Effective January 3, 2017, JMAC Lending’s FHA and VA matrices have been updated to allow for expanded approval parameters. The updated matrices can be found on the JMAC Lending website: http://www.jmaclending.com/product-list/.
- Minimum FICO of 580 for all loan amounts (previously only for conforming). Please note: the maximum LTV for VA cash out limited to 90% for credit scores 580-619 still applies.
- Removed DTI overlay for credit scores less than 620 on FHA full doc (previously was 43% if credit score was less than 620). Now DTI is per AUS approval for all credit scores 580+.
- Removed payment shock restriction on all purchases.
- Added requirement for housing counseling certificate in certain situations (refer to matrices for specifics).
- Added maximum number of financed properties (4).
- Removed credit score overlay for 3 to 4 units – now available for all FICO scores 580 and above.
- Added AVM requirement for VA IRRRL with max LTV/CLTV of 115% for credit scores less than 620.
For questions and additional information, please contact your Account Executive, Account Manager, or call our client support directly at (949) 390-2688 or email info@JMACLending.com.