The FHA 203(b) Loan Program - STM Partners

FHA Jumbo
General • Only 30 year fixed rate mortgages are eligible.
• The SunTrust FHA Jumbo Loan program Eligibility Checklist (COR 0331) is
required on all FHA Jumbo Loans.
Jumbo
Eligibility
Maximum
LTV/TLTV
Minimum Credit
Score
Requirement
for ALL
Borrowers
• The FHA Jumbo Loan Program code (F30JFX) must be used when the base loan
amount meets or exceeds the loan amounts in the table below.
If you have a: Jumbo Program Code begins at:
1 Unit Property $417,001
2 Unit Property $533,851
3 Unit Property $645,301
4 Unit Property $801,951
• On Purchase Transactions, the maximum LTV/TLTV is 96.5%.
• On Rate/Term Refinance transactions, the maximum LTV/TLTV is 97.75%.
• On credit qualifying Streamline Refinance transactions, the maximum LTV/TLTV
is:
• 97.75% / 105% for STM to STM transactions, and
• 97.75% / 100% for non-STM to STM transactions.
• On Cash-Out Refinance transactions, the maximum LTV/TLTV is 85.00%.
Note: Cash-out refinance transactions for properties located in the state of
Florida are limited to an LTV/TLTV of 80.00%.
• The minimum credit score is 680 for Purchase, Rate/Term Refinance, and
Streamline Refinance transactions.
• The minimum credit score is 700 for Cash-Out Refinance Transactions.
Continued on next page
Section 2.22 July 27, 2012
FHA 203(b) Loan Program Page 20 of 217
Correspondent Seller Guide