The following product changes have been made today:
Jumbo loans (over $417,000) have been reduced to a combined loan to value of 80%.The acceptable credit score has been increased to 720 or greater.Jumbo mortgages can no longer be obtained for investment properties.All jumbo loans must be full doc.Most of the major lenders will follow these guidelines within the next few weeks.Some lenders will honor loans already approved if the loans are locked in.