SUBJECT: ARM Availability for Jumbo Elite Product
DATE: May 27, 2022
REMN has made several enhancements to our Jumbo Elite product including the addition of ARMs.
- 5/6, 7/6, and 10/6 fully amortizing ARM
- Caps: 2/1/5 (5/6 ARM) or 5/1/5 (7/6 and 10/6 ARM)
- Index: SOFR (30 Day Average)
- Margin: 2.75
- Floor: 2.75
- No Conversion Option
- Qualifying Rates: 5/6 ARM – greater of fully indexed rate or Note Rate + 2% or 7/6 and 10/6 ARM – greater of fully indexed rate or Note Rate
- Max 80% LTV/CLTV/HCLTV
- Minimum Credit Score 680
- ARMs allowed only on Primary Residences and Second Homes
- Minimum Loan Amounts is $500,000
- Max DTI of 43%
REMN’s rate sheet reflects ARM pricing and updated guidelines can be found on www.remnwholesale.com.
Please contact your Account Executive with any questions.