JUMBO PROGRAMS |
Sapphire |
Jade |
Ruby AUS |
Opal AUS |
Topaz AUS |
Jumbo A Series |
MVP Prime |
Product Type |
30 Yr | 15 Yr |
30 Yr | 15 Yr |
7/6 and 10/6 ARMs |
30 Yr | 15 Yr |
30 Yr | 15 Yr 7/6 & 7/10 ARMs |
30 Yr | 15 Yr with a 5, 7, 10 Yr ARM available |
30 Yr | 15 Yr with a 5, 7, 10 Yr ARM available |
Interest Only |
No |
No |
No |
No |
No |
No |
Available |
Max Loan Amount |
$3.0 MM |
$2.0 MM |
$3.0 MM |
$3.0 MM |
$2.5 MM |
$3.0 MM |
$4.0 MM |
Min Loan Amount |
$1 Over Conforming Loan Limits |
$400K |
$400k |
$1 Over Conforming Loan Limits |
$1 Over Conforming Loan Limits |
$1 Over Conforming Loan Limits |
$150,000 |
Occupancy |
OO/2nd/Inv |
OO/2nd Home |
OO |
OO/2nd Home |
OO/2nd Home |
OO/2nd |
OO |
Property Type |
SFR | PUD Warrantable Condo | 2-4 Units |
SFR | PUD Warrantable Condo | 2-4 Units |
SFR | PUD Warrantable Condo | 2-4 Units |
SFR | PUD Warrantable Condo | 2-4 Units |
SFR | PUD Warrantable Condo | 2-4 Units |
SFR | PUD Warrantable Condo | 2-4 Units |
SFR | PUD Warrantable Condo | 2-4 Units |
Transaction Type |
Purch|RT|Cash-Out |
Purch|RT|Cash-Out |
Purch|RT|Cash-Out |
Purch|RT|Cash-Out |
Purch|RT|Cash-Out |
Purch|RT|Cash-Out |
Purch|RT|Cash-Out |
Delayed Financing |
Yes* |
Yes* |
Yes* |
Yes* |
Yes* |
No |
Yes* |
Max Cash-Out |
$500K O/O $350K 2nd/Inv. |
$500K O/O & 2nd |
$500K |
$350K O/O $300K 2nd |
$500K |
$250K |
Unlimited |
Min. FICO |
660 |
660 |
660 |
700 |
680 |
720 |
660 |
O/O Max LTV |
89.99% |
80.00% |
89.99% |
80% |
80% |
80% |
90% |
Max DTI |
45 |
45 |
45 |
43 with restrictions |
43 |
41% |
50% |
Residual Income |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Required (see guidelines) |
AUS |
Approved/ Ineligible |
Approved/ Eligible and Approved / Ineligible for loan amount |
Approved/ Eligible and Approved / Ineligible for loan amount |
Approved/ Ineligible |
Approved/ Ineligible |
None |
None |
Doc Type |
Full Doc |
Full Doc |
Full Doc |
Full Doc |
Full Doc |
Full Doc |
Full Doc |
Min. Credit Requirements |
All Borrowers must have min 2 FICO Scores. As Per DU / LPA Minimum Credit Requirements. |
All Borrowers must have min 2 FICO Scores. As Per DU / LPA Minimum Credit Requirements.. |
All Borrowers must have min 2 FICO Scores. As Per DU / LPA Minimum Credit Requirements.. |
All Borrowers must have min 2 FICO Scores. As Per DU / LPA Minimum Credit Requirements.. |
All Borrowers must have min 2 FICO Scores. As Per DU / LPA Minimum Credit Requirements.. |
All Borrowers must have 4 Open Tradelines, 1 Active for 24 Mo. and other 3 rated for 12 months. Non-traditional credit not acceptable. |
Middle of 3 scores or lower of 2 |
Housing History |
For borrowers with mortgage or rental history, borrower must have 0X30 lates in the past 24 months. If primary residence housing history reflects a forbearance arrangement, the payment history must reflect 0X30 lates in the most recent 24 months since exiting forbearance. |
For borrowers with mortgage or rental history, borrower must have 0X30 lates in the past 24 months. If primary residence housing history reflects a forbearance arrangement, the payment history must reflect 0X30 lates in the most recent 24 months since exiting forbearance. |
For borrowers with mortgage or rental history, borrower must have 0X30 lates in the past 24 months. If primary residence housing history reflects a forbearance arrangement, the payment history must reflect 0X30 lates in the most recent 24 months since exiting forbearance. |
For borrowers with mortgage or rental history, borrower must have 0X30 lates in the past 24 months. If primary residence housing history reflects a forbearance arrangement, the payment history must reflect 0X30 lates in the most recent 24 months since exiting forbearance. |
For borrowers with mortgage or rental history, borrower must have 0X30 lates in the past 24 months. If primary residence housing history reflects a forbearance arrangement, the payment history must reflect 0X30 lates in the most recent 24 months since exiting forbearance |
For borrowers with mortgage or rental history, borrower must have 0X30 lates in the past 24 months. |
For borrowers with mortgage or rental history, borrower must have 0X30 lates in the past 12 months. |
Max No. Properties Owned |
N/A |
N/A |
N/A |
N/A |
N/A |
4 |
N/A |
Max No. Properties Financed |
4 |
4 |
4 |
4 |
4 |
4 |
N/A |
First-Time Home Buyer |
Yes with Restrictions** |
Yes with Restrictions** |
Yes with Restrictions** |
Yes with Restrictions** |
Yes with Restrictions** |
Yes with Restrictions** |
Yes with Restrictions** |
Non-Occupant Co-Borrower |
Yes |
Yes |
Yes |
Yes |
Yes |
No |
Yes |
Reserves |
Greater of AUS or Matrix 6 Mo for Additional Property |
Greater of AUS or Matrix 6 Mo for Additional Property |
Greater of AUS or Matrix 6 Mo for Additional Property |
Greater of AUS or Matrix 6 Mo for Additional Property |
Greater of AUS or Matrix 6 Mo for Additional Property |
12/18/24/36 2 Mo. for Additional Property |
• LTV ≤ 85%: 6-months of PITIA • LTV > 85%: 12-months of PITIA • Loan Amount > $1.5M: 9-months of PITIA • Loan Amount > $2.5M: 12-months of PITIA |
Appraisals |
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2 if loan amount is over $1.5 MM, for High Value Zip Codes 1. OR 2 if loan amount is over $1.0 MM, for Non-High Value Zip Codes 2. No appraisal transfers. LTV based on lower of 2 values. Any inconsistencies between appraisals must be reconciled |
FNMA Form 1004, 1025, 1073 with interior/exterior inspection. Appraisal review product required unless 2nd appraisal obtained. 2nd Appraisal required for loans > $2,000,000. |
Appraisal Review |
Required Clear Capital Review Unless 2.5 or Less CU Score |
Required Clear Capital Review Unless 2.5 or Less CU Score |
Required Clear Capital Review Unless 2.5 or Less CU Score |
Required Clear Capital Review Unless 2.5 or Less CU Score |
Required Clear Capital Review Unless 2.5 or Less CU Score |
Required Clear Capital Review |
• 1 appraisal + CDA for loan amounts up to $2,000,000 • 2 appraisals for loan amounts over $2,000,000. |
Notes |
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* Allowed - The original purchase transaction must be documented by the closing disclosure.
** See program matrix for details. For mortgage professionals’ use ONLY. Not for consumer distribution. Overlays subject to change without notice and may not address product specifics. Items not covered will default to appropriate agency guidelines subject to Credit Risk Review and/or approval. |
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GUIDELINES |
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