PBM JUMBO PRODUCTS COMPARISON CHART Jumbo Products Com  PBM JUMBO PRODUCTS COMPARISON CHART This

  • View
    218

  • Download
    0

Embed Size (px)

Text of PBM JUMBO PRODUCTS COMPARISON CHART Jumbo Products Com  PBM JUMBO PRODUCTS COMPARISON CHART...

  • PBM JUMBO PRODUCTS COMPARISON CHART

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates Page 1

    08/04/2014

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates

    PBM PRODUCT NAME

    EXPANDED JUMBO ULTIMATE JUMBO PORTFOLIO JUMBO DELUXE JUMBO

    PRODUCT CODES JF15R JF30R JA51R JA101R JF15P JF30P PA51AJ JF30D PRODUCTS OFFERED

    15 YEAR FIXED, 30 YEAR FIXED, 5/1 ARM AND 10/1 ARM

    15 year fixed and 30 year fixed rate. Temporary buy downs not allowed. No interest only.

    5/1 Libor Arm 30 Year fixed

    EXCEPTION CASE BY CASE NO EXCEPTIONS ALLOWED PER THE INVESTOR

    CASE BY CASE Approved Only By Corporate Admin

    NO EXCEPTIONS

    MINIMUM LOAN AMOUNT

    $417,001 OR $1.00 Over conforming limit for 1-2 units. Loan amounts >$2,000,000 available for 30 year fixed rate product only. First time Home Buyers (have not owned a property for 3 years or more) are limited to a maximum loan of $1,000,000.

    $417,001 for all counties. $417,001 $417001

    UNDERWRITING Manual underwrite ONLY. *Prior Investor Approval for Appraisal ONLY. Appraisal is recommended to be sent to Corporate in advance. All loans must be manually underwritten and fully documented. Unless otherwise addressed below, FNMA underwriting guidelines should be followed. In some cases,

    Manual underwrite ONLY, AUS is not utilized. Corporate Underwriter Prior Approval. NO EXCEPTIONS ALLOWED PER THE INVESTOR.

    Manual underwrite ONLY. Corporate Underwriter prior approval : 2nd Signature required on loan amounts exceeding $750,000. Appraisal review by investor required. LOAN

    Manual underwrite ONLY. 2nd Signature by corporate underwriter required on all loans Appraisal review by investor required. LOAN MUST BE LOCKED PRIOR TO REVIEW.

  • PBM JUMBO PRODUCTS COMPARISON CHART

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates Page 2

    08/04/2014

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates

    PBM PRODUCT NAME

    EXPANDED JUMBO ULTIMATE JUMBO PORTFOLIO JUMBO DELUXE JUMBO

    PRODUCT CODES JF15R JF30R JA51R JA101R JF15P JF30P PA51AJ JF30D exceptions to underwriting guidelines or product eligibility may be acceptable when strong compensating factors exist to directly address the issue and offset the risk. A copy of the loan file must be sent to corporate for 2nd signature.

    INELIGIBLE BORROWERS

    Non Occupant Co-Borrowers, Foreign Nationals, Borrowers without a credit score and Borrowers with more than 4 financed properties (any kind) including the subject property.(see NOTE under Multiple Financed Properties) Irrevocable Trusts, Land Trusts.

    Refer to FNMA guidelines. Non-Permanent Resident Aliens, Irrevocable Trusts, Land Trusts, Limited partnerships, general partners, corporations, and limited liability companies, Borrowers with only an ITIN.

    Foreign Nationals, Non-Permanent Resident Alien with a visa granting diplomatic immunity is not allowed. Borrowers without a credit score, loans with co-signors that will not be on title, borrowers that are not natural persons, life estates, non-revocable trust, borrowers with more than 4 financed properties and Non Arms length transactions.

    RESIDENCY Permanent Resident Aliens/Non-Permanent Resident Aliens must meet the following requirements: Provide acceptable documentation

    Refer to FNMA guidelines. Permanent resident Aliens. Permanent resident aliens, Non- permanent resident aliens with lawful residency. Borrowers with acceptable un expired visa Series t H-1, H-1B, L-1, E-1,

  • PBM JUMBO PRODUCTS COMPARISON CHART

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates Page 3

    08/04/2014

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates

    PBM PRODUCT NAME

    EXPANDED JUMBO ULTIMATE JUMBO PORTFOLIO JUMBO DELUXE JUMBO

    PRODUCT CODES JF15R JF30R JA51R JA101R JF15P JF30P PA51AJ JF30D to verify that a non-U.S. citizen borrower is legally present in the U.S., Be employed in the United States for the past 12 months, Demonstrate that income and employment is likely to continue for at least three (3) years.

    G-1 through G-5, A-1 through A-3.

