With all the recent changes going on, IndyMac sent out a nice little niche sheet highlighting what they do and don’t do these days in the way of wholesale lending.
Super jumbo is now full doc only, available only on primary and second homes, with a max LTV of 85% for rate and term refinances and purchases, 80% for cash-out refinances, on loan amounts up to $2 million.
The downside is that a whopping 12 months of asset reserves are required with a minimum Fico score of 680 and max DTI of 40%.
And now what they no longer do, at least for now:
No construction or lot loans
No stated jumbo loans
No stated investment properties
No “NINA, No Doc, No Ratio” doc types
No 100% refinances or purchases
No VA loans or “Govie” loans (FHA loans)
No mortgage lender-paid mortgage insurance