Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than Xxxxxx Xxx, Xxxxxxx Mac or Xxxxxx Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by Xxxxxx Xxx or Xxxxxxx Mac from time to time, and (4) is a First Lien Mortgage Loan.
Jumbo Loan means an Eligible Mortgage Loan with respect to which each of the following statements shall be accurate and complete (and Borrower by including such Mortgage Loan in any computation of the Borrowing Base shall be deemed to so represent and warrant to the Agent and the Lenders as of the date of such computation):
Jumbo Loan means a Loan that has an original principal balance which exceeds Agency Guidelines for maximum general conventional loan amount.
Examples of Jumbo Loan in a sentence
With respect to each Jumbo Loan, (a) the related Back-End DTI Ratio does not exceed 41%, and (b) the related Front-End DTI Ratio does not exceed 31%.
Each Loan (other than a Jumbo Loan) is subject to one Takeout Commitment.
No Jumbo Loan (other than a Jumbo Cash-Out Refinanced Loan) shall have an LTV or CLTV greater than 75%.
With respect to each Jumbo Mortgage Loan, (i) the related Mortgagor’s debt-to-income ratio is not greater than 43%, (ii) the original principal loan amount does not exceed $2,000,000, (iii) such Jumbo Mortgage Loan is subject to a Takeout Commitment and (iv) such Jumbo Mortgage Loan is eligible to be sold to a minimum of two (2) Approved Takeout Investors under their respective Jumbo Loan purchase programs.
No Loan (other than a Jumbo Loan or High LTV Government Loan) shall have an LTV greater than 100%.
More Definitions of Jumbo Loan
Jumbo Loan means a Single-family Mortgage Loan (other than a FHA Loan or VA Loan) that complies with all applicable requirements for purchase under the FNMA or FHLMC standard form of conventional mortgage purchase contract then in effect except that the amount of such Mortgage Loan exceeds the maximum amount under those requirements, but in no event shall the amount of such Single-family Mortgage Loan exceed $1,000,000.00.
Jumbo Loan means a Mortgage Loan (other than a FHA Loan or VA Loan) that complies with all applicable requirements for purchase under the FNMA or FHLMC standard form of conventional mortgage purchase contract then in effect except that the amount of it exceeds the maximum loan amount under those requirements.
Jumbo Loan means a Mortgage Loan which substantially conforms to the Guidelines except (i) the principal amount thereof may exceed the principal amount of loans which conform to the Guidelines or (ii) for other specified exceptions to the Guidelines that are consistent with the customary practices of the applicable GMAC Originator.
Jumbo Loan means a Mortgage Loan (other than an FHA Loan, a VA Loan, or a State Loan) that is underwritten in accordance with standards approved by the Agent that are generally comparable to the standards established by FNMA or FHLMC in all respects other than the original principal amount of the Mortgage Loan and that were established by an Investor (other than FHLMC, FNMA or GNMA).
Jumbo Loan means a Single-family Mortgage Loan whose original principal amount (or, in the case of a Construction/Permanent Loan, its current funded and outstanding principal balance) is more than the maximum allowed for Single-family Mortgage Loans eligible for purchase by Xxxxxx Xxx and Xxxxxxx Mac but not more than Two Million Dollars ($2,000,000) (or such greater amount as shall be approved by the Agent on a case-by-case basis.)
Jumbo Loan means a Loan with an original unpaid principal balance greater than $350,000.
Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (i) is underwritten in a manner designed to be purchased by an Approved Takeout Investor (other than FNMA, FHLMC or GNMA), (ii) matches all applicable requirements for purchase under the requirements of a Takeout Commitment issued for the purchase of such Mortgage Loan, and (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by FNMA, FHLMC or GNMA from time to time, but shall not exceed $999,999; provided, however, that a Jumbo Loan having an original principal balance in excess of $999,999 but not more than $3,000,000 shall qualify as a Super Jumbo Loan. The term Jumbo Loan includes Super Jumbo Loans.