November 3, 2014

REMN Wholesale is pleased to announce that effective November 4, 2014 we will be offering a Jumbo loan program.

Highlights of the Jumbo program include:

  • Loan amounts up to $2,500,000
  • Purchase, rate/term, and cash-out transactions
  • Cash-out up to $750,000
  • 1-2 unit primary residence and 1-unit second home
  • SFR, PUDs, condos (attached/detached Fannie Mae warrantable), leaseholds, and modular eligible
  • Maximum DTI 40%/43% fixed rate transactions; maximum DTI 40%/40% ARM transactions
  • Minimum credit score 700
  • Maximum 80% LTV/CLTV primary residence purchase transaction
  • Maximum 70% LTV/CLTV primary residence cash-out
  • First time homebuyers and non-permanent residents eligible
  • Purchase transactions loan amount > $2,000,000 and refinance transactions > $1,000,000 two full appraisals required
  • 0x30 in previous 24 months mortgage/rental history all borrowers
  • Subordinate financing eligible (institutional financing only)
  • 15 and 30 year fixed rate product
  • 5/1, 7/1, and 10/1 ARM product

Jumbo loans will require a manual underwrite, and the turn time for an initial credit decision is 48-72 hours. The Jumbo guidelines have been posted on the REMN Wholesale website at www.remnwholesale.com.

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