JUMBO PROGRAMS |
Sapphire |
Jade |
Ruby AUS |
Opal AUS |
Topaz AUS |
Jumbo A Series |
Select NonConforming |
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 |
Interest Only |
No |
No |
No |
No |
No |
No |
No |
Max Loan Amount |
$3.0 MM |
$2.0 MM |
$3.0 MM |
$3.0 MM |
$2.5 MM |
$3.0 MM |
$2.0 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 |
$1 Over Conforming Loan Limits |
Occupancy |
OO/2nd/Inv |
OO/2nd Home |
OO |
OO/2nd Home |
OO/2nd Home |
OO/2nd |
OO/2nd/Inv |
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 |
$500K |
Min. FICO |
660 |
660 |
660 |
700 |
680 |
720 |
680 |
O/O Max LTV |
89.99% |
80.00% |
89.99% |
80% |
80% |
80% |
85% |
Max DTI |
45 |
45 |
45 |
43 with restrictions |
43 |
41% |
45% |
Residual Income |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
residual income > or = $3,000.00 is required – NO EXCEPTIONs |
AUS |
Approved/ Ineligible |
Approved/ Eligible and Approved / Ineligible for loan amount |
Approved/ Eligible and Approved / Ineligible for loan amount |
Approved/ Ineligible |
Approved/ Ineligible |
None |
Manual Underwriting |
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. |
|
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 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 forbearanc |
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 |
O/O: No Limit 2nd/INV: 7 |
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 |
No |
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 |
<=80% LTV per findings. >80% LTV 6/12. (+2) for other properties owned. |
Appraisals |
|
|
|
|
|
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 |
Purch: 2 if over $2M Refi: 2 if Over $1.5M |
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 |
Required Clear Capital Review |
Notes |
. |
. |
. |
. |
. |
. |
|
* 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.
** 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.