 |
 |
Non-Conforming 3-1 & 5-1 ARM
| Program Titles |
|
J3/1I. J5/1I |
|
|
|
 |
|
| Program Description |
|
Jumbo 30 and 15 Year Adjustable Rate Mortgage |
|
|
|
|
|
|
|
| Loan Terms |
|
30 Year Amortization, Caps: Annual - 2%, Life 6% (J3/1I) 5% (J5/1I) |
|
|
|
|
|
|
|
| Eligible Transaction |
|
Purchase, Rate/Term Refinance, Cash Out Refinance |
|
|
|
|
|
|
|
| Loan Size Limit |
|
Minimum loan ammount:
1 Unit- $300,701, 2 Unit- $384,950
Maximum loan ammount:
$1,000,000 |
|
|
|
|
|
|
|
| LTVs |
|
|
Purchase
|
|
Rate/Term Refinance
|
|
Cash-Out Refinance
|
|
Owner Occupied
|
|
|
|
|
|
1 Unit
1-4 Story Condo
|
$350,000 - 95% LTV
$500,000 - 90% LTV
$650,000
80% LTV
$1,000,000 - 75% LTV |
|
$500,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 75% LTV
|
|
$1,000,000 - 75% LTV
Maximum cash out $150,000 |
|
|
|
|
|
|
2 Unit
5-8 Story Condo
|
$500,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 75% LTV |
|
$500,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 75% LTV
|
|
$1,000,000 - 75% LTV
Maximum cash out $150,000 |
|
|
|
|
|
|
Second Home
1 Unit
1-8 Story Condo
|
$500,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 75% LTV |
|
$500,000 - 90% LTV
$650,000 - 80% LTV
$1,000,000 - 75% LTV
|
|
Not Available |
Not all LTV's applicable in all states. Verify LTV's for your state with your Account Executive. |
|
|
|
|
|
|
|
| Occupancy |
|
Owner Occupied, Primary Residence, Second Home |
|
|
|
|
|
|
|
| Eligible Property Types |
|
Single Family Detached and Attached (1-2 units), Condos (Limited to 8 stories) No story limits on condos in Florida, PUDs |
|
|
|
|
|
|
|
| Mortgage Insurance |
|
| 30% |
90.01% - 95.00% LTV |
| 25% |
85.01% - 90.00% LTV |
| 12% |
80.01% - 85.00% LTV |
| 25% |
Second Homes |
|
|
|
|
|
|
|
|
| Qualifying Ratios |
|
Ratios that provide an Accept or Approve rating from an automated underwriting engine. Total debt to income ratio < 50%. Minimum FICO score 640. Qualify at start rate. |
|
|
|
|
|
|
|
| Income Requirements |
|
No maximum income requirements. |
|
|
|
|
|
|
|
| Escrow Waiver |
|
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 |
|
|
|
|
|
|
|
| Maximum Seller Contributions |
|
LTV greater than 90% - 6% of value, LTV greater than 90% - 3% of value |
|
|
|
|
|
|
|
| Prepay Penalty |
|
None |
|
|
|
|
|
|
|
| Secondary Financing |
|
|
Purchase & Refinance "No Cash Out" |
|
Refinance "Cash Out" |
|
|
|
|
| 80-10-10 |
|
|
|
| to $650,000 |
Maximum LTV 80% (1-2 Units)
Maximum CLTV 90% (1-2 Units) |
|
|
|
|
|
|
| to $1,000,000 |
Maximum LTV 75%
Maximum CLTV 90% |
|
Maximum CLTV 75% (2 Units).
Maximum cash out $150,000 |
|
|
|
|
| Second Home to $1,000,000 |
Maximum LTV 75%
Maximum CLTV 90% |
|
Not Available |
|
|
|
|
|
|
|
|
| Lock Periods |
|
10, 25, 40, 55, 70 and 85 day locks are available. |
|
|
|
|
|
|
|
| Adjustments |
|
All purchases add .250 |
|
|
|
|
|
|
|
| Adjustments subject to change without notice. Check daily rate sheets to verify. |
|
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. |
|
|
 |
