SUBJECT: Buydowns Available for Jumbo AUS and Access Loans
DATE: January 13, 2023 (revised 5.25.23)
*Note: Effective 5.25.23, the Jumbo AUS product has been discontinued
REMN is pleased to announce that we are now offering temporary buydown options for the following loan products: Jumbo AUS and Access Non-QM. These options are available immediately.
Temporary Buydowns for Jumbo AUS
- 2/1 and 1/0 options available
- Fixed Rate loans only (ARMs are ineligible)
- Primary Residence only
- Purchase Transactions only (Refinances ineligible)
- Seller Funded only
- Loan must be qualified using the Note rate
Temporary Buydowns for Access
- 2/1 and 1/0 options available
- Seller Funded only
- Max 80% LTV
- Fixed Rate loans only (ARMs and Interest-Only are ineligible)
- Purchase transactions only (Refinances ineligible)
- Primary Residence and Second Home only
- Maximum loan amount of $2,000,000
- Minimum $150,000 loan amount required
- Full Doc and Bank Statement/1099-Only doc types are eligible
- P&L Statement only, Asset Qualifier and Investor Cash Flow doc types are ineligible
- 0x30x12 housing payment history required
- Non-occupant co-borrowers are ineligible
- Loans must be qualified using the Note Rate
- All other temporary buydown guidance must be in accordance with Fannie Mae Seller Guide (B2-1.4-04)
Product guidelines have been updated and can be located at www.remnwholesale.com
**Please contact your Account Executive with any questions**