New
Redondo.
Condo flexibility, credit and asset qualification
Insurance and property review still apply. Wholesale only.
Key figures.
- Score from
- No score
- Near Miss, primary
- LTV up to
- 85%
- at 700+ to $1.2M
- Loans to
- $3M
- at 680+ and 70%
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 |
|---|---|---|---|
| Alt A | 680+ score85% LTVloans to $3M85% at 700+ to $1.2M; $3M at 680+ and 70%; 680 allows 80% to $1.2M | 680+ score85% LTVloans to $3M85% at 700+ to $1.2M; $3M at 680+ and 70%; 680 allows 80% to $1.2M | Not offered |
| Alt A, Cash-out | 680+ score80% LTVloans to $3M80% at 680+ to $1.2M; $3M at 680+ and 70% | 680+ score80% LTVloans to $3M80% at 680+ to $1.2M; $3M at 680+ and 70% | Not offered |
| Near Miss | No score score85% LTVloans to $1.2M85% at 700+ to $1.2M; $1.2M at 700+ and 85%; No score allows 80% to $1.2M | No score score85% LTVloans to $1.2M85% at 700+ to $1.2M; $1.2M at 700+ and 85%; No score allows 80% to $1.2M | No score score75% LTVloans to $1.2M75% at 660+ to $1.2M; $1.2M at 660+ and 75%; No score allows 70% to $1.2M |
| Near Miss, Cash-out | No score score80% LTVloans to $1.2M80% at 660+ to $1.2M; $1.2M at 660+ and 80%; No score allows 75% to $1.2M | 640+ score80% LTVloans to $1.2M80% at 660+ to $1.2M; $1.2M at 660+ and 80%; 640 allows 70% to $1.2M | 640+ score75% LTVloans to $1.2M75% at 660+ to $1.2M; $1.2M at 660+ and 75%; 640 allows 70% to $1.2M |
What to know.
- Condo review
- No HOA certificateWarrantable and non-warrantable options. Master policy, HO-6 coverage and property review still apply.
- Credit options
- Near Miss from 600 FICO600–639: purchase or rate-and-term only, $75K–$1.2M; 75% LTV primary/second home, 70% investment.
- Asset qualification
- Personal & business assetsEligible assets can supplement income or qualify on their own. Business assets require 100% ownership, with seasoning and documentation.
- Reserves & tradelines
- No standard minimumNo standard reserve or minimum tradeline requirement. Qualifying assets, mortgage history and other credit requirements still apply.
- Gift funds
- Up to 100% on eligible loansInvestment transactions excluded. Alt-A Doc with gifts is capped at 80% LTV; gift-of-equity rules differ.
- ITIN borrowers
- A purchase path to exploreAssigned ITIN, IRS verification, lawful residency and 24 months of U.S. employment. No ITIN cash-out.
- Ways to qualify
- Full doc, P&L only, WVOE only, asset utilization, ITIN and recent credit eventNot offered: bank statements, DSCR and foreign national.
Documents.
Other programs.
Compare with
- Zuma programsThree programs, each with its own matrix. Choose the documentation path, then compare Prime, Gold and Silver against the borrower’s full scenario.
- Non-QMBalboaIncome, asset and distinctive-property options
- Score
- 660+
- LTV
- 85%
- Loan
- $3M
- Non-QMITINA dedicated path for ITIN borrowers
- Score
- 660+
- LTV
- 80%
- Loan
- $1.5M
Questions brokers ask.
Are there options below a 620 credit score?
Yes. Near Miss includes scores of 600–639 for purchase and rate-and-term loans from $75,000 to $1.2 million, up to 75% LTV for a primary or second home and 70% for investment property. Cash-out is not available in this score tier. The property, documentation and other program limits still apply.
What does the condo flexibility include?
An HOA certificate is not required. The property matrix includes warrantable and non-warrantable attached condos in buildings with fewer than eight stories, up to 80% LTV, subject to the applicable loan tier. The master policy must meet coverage requirements, and HO-6 coverage for interior finishes is required. Supplemental coverage may be needed. This is not a waiver of all condo documentation or property review.
What about deferred maintenance or litigation?
Bring the details to your AE for review. The appraisal guidance requires C4 condition or better and limits acceptable deferred maintenance to an aggregate $2,000 cost to cure, with no impact to the subject property’s safety or habitability. For borrower or HOA litigation, the complaint and answer must be reviewed and title must assure JMAC’s first lien. Litigation can make a loan ineligible; project-level issues need a specific review.
Can cryptocurrency be used for asset qualification?
The asset-qualification section includes cryptocurrency in both Asset Depletion and Ready Asset, with a 10% reduction for volatility in addition to any applicable reductions. Assets used for repayment must be seasoned for 60 days, with large deposits sourced and ownership documented. This provision concerns qualifying assets; it does not mean cryptocurrency can be used for down payment, closing costs or reserves.
Are reserves or established tradelines required?
The matrix lists no standard reserve requirement and no minimum tradeline requirement. Other credit and mortgage-history requirements still apply. Assets may be needed when using an asset-based qualification method or an asset compensating factor for DTI.
Can gift funds cover the entire down payment?
Eligible transactions allow 100% gift funds for down payment and cash to close, subject to donor and documentation requirements. Rental/investment transactions are excluded under the gift-fund guidance, and Alt-A Doc is capped at 80% LTV when gifts are used. A gift of equity has separate restrictions, including borrower-paid closing costs. Confirm the transaction’s requirements with your AE.
How are recent major credit events treated?
Near Miss has no bankruptcy seasoning requirement; Alt-A Doc requires four years from discharge or dismissal. An active Chapter 13 repayment plan requires trustee authorization. Active foreclosure is reviewed case by case. Other derogatory-credit, mortgage-history and underwriting requirements still apply.
Your next borrower. Our next conversation.
Bring us your next Redondo loan.
Send the scenario, ask JMAC a question, or get set up with your lending team.