    OCCUPANCY TYPES

    Primary Residence for 1-2 units and Second Homes Residences for 1 unit properties.

    Primary residence 1-2 units. Second Homes (1 unit only)

    Primary residences for 1-2 unit properties.

    Primary residences for 1-2 unit properties, Second home for 1 unit properties.

    INVESTMENT PROPERTIES

    Not allowed Not allowed Not allowed Not allowed

    SECOND HOMES Second Home residences for 1 unit properties must be located a reasonable distance away from the borrowers principal residence, suitable for year-round use. Cannot be subject to any agreements that give a management firm control over the occupancy of the property.

    Second home residence for 1 unit properties. Refer to FNMA guidelines for additional information.

    Not allowed Only one (1) unit properties are allowed for second homes. The borrower may not own any other second homes or investment properties in the same geographic market as the subject. If the subject property is tenant occupied, the property must be vacant at close. The subject property cannot be controlled by a management firm (condo tel)

    CONDOMINIUMS Low and High rise Condo Condominiums must meet Warrantable Low/Mid/High Rise

  • PBM JUMBO PRODUCTS COMPARISON CHART

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates Page 4

    08/04/2014

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates

    PBM PRODUCT NAME

    EXPANDED JUMBO ULTIMATE JUMBO PORTFOLIO JUMBO DELUXE JUMBO

    PRODUCT CODES JF15R JF30R JA51R JA101R JF15P JF30P PA51AJ JF30D (project must be FNMA approved and met all FNMA eligibility requirements). NOTE: Limited Review is NOT eligible. See guidelines for more specific project types. For hybrid ARMs, maximum LTV/CLTV/HCLTV is reduced by 5% for Condos.

    FNMA warrant ability guidelines.

    Low/Mid/High-Rise Condos (types S,T, or U), New condominium projects (Type R) with CPM approval. Detached site condos.

    Condominiums which are FNMA approved and met all FNMA eligibility requirements Warrantable Types S, T or U. New condominium projects (Type R) with Condo Project Manager (CPM) approval, Site (detached) Condos.

    ELIGIBLE PROPERTIES

    Single Family attached and detached dwellings. Two unit primary Residence properties (purchase and rate/term refinance only), Townhomes, Condos (see guidelines for additional requirements), PUDs, Modular Homes and 1 unit Second Homes. Properties with 10-20 Acres: 30 year fixed rate only. See additional guidelines.

    Single Family single unit, Single Family Attached single unit, 2 Unit Detached (Must be owner occupied. Condominiums must meet FNMA warrant ability guidelines.

    Single family, 1-2 units,PUDs, Properties with

  • PBM JUMBO PRODUCTS COMPARISON CHART

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates Page 5

    08/04/2014

    This is only a Quick Reference Jumbo Comparison Chart. Refer All Product Specific Guidelines for complete guidelines and updates

    PBM PRODUCT NAME

    EXPANDED JUMBO ULTIMATE JUMBO PORTFOLIO JUMBO DELUXE JUMBO

    PRODUCT CODES JF15R JF30R JA51R JA101R JF15P JF30P PA51AJ JF30D

    INELIGIBILE PROPERTIES

    Investment properties, 3-4 unit Owner Occupied Properties, 2-4 Unit Second Home Properties, Condotels, Manufactured homes. Unique properties. Cooperatives. Multifamily properties, three or more units. Commercial and mixed use properties. Working farm, Ranches or Orchards, Properties subject to oil or gas leases. Properties >20 Acres.

    Manufactured homes, 3-4 unit properties, Unwarrantable Condos, Mobile Homes, Cooperatives, Contotels, Hotel Condos, Log homes, Geodesic Domes, Working Farms and Ranches, Unimproved Land and property currently in litigation, Commercial properties, Properties with encroachments, Zoning violations including residential properties zoned commercial, Properties with less than 750 square feet, Mixed Use properties, Properties with more than 15 acres, and properties held in a business name.

    3-4 unit Owner Occupied Properties, Second Homes, Unwarrantable or Limited Review Condos, Manufactured/Mobile homes, Modular Homes, Condo-hotel units, Unique properties, Log homes, Working farms, ranches or orchards, Mixed use Properties, Properties subject to oil or gas leases, Properties with >10 acres. Note: it is not acceptable to have property appraised with only 10 acres in order to meet eligibility.

    Investment properties, Condos which have been solely subject to FNMA limited review process for Condos, Manufactured homes, log, earth or dome homes, Time share project/units, Income producing farms, properties with less than 750 square feet of living area, lot size >10 acres or not typical for the area and unsupported by comparables, Properties for which the appraisal indicates condition ratings of C5 or C6 or a quality rating of Q6, each as determine