Jumbo Programs

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.	Three or more established open and active tradelines All active in the last 12 months.
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	FNMA 2075/FHLMC 2070 – Not Allowed in lieu of appraisal Property Inspection Waiver (PIW) or Automated Collateral Evaluation (ACE) – Not Allowed	FNMA 2075/FHLMC 2070 – Not Allowed in lieu of appraisal Property Inspection Waiver (PIW) or Automated Collateral Evaluation (ACE) – Not Allowed	FNMA 2075/FHLMC 2070 – Not Allowed in lieu of appraisal Property Inspection Waiver (PIW) or Automated Collateral Evaluation (ACE) – Not Allowed	FNMA 2075/FHLMC 2070 – Not Allowed in lieu of appraisal Property Inspection Waiver (PIW) or Automated Collateral Evaluation (ACE) – Not Allowed	FNMA 2075/FHLMC 2070 – Not Allowed in lieu of appraisal Property Inspection Waiver (PIW) or Automated Collateral Evaluation (ACE) – Not Allowed	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	.	.	.	.	.	.
Guidelines	Sapphire Guidelines	Jade Guidelines	Ruby AUS Guidelines	Opal AUS Guidelines	Topaz AUS Guidelines	Jumbo A Series	Select NonConforming

* 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.

JUMBO PROGRAM COMPARISON TOOL