Portfolio Edge Jumbo

Portfolio Lending

Purchase/Rate Term Refi & Seconds

Purchase/Rate Term Refi & Seconds for Portfolio Edge

Jumbo Loan Program


  • Loan amounts up to $2,000,000
  • Primary/Second Home
  • Up to 40-year loan amortization terms

NON-AUS JUMBO LOANS

 
NON AUS GUIDELINE SUMMARY – JUMBO LOAN AMOUNTS

Loans that are not originated in accordance with one of National MI’s “AUS Plus Overlays” programs must meet the following underwriting rules and be originated in accordance with National MI’s Standard Underwriting Guidelines:
    • - For <= $1,000,000 loan amounts with a DU® Approve/Ineligible or LPA® Accept/Ineligible which meet the requirements in this matrix and are otherwise eligible in accordance with Section 3.0 guidelines may follow the AUS documentation requirements for income, assets, and employment. For all other jumbo loans, full income documentation is required (Paystub + W2s; 2 Years Tax Returns; and/or standard requirements as applicable)1.
    • - For >$1,225,000 loan amounts: Non-Delegated Underwriting MI submission path required.
    • - For >$1,000,000 loan amounts: Borrowers contributing qualifying income must be U.S. citizens or permanent resident aliens.
    • - Minimum reserves (unless indicated differently in Section 3.5.3.5):
 
LOAN AMOUNT OCCUPANCY LOAN PURPOSE # MONTHS RESERVES
<= $900,000 Primary Rate/Term Refinance with lower payments 0
Primary Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances 2
All Eligible Loan Amounts 2nd Home All Eligible 6
$900,001 – $1,225,000 Primary All Eligible 6
$1,225,001 – $2,000,000 Primary All Eligible 12
LOAN AMOUNT <= $900,000
OCCUPANCY Primary
LOAN PURPOSE Rate/Term Refinance with lower payments | Purchase, Construction-to-Perm, Renovation Loan & all other eligible refinances
# MONTHS RESERVES 0 | 2
LOAN AMOUNT All Eligible Loan Amounts
OCCUPANCY 2nd Home
LOAN PURPOSE All Eligible
# MONTHS RESERVES 6
LOAN AMOUNT $900,001 – $1,225,000
OCCUPANCY Primary
LOAN PURPOSE All Eligible
# MONTHS RESERVES 6
LOAN AMOUNT $1,225,001 – $2,000,000
OCCUPANCY Primary
LOAN PURPOSE All Eligible
# MONTHS RESERVES 12
 
