Summary of New Jumbo Conforming

March. 7, 2008

 1st lien mortgages ONLY
- Can refinance a first loan, but cannot refinance a first and second into the new loan; if there is a second loan it must re-subordinate
- No cash out refinances
- Maximum Loan to Value ratio (LTV) is 90% on fixed mortgage
- Maximum LTV is 80% on an adjustable
- Maximum LTV is 60% on an investment property
- FULL documentation of everything
- Private mortgage insurance must be bought for all loans with LTV >80%
- Max Debt to Income ratio (DTI) is 45%

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