Bulletin W13-027 - New Jumbo Program

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)