Per Indymac’s corporate blog, the Pasadena-based thrift said today it will again begin originating prime, single-family residential, full documentation jumbo loans:
These prime jumbo products will be available through all Indymac’s distribution channels for borrowers providing full documentation only. The product offerings include 5/1 adjustable rate mortgages (ARMs), 7/1 ARMs, and 15- and 30-year fixed rate products. The following provides the minimum standards a borrower must meet to qualify for these products:
- A borrower with a FICO score of 680 and above and a down payment, or equity, of 25 percent is eligible for a loan of up to $2 million;
- A borrower with a FICO score of 680 and above and a down payment, or equity, of 20 percent is eligible for a loan of up to $1 million;
- A borrower with a FICO score of 700 and above and a down payment, or equity, of 15 percent and mortgage insurance, is eligible for a loan of up to $750,000.
Indymac said it will hold these loans in its investment portfolio until market conditions improve. Noticably absent from today’s announcement is the resumption of Alt-A funding.
