• Effective 6/17/2013 REMN Wholesale will begin accepting locks and new loan submissions for FNMA 5/1 and 7/1 LIBOR Non-Convertible ARMs.  These programs are available for conforming and high balance loan amounts.
  • Index – 1 Year LIBOR
  • Margin – 2.25
  • Caps – 5/2/5  (5.00 initial, 2.00 periodic,  5.00 life time)
  • Floor – Margin
  • Term – 360/360

 

Transaction TypeNumber of UnitsMaximum LTV, CLTV, HCLTV Standard ARMMaximum High Balance ARM
Principal Residence
Purchase & Limited cash-out Refinance190%75%
275%65%
3-465%65%
Cash-out Refinance175%60%
2-465%NA
Second Homes
Purchase & Limited cash-out Refinance180%65%
Cash out Refinance165%NA
Investment Property
Purchase175%65%
2-465%65%
Limited cash-out Refinance1-465%65%
Cash out Refinance165%NA
2-460%NA

FNMA Standard 30 year ARM Plan

  • 5/1 FNMA ARM plan code 2737
  • 7/1 FNMA ARM plan code 2727
  • Assumable – No
  • Convertible – No
  • Interest rounded to the nearest  1/8th
  • Qualifying Rate Details
    • Fully indexed rate = index + margin
    • 5/1 ARM qualifies at the greater of the start rate + 2% OR the fully indexed rate
    • 7/1 ARM qualifies at the start rate
Important Changes To Our Broker and Emerging Banker Agreements  Read More