Recent IndyMac Wholesale Guideline Changes

February 7, 2008 No Comments »

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.

For agency conforming, IndyMac allows a max loan-to-value of 95%, max debt-to-income ratio of 60%, full doc or fast forward, with a minimum Fico score of 575.

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%.

Regarding Alt-A loans, only SIVA and full doc are available with a minimum Fico score of 660.

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 Option-ARMs
No “NINA, No Doc, No Ratio” doc types
No Commercial
No 100% refinances or purchases
No VA loans or “Govie” loans (FHA loans)
No mortgage lender-paid mortgage insurance

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