Loans

Basic Jumbo Loan

Property Type	Minimum Credit Score		LTV	CLTV	1st Lien Maximum Loan Amount	Footnotes
Purchase and Rate/Term Refinance – 15 and 30 Year Fixed Rate
Owner-occupied
1-unit/PUD		680	80%	80%	$1,000,000	--
1-unit/PUD		720	80%	N/A	$2,000,000	2

                     Super Jumbo Loan

Property Type	Minimum Credit Score	LTV	CLTV	1st Lien Maximum Loan Amount	Footnotes
Purchase and Rate/Term Refinance – 15 and 30 Year Fixed Rate
Owner-occupied
1-unit/PUD	720	70%	N/A	$3,000,000	1, 2, 3
Condominium/Coop	720	65%	NA	$3,000,000	1, 2, 3
1-unit/PUD	720	65%	N/A	$5,000,000	1, 2, 3
Condominium/Coop	720	60%	N/A	$5,000,000	1, 2, 3

 

Jumbo loans with excess acreage also available:

·          Properties with lot sizes less than or equal to ten (10) acres, but identified by the appraiser as rural, will be considered if all of the following are met:

o    Loan amount may not exceed $1,000,000.

o    The property must be an owner-occupied primary residence or second home

o    All of the comparable sales must be located within five miles of the subject property

o    The appraisal must indicate a marketing time of six months or less

o    All properties must have adequate utilities available and in service

o    All properties must be readily accessible by roads that meet local standards

 

·          Properties with a lot size greater than 10 acres but less than or equal to 50 acres are considered rural properties and are eligible under the Non-Conforming loan program guidelines provided the following guidelines are met:

o    Two full appraisals are required. The comparable should be of similar acreage to the subject property

o    No more than 35% of the appraised value may be attributed to the land value

o    Loan amount may not exceed $1,000,000

o    The appraisal must indicate the property values are stable or appreciating

o    The property must be an owner-occupied primary residence or second home

o    The appraisal must indicate property values are stable or appreciating

o    All properties must have adequate utilities available and in service

o    All properties must be readily accessible by roads that meet local standards

o    Properties with lot size greater than 20 acres but less than or equal to 50 acres must be reviewed by Corporate Underwriting.

o    LTV/CLTV must be reduced by 10% on properties with lot size greater than 20 acres but less than or equal to 50 acres