BNDC-001 Blue Jumbo
New Jumbo Product – Blue Jumbo
FLCBank is pleased to announce, effective today, June 20, 2023, we are adding the Blue Jumbo to our product offering. Below is the summary of the product.
Please call your AE or CRR for pricing and loan scenarios on this new product.
General Summary of Blue Jumbo:
- 15 and 30 – years fixed rate and 5/6, 7/6, and 10/6 ARM Rate
- There are 2 Underwriting Options to choose from:
- Option 1: Requires Desktop Underwriter (DU) to be utilized with loans receiving either DU Approve/Eligible or DU Approve/Ineligible recommendation (where ineligible is for loan amount only)
- Option 2: Requires manual underwriting
- Maximum loan amounts:
- Option 1: $2 MM on Fixed Rate Mortgages and $2.5 MM on SOFR ARM Rate
- Option 2: $3 MM
- Eligible Borrowers include First Time Homebuyers as well as Non-Occupant Co-Borrowers
- Primary Residence and Second Home Occupancy only
- Credit Score between 680-740
- DTI range between 40% and 45%
For more information, please access the guidelines posted in our resource center.
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