July 6, 2016
REMN Wholesale is pleased to announce the expansion of our Jumbo product offerings to include Jumbo Choice effective July 6, 2016.
Jumbo Choice allows lower credit scores, higher LTVs and greater flexibility with derogatory credit events than our standard Jumbo program.
Highlights of Jumbo Choice include:
- Minimum 661 credit score
- Maximum 90% LTV to $1,000,000 owner-occupied purchase and rate-term refinance transactions
- Maximum $2,000,000 loan amount
- Minimum loan amount is $1.00 more than the current conforming/high balance 2016 limits set by the FHFA
- 1-4 unit owner-occupied, 1-unit second home, and 1-4 unit investment transactions eligible
- First Time Homebuyers eligible up to $1,500,000 loan amount in CA, CT, NJ & NY
- Purchase, rate-term, and cash-out eligible
- Investment property cash out-eligible provided cash is used for business purposes
- 1×30 in 12 months or 2×30 in 24 months housing history (no lates in most recent 3 months)
- Non-warrantable condominiums eligible (pricing adjustment applies)
- Non-occupant co-borrowers allowed with blended ratios
- Maximum DTI:
- ≤ 80% LTV, 43%
- 01% – 90% LTV, 38%
- Residual income is based on number of household members
- Reserve requirements range from 3 to 18 months
The REMN rate sheet currently includes Jumbo Choice pricing effective July 6, 2016.
The Jumbo Choice guidelines have been added to the REMN Wholesale website. Please utilize the most current Broker Loan Submission form for new loans, under Required Forms to select Jumbo Choice.
Please contact your Account Executive with any questions.