Jumbo Mortgage Guidelines Loosen Up

Mortgage and Lending with HomePlus Mortgage
Continuing to see a trend in jumbo guidelines becoming more liberal.

For instance, here are the latest changes of one investor:

As of 10/14/2011, enhanced Jumbo guidelines on Appraisal Requirements, Acreage and Second Home DTIs:

Only one appraisal required up to 1.5 Million.

Acreage increased from 10 to 15 Acres and Max loan increased to $1.5M for these properties.

As of 10/14/2011, this investor will do 80% LTV purchase and cash-out refinance with a FICO requirement of only 700 to $1M, 720 to $2M on purchase and 720 to $1.5 M for cash-out.

Debt to Income Ratio increased on 2nd homes from 35% to 40%.

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