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 ................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- the limits of shadow banks
- non conforming jumbo program eligibility guide
- conventional conforming vs high balance vs non
- 2020 q4 jumbo underwriting guidelines final
- correspondent jumbo loan guidelines fixed arm s
- guidelines for loan amounts 750 000
- agency jumbo loan program eligibility checklist
- jumbo fixed flagstar bank
- fannie mae and freddie mac maximum loan limits for
Related searches
- va jumbo loan calculation worksheet
- 30 year jumbo loan rates in california
- 30 year jumbo loan rates
- jumbo loan interest rates
- what are jumbo loan limits
- best jumbo loan rate
- max jumbo loan amount
- current jumbo loan mortgage rates
- jumbo loan meaning
- jumbo loan increase
- jumbo loan definition 2020
- florida jumbo loan limit