Program highlights.
- Up to 50% DTI
- 30-year fixed, with 30- and 40-year interest-only
- Cash-out can meet reserves
- Non-warrantable condos, with restrictions
Key figures.
- Score from
- 660
- allows 70%
- LTV up to
- 85%
- at 720+
- Loans to
- $3M
- Full doc, primary
Limits by documentation.
Score · LTV · Loan in each cell, with the tier each needs beneath. Main rows are purchase and rate/term.
| Documentation | Primary | Second home | Investment |
|---|---|---|---|
| Full doc | 660+ score85% LTVloans to $3M85% at 720+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 680+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% |
| Full doc, Cash-out | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% |
| Bank statement, 1099 | 660+ score85% LTVloans to $3M85% at 720+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 680+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% |
| Bank statement, 1099, Cash-out | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% |
| P&L only | 660+ score80% LTVloans to $2M80% at 680+; 660 allows 70% | 660+ score80% LTVloans to $2M80% at 680+; 660 allows 70% | 660+ score80% LTVloans to $2M80% at 700+; 660 allows 70% |
| P&L only, Cash-out | 660+ score80% LTVloans to $2M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $2M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $2M80% at 700+; 660 allows 70% |
| WVOE | 680+ score80% LTVloans to $3M | Not offered | Not offered |
| WVOE, Cash-out | 680+ score70% LTVloans to $3M | Not offered | Not offered |
| Asset utilization | 660+ score80% LTVloans to $3M80% at 680+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 680+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% |
| Asset utilization, Cash-out | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% | 660+ score80% LTVloans to $3M80% at 700+; 660 allows 70% |
What to know.
- Loan amount
- $125K–$3MAbove $2M requires at least 680 FICO; leverage steps down as the loan amount increases.
- Purchase / R&T
- Up to 85% LTV720+ FICO in eligible tiers. Documentation, occupancy and property restrictions can lower the limit.
- Minimum FICO
- 660Lower leverage applies; WVOE requires at least 680.
- Maximum DTI
- 50%First-time homebuyers are limited to 45%.
- Income options
- Full doc · Statements · AssetsP&L, 1099 and WVOE are also available with method-specific requirements.
- Property options
- 1–4 units & condo optionsNon-warrantable condos, condotels and eligible rural properties have separate limits.
- Ways to qualify
- Full doc, bank statements, P&L only, WVOE only and asset utilizationNot offered: DSCR, ITIN, foreign national and recent credit event.
Documents.
Other programs.
Compare with
By way to qualify
Each opens every JMAC program that takes that paperwork.
Questions brokers ask.
What should I check on a condotel?
The matrix limits condotel purchases to 75% LTV and refinances to 65%, with loan amounts from $150K to $1M. Review the project and documentation requirements as well.
When can reserve requirements change?
Rate-and-term refinances at 65% LTV or below have no minimum reserve requirement. Other tiers generally require 3, 6 or 9 months based on loan amount; other overlays still apply.
Your next borrower. Our next conversation.
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