Jumbo and Agency Jumbo Guidelines
Pinehurst Changes
Rate is revising our matrix for all Jumbo Loans locked on or after August 20, 2008. Loans that are affected by these changes must fund within your orginal lock expiration date as no extensions or re-locks will be permitted. Cash out loans are now being limited to a max of $250,000 cash back for LTV's at or below 80%. The allowable LTV/CLT matrix is also being revised as follows as well.
Jumbo Fully Amortizing Fixed Loans
| Occupancy | Transaction Type | Property Type | Loan Amount | Current LTV/CLTV (Min FICO) | LTV/CLTV (Min FICO) Effective 8/20/08 |
| Primary Residence | Purchase & No Cash Out Refinance | 1 Unit 2 Unit Condo PUD | $650,000 | 90%/90% (660) | 85%/85% (660) |
| $1,100,000 | 80%/90% (700) | 80%/85% (700) | |||
| $1,100,000 | 75%/90% (660) | 75%/85% (660) | |||
| $1,500,000 | 75%/85% (700) | No Change | |||
| $2,000,000 | 70%/85% (720) | No Change | |||
| $2,000,000 | 65%/75% (700) | No Change | |||
| $3,000,000 | 60%/75% (700) | No Change | |||
| 3 Unit 4 Unit | $417,000 | 80%/90% (660) | 80%/85% (660) | ||
| $500,000 | 80%/90% (660) | 80%/85% (660) | |||
| $650,000 | 75%/90% (660) | 75%/85% (660) | |||
| $1,100,000 | 70%/90%(660) | 70%/85% (660) | |||
| $1,500,000 | 60%/90% (700) | 60%/85% (700) | |||
| Cash Out Refinance | 1 Unit 2 Unit Condo PUD | $500,000 | 90%/90% (680) | 85%/85% (680) | |
| $650,000 | 85%/85% (680) | 85%/85% (680) 80%/85% (660) | |||
| $1,100,000 | 75%/90% (660) | 75%/85% (660) | |||
| $1,500,000 | 65%/80% (700) | No Change | |||
| $2,000,000 | 60%/75% (720) | No Change | |||
| 3 Unit 4 Unit | $650,000 | 75%/90% (660) | 75%/85% (660) | ||
| $1,100,000 | 70%/90% (660) | 70%/85% (660) |
Jumbo Fully Amortizing ARM Loans
| Occupancy | Transaction Type | Property Type | Loan Amount | Current LTV/CLTV (Min FICO) | LTV/CLTV (Min FICO) Effective 8/20/08 |
| Primary Residence | Purchase & No Cash Out Refinance | 1 Unit Condo PUD | $650,000 | 90%/90% (660) | 85%/85% (660) |
| $1,100,000 | 80%/90% (700) | 80%/85% (700) | |||
| $1,100,000 | 75%/90% (660) | 75%/85% (660) | |||
| $1,500,000 | 75%/85% (700) | No Change | |||
| $2,000,000 | 70%/85% (720) | No Change | |||
| $2,000,000 | 60%/75% (700) | No Change | |||
| 2 Unit | $417,000 | 85%/90% (660) | 85%/85% (660) | ||
| 2 Unit 3 Unit 4 Unit | $500,000 | 80%/90% (660) | 80%/85% (660) | ||
| $650,000 | 75%/90% (660) | 75%/85% (660) | |||
| $1,100,000 | 70%/90%(660) | 70%/85% (660) | |||
| $2,000,000 | 60%/80% (720) | No Change | |||
| Cash Out Refinance | 1 Unit Condo PUD | $500,000 | 90%/90% (680) | 85%/85% (680) | |
| $650,000 | 85%/90% (680) | 85%/85% (680) | |||
| $1,100,000 | 75%/90% (660) | 75%/85% (660) | |||
| $1,500,000 | 65%/85% (700) | No Change | |||
| $2,000,000 | 65%/80% (720) | No Change | |||
| 2 Unit 3 Unit 4 Unit | $650,000 | 75%/90% (660) | 75%/85% (660) | ||
| $1,100,000 | 1/1 & 3/1 70%/80% (660) 5/1, 7/1 & 10/1 70%/90% (660) | 1/1 & 3/1 No Change 5/1, 7/1 & 10/1 70%/85% (660) | |||
| $1,500,000 | 60%/80% (700) | No Change | |||
| $2,000,000 | 60%/80% (720) | No Change |
Jumbo Interest Only Loans (Fixed and Arms)
| Occupancy | Transaction Type | Property Type | Loan Amount | Current LTV/CLTV (Min FICO) | LTV/CLTV (Min FICO) Effective 8/20/08 |
| Primary Residence | Purchase & No Cash Out Refinance | 1 Unit Condo PUD | $650,000 | 90%/NA (720) | 85%/NA (720) |
| $1,100,000 | 80%/90% (720) | 80%/85% (720) | |||
| $1,500,000 | 75%/85% (720) | No Change | |||
| $2,000,000 | 70%/85% (720) | No Change | |||
| Purchase & No Cash Out Refinance | 2 Unit | $417,000 | 85%/NA (720) | No Change | |
| $500,000 | 80%/90% (720) | 80%/85% (720) | |||
| $650,000 | 75%/90% (720) | 75%/85% (720) | |||
| $1,100,000 | 70%/90%(720) | 70%/85% (720) | |||
| $2,000,000 | 60%/80% (720) | No Change | |||
| Cash Out Refinance | 1 Unit Condo PUD | $500,000 | 90%/NA (720) | 85%/NA (720) | |
| $650,000 | 85%/NA (720) | No Change | |||
| $650,000 | 80%/85% (720) | No Change | |||
| $1,100,000 | 70%/85% (720) | No Change | |||
| $2,000,000 | 60%/75% (720) | No Change | |||
| 2 Unit | $1,100,000 | 60%/85% (720) | No Change |
Doral Changes
With Fannie Mae's update of DO over this past weekend we will now require DO to be ran and submitted on all Agency Jumbo loans submitted to us on the Doral program effective immediately. We will no longer be accepting loans that have LP findings in the file. When submitting the loan via DO to Rate the following guidelines must be met:
- Property Type: 1-unit, Condo or PUD
- Occupancy: Primary, Second Home, and Investment (Full Amortization only)
- Purchase and Rate/Term Refinance LTVs up to 80% requires FICO of 660; over 80% requires FICO of 700
- Reserves as allowed per DU
- Debt Ratios as allowed per DU
- Income, employment and asset verification as determined by DU
- Available products:
- Fully Amortized - Fixed Rate 15 or 30 year , 5/1, 7/1, and 10/1 LIBOR ARMs
- Interest Only - Fixed Rate 30 year , 5/1, 7/1, and 10/1 LIBOR ARMs
Torrey Pines
Rate is now offering Agency Jumbo Program on our Torrey Pines Rate Sheet. We will begin to accept new locks and submission under this program immediately but will be requiring all loans to have a DO Approve/Eligible. We will be offering this program on the following products:
- Fully Amortized - Fixed Rate 15 or 30 year , 5/1, 7/1, and 10/1 LIBOR ARMs
- Interest Only - Fixed Rate 30 year , 5/1, 7/1, and 10/1 LIBOR ARMs
We will update Sherlock, Rate Sheets and Guidelines with these enhancements as soon as possible.
Please feel free to contact your VP of Wholesale Lending or the Commitment Desk for further clarification if needed.
Thank you for your continued business!!