Frank MaloneySr Mortgage Broker |
972993 |
Apex Purple Jumbo (30 Year Fixed Rate)
- 700+ FICO
- Up to 43% DTI and up to 80% CLTV
- Self-employed borrowers up to 35% DTI
- DU only
- Loan amounts starting $1 over the greater of the conforming loan limit or High Agency Cost limit up to $3M
- Eligible on primary and second home purchases, rate/term and cash-out refinances
- For Purchase and Rate/Term Refinances
- For primary purchase loan amounts up to $3M – 9-18 months’ reserves required
- For second home purchase loan amounts up to $2.5M – 12 months’ reserves required
- For Cash-Out Refinances
- Minimum 12 months’ reserves required (max cash out $300,000 or $500,000 with 10% CLTV reduction)
- Two separate appraisals from two different appraisers required for loan amounts over $2M
- Temporary Rate Buydowns not permitted
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