Announcement 2025-046 Yosemite Jumbo AUS Program - ARM Products
Newrez LLC "Newrez" Approved Correspondent Clients; Newrez is excited to announce an expansion to the Jumbo AUS program to include ARM products.
Newrez has added ARM products to the Yosemite Jumbo AUS program.
New Product Codes:
|
Product Code |
Product Description |
|
2582 |
Yosemite Jumbo AUS 5/6 SOFR ARM |
|
2583 |
Yosemite Jumbo AUS 7/6 SOFR ARM |
|
2584 |
Yosemite Jumbo AUS 10/6 SOFR ARM |
ARM Features:
- Maximum 80% LTV/CLTV
- Minimum loan amount is $350,000
- Investment property is not permitted
- Caps: 2/1/5 – 5/6 ARM
- Caps: 5/1/5 permitted on 7/6, 10/6 ARM
- Index: SOFR (30 Day Average)
- Margin: 2.75
- Floor: 2.75
- No Conversion Option
- Assumable
- Qualifying Rate:
- 5/6 ARM qualify with the greater of the fully indexed rate or the note rate + 2%
- Loans in New York state must be a minimum of $1 over the current conforming/high balance limit set by FHFA
- Rebuttal Presumption (HPCT) on 5/6 ARMs are permitted. Note: Rebuttable Presumption = APR less than 2.25% above the applicable APOR.
- 7/6, 10/6 ARM – qualify with greater of the fully indexed rate or the note rate