AC-015 Important Updates on Elite Express Jumbo
Important Updates and GSEs COVID-19 Related News
Elite Express Jumbo
The Elite Express Jumbo Product eligibility, loan matrices, DTI, and loan purpose acceptability have been updated with the following new requirements:
- Available for Primary Residences and Second Home Occupancy only
- Non-Permanent Resident Aliens are no longer eligible borrowers
- Maximum LTV/CLTV is now 80%
- DTI differs depending on the occupancy and transaction type (between 40% up to 43%)
Fannie Mae and Freddie Mac COVID-19 Remaining Requirements
- Self-Employment: Lenders must verify the business is open and operating within the 20-day or less prior to closing