November 25, 2015

REMN Wholesale is pleased to announce several enhancements to the Jumbo program.

Below are some major highlights of the program updates (refer to program guidelines for all updates):

Maximum LTV/CLTV 85% (formerly 80%)

  • 1-unit primary residence purchase and rate/term only
  • Mortgage insurance not required
  • Subordinate financing not allowed
  • Maximum DTI 36%
  • Gift funds not allowed
  • Escrow/impound account required
  • Non-permanent resident aliens ineligible
  • Agency High Balance loan amounts are ineligible (i.e. the subject loan amount must exceed the maximum loan amount for subject property county)

Cash-Out Refinance for Second Homes (previously ineligible)

  • The number of properties financed by the borrower is limited to the subject second home property and their primary residence
  • No rental income can show on the Schedule E for the subject property, and
  • Limited to 20, 25, or 30 fixed rate product only
  • Minimum FICO 740
  • Maximum DTI 43%
  • Maximum cash-out $250,000 with 60% LTV/CLTV
  • Maximum cash-out $500,000 with 55% LTV/CLTV
  • Maximum cash-out $750,000 with 50% LTV/CLTV

Investment Properties (previously ineligible)

  • First time homebuyers ineligible
  • Must be an arm’s length transaction
  • Gift funds not allowed
  • Appraiser must provide comparable rent schedule
  • Florida condominiums limited to maximum 50% LTV/CLTV/HCLTV
  • 20, 25, or 30 year fixed rate product only
  • Purchase
    • 1-4 Units
  • Maximum LTV/CLTV 65%
  • Minimum FICO 740
  • Maximum DTI 43%
  • Rate/Term Refinance
    • 1-4 Units
  • Maximum LTV/CLTV 60%
  • Minimum FICO 740
  • Maximum DTI 43%

First Time Homebuyers Max Loan Amount $1,500,000

  • Property must be located in the states of CA, CT, NJ, and NY
  • Maximum 80% LTV
  • Primary residence
  • Minimum 720 credit score
  • No gift funds
  • Minimum 15 months PITI reserves required

Updated Tradeline Requirements

  • Minimum 3 tradelines that meet the following requirements:
  • One must be open for 24 months and active within the most recent 6 months, and
  • The 2 remaining tradelines must be rated for 12 months and may be open or closed,


  • Minimum 2 tradelines are acceptable if the borrower has a satisfactory mortgage rating for at least 12 months (open or closed) within the last 24 months, and one (1) additional open tradeline
  • Each borrower contributing income for qualifying must meet the minimum tradeline requirements; borrowers not contributing qualifying income are not subject to tradeline requirements.


Appraisal documents cannot be more than 120 old at funding (formerly 90 days)

Appraisal must contain a comparable rent schedule on transactions involving investment properties

If borrower is <59 ½ years old, 60% of the vested value of retirement accounts may be used to satisfy reserve requirements. 70% may be used if the borrower is >59 ½ years old

E1, L1, and G series visas are now allowable (G series with diplomatic immunity are ineligible)

The program enhancements are effective immediately for new loan submissions as well as existing loans in the pipeline.

These changes will be on the REMN Wholesale rate sheet effective Monday, November 30, 2015.

The guidelines have been updated and posted on our website at

If you have any questions, please contact your Account Executive.