing, Excellent job security, Not permitted on Cash Out Refinances, Impeccable credit history |
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| Maximum Seller Contributions |
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LTV greater than 90% - 6% of value, LTV greater than 90% - 3% of value |
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| Prepay Penalty |
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None |
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| Secondary Financing |
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Purchase & Refinance "No Cash Out" |
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Refinance "Cash Out" |
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| 80-10-10 |
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Maximum LTV 75% (Single Family) |
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Maximum LTV 80% (1-2 Units)
Maximum CLTV 90% (1-2 Units) |
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Maximum LTV 70% (2 Units) |
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| to $1,000,000 |
Maximum LTV 70% (1-2 Units)
Maximum CLTV 90% (1-2 Units) |
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| 80-15-5 |
Maximum LTV 80% (1-2 Units)
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| to $500,000 |
Maximum LTV 95% (1-2 Units)
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| Lock Periods |
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10, 25, 40, 55, 70, 85 day locks are available.
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| Miscellaneous |
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2 months PITI reserves |
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| Adjustments |
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All loan amounts 10K - 25K minus 1.500 |
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| Adjustments subject to change without notice. Check daily rate sheets to verify. |
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All refinances minus .375
FL Properties add .250 (Not applicable to rate sheets labeled Florida Only.)
80/10/10 or 80/15/5 minus .250
Waive Escrow minus .250
Lock extension: The following adjustments apply if the current market is worse than the original lock terms. If the current market is better, no adjustments need to be made.
Short-term (3 business days) minus .125
Long-term (15 calender days) minus .375
Only one extension per loan will be accepted. |
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