  • - ARM minimum initial fixed term 1 year for <= $850,000 loan amounts; 3 years for > $850,000 to $1,000,000 loan amounts; and a minimum of 5 years for > $1,000,000 loan amounts (see Section 3.1.4).
  • - Minimum 3% from occupant borrower’s own funds for <= $1,000,000 loan amounts; and a minimum of 5% for > $1,000,000 loan amounts.
  • - Non-occupants are not considered when determining qualifying DTI.
  • - New secondary financing is not permitted, and existing subordinate liens may not be re-subordinated (refer to Section 3.1.5).
  • - Exterior only appraisals or evaluations; appraisal waivers, AVMs, or BPOs are not permitted.
  • - For loan amounts > $1 million, income documented via a written VOE must be accompanied by at least one recent paystub, and assets documented via a written VOD must be accompanied by at least one recent account statement.
    •  
    OCCUPANCY LOAN PURPOSE2 PROPERTY TYPE LOAN AMOUNT3 MAXIMUM LTV/CLTV MINIMUM FICO4 MAXIMUM DTI5
    Primary Residence Purchase or Rate/Term Refinance or Construction to Permanent2 Single Family, Condo
    or Co-op2     		$1,225,0003 95% 6804 45%5
    $900,000
    $1,225,000
    $1,500,000    		 90% 6604
     6804
     7204    		 45%5
    $1,775,000 85% 7204 45%5
    $2,000,000 85% 7404 45%5
    Cash-Out Refinance All All Not Eligible Not Eligible Not Eligible
    All Two-Unit
    3-4 Units    		 All Not Eligible Not Eligible Not Eligible
    Second Home Purchase or Rate/Term Refinance or Construction to Permanent2 Single Family, Condo
    or Co-op2     		$850,000
    $1,050,000    		 90% 7004
     7204    		 45%5
    Investment Property All All All Not Eligible Not Eligible Not Eligible
    All All Manufactured Homes All Not Eligible Not Eligible Not Eligible
    OCCUPANCY Primary Residence
    LOAN PURPOSE2 Purchase or Rate/Term Refinance or Construction to Permanent2
    PROPERTY TYPE Single Family, Condo or Co-op2
    LOAN AMOUNT3 $1,225,0003
    MAXIMUM LTV/CLTV 95%
    MINIMUM FICO4 6804
    MAXIMUM DTI4 45%5
    OCCUPANCY Primary Residence
    LOAN PURPOSE2 Purchase or Rate/Term Refinance or Construction to Permanent2
    PROPERTY TYPE Single Family, Condo or Co-op2
    LOAN AMOUNT3 $900,000 | $1,225,000 | $1,500,000
    MAXIMUM LTV/CLTV 90%
    MINIMUM FICO4 6604 | 6804 | 7204
    MAXIMUM DTI5 45%5
    OCCUPANCY Primary Residence
    LOAN PURPOSE2 Purchase or Rate/Term Refinance or Construction to Permanent2
    PROPERTY TYPE Single Family, Condo or Co-op2
    LOAN AMOUNT3 $1,775,000
    MAXIMUM LTV/CLTV 85%
    MINIMUM FICO4 7204
    MAXIMUM DTI5 45%5
    OCCUPANCY Primary Residence
    LOAN PURPOSE2 Purchase or Rate/Term Refinance or Construction to Permanent2
    PROPERTY TYPE Single Family, Condo or Co-op2
    LOAN AMOUNT3 $2,000,000
    MAXIMUM LTV/CLTV 85%
    MINIMUM FICO4 7404
    MAXIMUM DTI5 45%5
    OCCUPANCY Primary Residence
    LOAN PURPOSE2 Cash-Out Refinance
    PROPERTY TYPE All
    LOAN AMOUNT3 All
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO4 Not Eligible
    MAXIMUM DTI5 Not Eligible
    OCCUPANCY Primary Residence
    LOAN PURPOSE2 All
    PROPERTY TYPE Two-Unit | 3-4 Units
    LOAN AMOUNT3 All
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO4 Not Eligible
    MAXIMUM DTI5 Not Eligible
    OCCUPANCY Second Home
    LOAN PURPOSE2 Purchase or Rate/Term Refinance or Construction to Permanent2
    PROPERTY TYPE Single Family, Condo or Co-op2
    LOAN AMOUNT3 $850,000 | $1,050,000
    MAXIMUM LTV/CLTV 90%
    MINIMUM FICO4 7004 | 7204
    MAXIMUM DTI5 45%5
    OCCUPANCY Investment Property
    LOAN PURPOSE2 All
    PROPERTY TYPE All
    LOAN AMOUNT3 All
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO4 Not Eligible
    MAXIMUM DTI5 Not Eligible
    OCCUPANCY All
    LOAN PURPOSE2 All
    PROPERTY TYPE Manufactured Homes
    LOAN AMOUNT3 All
    MAXIMUM LTV/CLTV Not Eligible
    MINIMUM FICO4 Not Eligible
    MAXIMUM DTI5 Not Eligible
    1. 1 Refer to Section 3.5.1 and Section 3.5.3 of the TrueGuide® for details on documentation for specific types of income and assets.
    2. 2 Construction to Permanent excludes attached condos and co-ops.
    3. 3 Maximum Loan Amount for AK and HI is $1,350,000 (at 95% LTV).
    4. 4 Representative FICO using middle/lower method is required for underwriting and pricing purposes.
    5. 5 MI premium must be included in DTI for underwriting eligibility purposes and may be excluded from DTI for pricing purposes.

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