NewRez is pleased to announce the re-launch of the Jumbo Series I product. The addition of the Jumbo Series I product is part of our continuing efforts to provide competitive, non-agency financing options for our customers.
Product Terms
- 15- and 30-Year Fixed Rate
Highlights
- Purchase, Rate & Term Refinance and Cash-out Refinance
- Maximum loan amounts up to
- $2,500,000 for primary residences
- $2,000,000 for second homes
- Maximum loan-to-value (LTV) up to
- 80% for primary residences
- 75% for second homes
- Minimum credit score 680
- Maximum DTI 43%
- Housing Payment History permits no 30-day late payments in the past 12 months and no 60- day late payments in months 13 to 24
Underwriting
- All loans will be manually underwritten, but must be submitted to DU or LPA and receive an Approve/Ineligible or Accept/Ineligible
- Successful LoanScoreCard submission is required
Appraisal
- One (1) full appraisal is required for:
- Purchase and Rate & Term Refinance transactions, excluding Florida for loan amounts less than or equal to $1,500,000
- All Florida transactions and Cash-out Refinance transactions less than or equal to $1,000,000
- Two (2) full appraisals are required for:
- Purchase and Rate & Term Refinance transactions, excluding Florida for loan amounts greater than $1,500,000
- All Florida transactions and Cash-out Refinance transactions greater than $1,000,000
- Properties purchased by the seller of the property within 90 days of the fully executed purchase contract
- Collateral Desktop Analysis (CDA) with accompanying MLS sheets from Clear Capital is required to support the value of the appraisal
Resources
- Please reference the Jumbo Series I Product Highlights and Guide in the NewRez Lending Library for complete details
- Self-paced Jumbo Series I product training will be available Tuesday, June 1 in The Hive