pwl jumbo loan program - prioritywholesale.net · cash out $1,000,000 90%* 720 ... loans must be...
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Occupancy - UnitsMaximum Loan
AmountLTV Credit Score Occupancy - Units
Maximum Loan
AmountLTV Credit Score
Maximum
Cash Out
$1,000,000 90%* 720 $2,000,000 70% 700 350K
$1,500,000 90%* 740 $2,000,000 75% 720 350K
$2,000,000 80% 680 $2,000,000 60% 700 500K
Primary 1 Unit $2,500,000 70% 720
$3,000,000 60% 720
$3,000,000 70% 740
$2,000,000 80% 680 $1,000,000 70% 720 350K
$3,000,000 55% 720 $1,500,000 65% 720 350K
Primary 2 - 4 Unit $2,000,000 75% 700 $2,000,000 50% 720 500K
$1,500,000 75% 760
$1,000,000 65% 720
Occupancy - UnitsMaximum Loan
AmountLTV Credit Score Occupancy - Units
Maximum Loan
AmountLTV Credit Score
Maximum
Cash Out
$1,000,000 75% 700
$2,000,000 70% 720
$3,000,000 65% 740
Underwriting
Mortgage Insurance
Minimum Loan Amount
DTI
Reserves
Minimum Credit Requirements
Eligible Property Type
Declining Property Values
Condominium Restrictions
State Restrictions
Appraisal Restrictions
Rate & Term Refinance
Cash-Out Refinance
New Subordinate Financing
Cash-out >350K 24 months PITI reserves.
> $1,000,000 to <= $1,500,000 24 months PITI reserves.
Non traditional credit not acceptable. All borrowers must have a minimum of 2 credit scores. Each borrower must
have a minimum of 3 open trade lines active for the past 24 months. For borrowers with mortgage or rental history
borrower must have 0X30 lates in the past 24 months.
Permitted on purchase transactions only up to maximum LTV, CLTV, HLTV as per matrix.
Not allowed over 80%. Cash out must be the lower of 2,000 or 1% of the new loan amount.
If LTV/CLTV > 80%
> $2,000,000 to <= $3,000,000 24 months PITI reserves.
Fannie Mae or Freddie Mac warrantable condominiums. Maximum loan amount 2mm. Minimum 400 sq ft. Maximum
LTV 85%. LTV > 80% to 85% requires minimum FICO of 740.
<= $1,000,000 18 months PITI reserves.
Single family, PUD, Condo (Agency eligible)and Co-op (NY five boroughs and Nassau, Suffolk, Rockland and
Westchester counties), and 2-4 units.
> $1,000,000 to <= $2,000,000 12 months PITI reserves.
Non-owner occupied = 12 months PITI reserves.
Reduce maximum LTV by 5%, max 80% LTV for any property located in an area of declining property values as reported
by appraiser.
Guam, Puerto Rico and US Virgin Islands, not allowed. Hawaii (lava zones 3 thru 9 only). Texas cash out not allowed.
2 full appraisals required for loan amounts > 1.5 MM.
Maximum cash out on refinance transactions with <= to 60% LTV is max $500,000. LTV > 60% is max $350,000.
Exchange Jumbo Loan Program
Cash-Out Refinance
Primary 1 Unit
Second Home
Purchase/Rate & Term Refinance
Second Home
* Rate & term refinance eligible to 80%. Purchase eligible to 90%.
Non-Owner Occupied
FIXED RATE and FULLY AMORTIZING ARMs
Purchase/Rate & Term Refinance Cash-Out Refinance
Primary 1 Unit
INTEREST ONLY
Primary 1 Unit
Program Highlights
Loans must be underwritten manually with the exception of the Agency High Balance loan program as described in section 3.3 of the Jumbo Program Guidelines.
No PMI allowed.
$424,101.00
Max 43%. Max 40% DTI > 80%.
If LTV/CLTV <= 80%
<= $1,000,000 6 months PITI reserves .
PWL Jumbo Loan Program
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Fixed Rate Loan Terms
Fully Amortizing ARM Types
Interest Only ARM Types
Interest Only Period
ARM Margin
ARM Index
Rate Caps
ARM Qualification (Fully
Amortizing)
ARM Qualification (Interest
Only)
Balloon
First Time Home Buyer
Seller Contributions
Prepayment Penalty
Escrow Holdback
5/1 ARM qualified at higher of the maximum potential Note rate after first adjustment or the fully indexed rate. 7/1
and 10/1 ARM's qualified at the higher of the Note rate or the fully indexed rate (sum of index and margin).
5/1 ARM qualified at at the fully amortizing PITI based on 240 month amortizing term at the higher of the Note rate
plus 2 % or the fully indexed rate. The fully indexed rate is the sum of the index and the margin. 7/1 and 10/1 ARM
products must be qualified at the fully amortizing PITI based on 240 month amortizing term at the higher of the Note
rate or the fully indexed rate.
5/1, 7/1, 10/1 fully amortizing 30 year term.
Not allowed
120 months only.
2.25
1 Year LIBOR.
5/1 caps: 2/2/5 (First, Periodic, Lifetime) 7/1 and 10/1 caps: 5/2/5 (First, Periodic, Lifetime)
Maximum 6% of sales price. Non-owner occupied maximum 2%.
Owner occupied only; 12 months PITI Reserves; Maximum 1MM loan amount. Interest Only not allowed.
Not eligible
Interest Only 5/1, 7/1 and 10/1 LIBOR ARM’s.
15 and 30 year fully amortizing.
Not allowed
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