The following changes have been made to the Manhattan Product Guidelines:
- Acreage increase 10 to 15.
- Rent back increase from 30 to 60 days.
- Reserves: For Loan Amounts <= $1 million and DTI <=35%, we have lowered the reserve requirement to 6 months. For any loan amounts <= $1 million and DTI > 35%, the current requirement of 9 months is still applicable.
- Appraisals: For Loan Amounts <= $1.5 million on purchase and rate/term refinances (in all states except for Florida), we will require 1 full appraisal. Florida will continue with the current requirement of 2 appraisals for loan amounts > $1 million.
• A CDA and/or field review, as applicable, which meets valuation thresholds, will
still be required to be in the file.
- LTV Adjustors: Removing the LTV adjustors for Arizona. Florida’s current LTV adjustor of 5.0 will still apply.
Please click here for the complete Manhattan Product Guidelines.