AGENCY JUMBO LOAN PROGRAM ELIGIBILITY CHECKLIST

[Pages:3]AGENCY JUMBO LOAN PROGRAM ELIGIBILITY CHECKLIST

SunTrust Loan Number:

Borrower/Co-Borrower Name:

Instructions: This checklist is REQUIRED to be completed and placed in the loan file on ALL Agency Jumbo loan transactions.

* * IF ANY OF RESPONSES TO THE QUESTIONS BELOW IS "NO"* * THE LOAN IS NOT ELIGIBLE FOR ORIGINATION UNDER THE AGENCY JUMBO LOAN PROGRAM.

1. Underwriting Authority

2. Underwriting Method

3. Loan Program

4. Occupancy/ Property Types

5. Loan Purpose

Yes No Correspondent Lender has "Expanded Delegated Underwriting Authority" as defined in Section 1.05: Underwriting of the Correspondent Seller Guide. If "NO", the loan has been submitted to an eligible MI company or to a SunTrust underwriter for prior approval.

? The loan has been processed through Fannie Mae's Desktop Underwriter (DU) Version 5.7 or 7.0

(with final submission PRIOR to August 16, 2008) and received a DU "Approve/Ineligible" recommendation, OR

? The loan has been processed through DU Version 7.0 (submitted or resubmitted on or after August

16, 2008) and received a DU "Approve/Eligible" recommendation. The loan program is an:

? Agency 15 or 30 year fully amortizing fixed rate product, ? Agency 30 year interest only fixed rate product, OR ? Agency 30 year 5/1, 7/1 or 10/1 (fully amortizing or interest only) LIBOR ARM.

Notes:

? Balloons and Agency Affordable Lending (i.e., MyCommunityMortgage, Teacher, HealthCare Worker & Safety

1st) loan programs are NOT eligible.

? Fannie Mae ARM Plan Numbers are as follows:

? 3252: Fully Amortizing 5/1 LIBOR ARM ? FM Generic, 7 Yr: Fully Amortizing 7/1 LIBOR ARM ? FM Generic, 10 Yr: Fully Amortizing 10/1 LIBOR ARM ? 3505: Interest Only 5/1 LIBOR ARM ? 3518: Interest Only 7/1 LIBOR ARM ? 3225: Interest Only 10/1 LIBOR ARM

The subject property is a one (1) unit primary residence, second home or investment property (including units located in warrantable condominium and PUD projects).

Notes:

? All applicable investment property lending restrictions must be met as outlined in Section 2.01e: Agency Jumbo

Loan Program of the Correspondent Seller Guide.

? 2-4 units are NOT allowed. ? Condominiums must meet the Fannie Mae warranty requirements outlined in Section 1.06: SunTrust

Condominium and PUD Approval Requirements of the Correspondent Seller Guide.

? Limited Review and Reciprocal Project Reviews are NOT permitted. ? Condominiums located in the state of Florida are NOT eligible. The loan purpose is a purchase, a limited cash-out (rate/term) or a cash-out refinance transaction.

Notes:

? Cash-out refinances are eligible on primary residence transactions ONLY. ? Construction-permanent (one-time and two-time closing) transactions are not eligible for originations or

modifications.

6. Loan Amount*

*If the loan was submitted or resubmitted to DU Version 7.0 on or after August 16, 2008, go to question #7.

The loan has been processed through DU Version 5.7 or 7.0 (with final submission PRIOR to August 16, 2008) and:

? the loan amount is GREATER than $417,000, AND ? the loan amount is LESS THAN OR EQUAL TO the maximum loan amount allowed for the area

where the subject property is located AND the loan file contains documentation verifying the eligible area and maximum loan amount.

Notes:

? The maximum allowable loan amount MUST be confirmed by viewing the listing of areas eligible for the

increased Agency Jumbo loan limits. A copy of the applicable page from this list must be placed in the loan file as verification of the eligible area and maximum loan amount.

? Click here to access the list of areas eligible for the increased Agency Jumbo loan limits and the maximum loan

amount for each area.

? If the loan was submitted or resubmitted to DU Version 7.0 on or after August 16, 2008, go to question #7.

7. Maximum

The LTV/TLTV/HTLTV AND minimum credit scores meet the requirements outlined below.

LTV/TLTV/ HTLTV and

Note: ALL borrowers MUST meet the minimum credit score requirements.

Minimum Credit ? Primary Residence (1 Unit)

Score Requirements (for ALL Borrowers)

Loan Purpose

Product

Max LTV

Max TLTV/HTLTV

Min Credit Score

Fixed Rate &

Purchase

5/1, 7/1 &

90%

10/1 ARMs

700 for LTVs >

90%

80% 660 for LTVs

90%

80% 660 for LTVs ................
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