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.
