Bulletin W13-027 – New Jumbo Program

March 28, 2013Bulletins

Topic included in Bulletin W13-027:

  • CMS pleased to announce the addition of a new Jumbo program!
  • Some highlights of the program are:
    • Loan Amounts up to $2mm
    • Fully Delegated to $2mm
    • Manual Underwrite – No AUS required
    • 41% DTI
    • Gift funds allowed for Down Payment and Closing Costs (Borrower required 5% contribution)
    • Business funds allowed for Down Payment and Closings if Borrower is 100% owner
    • Appraisals are ordered through CMS Approved AMC companies
    • One Appraisal up to $1.0 million, two appraisals required from $1,000,001 > $2.5mm
    • Cash Out proceeds is up to $150,000 < up $1mm
    • Cash Out proceeds up to $250k > $2.5mm
    • No prior Bankruptcy, Foreclosure, Pre-Foreclosure, Short Sale or Loan Modification
    • Non-Arms-Length transactions are not allowed
  • CMS Conventional Underwriting Guidelines have been updated
  • Optimal Blue is ready

Download: Bulletin – W13-027 (PDF)

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