---
title: "WHOLESALE: Jumbo 1 Improvements + Other Program Updates"
description: Plaza Home Mortgage® just removed the self-employment overlays plus made other enhancements to our popular Jumbo 1 program. We also have updates to mortgage insurance and Jumbo AUS we want to tell you about.
---
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# Plaza News + Updates
# WHOLESALE: Jumbo 1 Improvements + Other Program Updates
Posted by [Plaza Wholesale](https://news.plazahomemortgage.com/newsupdates/author/plaza-wholesale) on July 28, 2021
[Plaza Home Mortgage](https://www.plazahomemortgage.com/?utm_campaign=Program%20Updates&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_zzHVpomH34uE1Mm88AhFYy_4y7ZrQ5kEplPI0qwa80HYrfJwFlb838lFV64bG8HNYJKCG)® just removed the self-employment overlays plus made other enhancements to our popular Jumbo 1 program. We also have updates to mortgage insurance and Jumbo AUS we want to tell you about.
**Jumbo 1 Self-Employed Overlay Removal and Other Enhancements:**
Effective for new locks and approvals on or after July 23, 2021, Plaza’s Jumbo 1 program has been updated to remove overlays for self-employed borrowers. The update also includes other improvements and clarifications, highlighted below. These updates may be applied to existing locks and approvals on an exception basis.
- Removed the maximum 70% LTV for self-employed purchase and rate/term.
- Removed max 35% DTI for self-employed rate/term.
- Cash-out refinances are now eligible for self-employed borrowers.
- Self-employed minimum FICO is 720. This is in lieu of the previous overlays. The 720 minimum does not apply if self-employed income is not required to qualify.
- Removed 80% max LTV/CLTV bullet point for first-time homebuyers in section 10 of the guidelines. The 80% max LTV/CLTV does not apply and the bullet was initially included in error.
- Clarified that 3 months business bank statements are required when considering the impact of COVID-19 on the business and the stability of income when the P&L provided is an unaudited P&L. Business bank statements are not required when an audited P&L is provided.
- A CDA (appraisal review) will no longer be required when the CU score <= 2.5 and LTV <= 80% and loan amount <= $1,500,000 (all 3 must apply).
As always, refer to the updated [Jumbo 1 Program Guidelines](https://news.plazahomemortgage.com/hubfs/Program%20Updates/Jumbo%201%20Fixed%20Program%20Guidelines%207.23.21.pdf?utm_campaign=Program%20Updates&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_zzHVpomH34uE1Mm88AhFYy_4y7ZrQ5kEplPI0qwa80HYrfJwFlb838lFV64bG8HNYJKCG) for complete details.
**Mortgage Insurance Updates:**
- Genworth Mortgage Insurance has changed their name to EnactSM. Plaza’s guidelines have been updated to reflect this change.
- Arch MI has been added as an eligible Mortgage Insurance Company for manufactured homes.
**Jumbo AUS:**
Clarified insurance coverage requirements when the coverage amount does not cover the loan amount. A cost estimate is required if the insurance coverage on the declaration page does not cover the loan amount. If a cost estimate is not provided, the policy must clearly and specifically indicate 100% replacement cost or Guaranteed replacement cost. The words *100%* or *Guaranteed* must be on the policy if the coverage amount is less than the loan amount.
[Jumbo AUS Guidelines](https://news.plazahomemortgage.com/hubfs/Program%20Updates/Jumbo%20AUS%20Program%20Guidelines%207.20.21.pdf?utm_campaign=Program%20Updates&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_zzHVpomH34uE1Mm88AhFYy_4y7ZrQ5kEplPI0qwa80HYrfJwFlb838lFV64bG8HNYJKCG)
Please reach out to your Plaza Account Executive or email us at [hereforyou@plazahomemortgage.com](mailto:hereforyou@plazahomemortgage.com) if you have questions on these changes.
Topics: [Wholesale News](https://news.plazahomemortgage.com/newsupdates/tag/wholesale-news), [Wholesale Program Updates](https://news.plazahomemortgage.com/newsupdates/tag/wholesale-program-updates), [Non-Delegated Correspondent News](https://news.plazahomemortgage.com/newsupdates/tag/non-delegated-correspondent-news), [Non-Delegated Correspondent Program Updates](https://news.plazahomemortgage.com/newsupdates/tag/non-delegated-correspondent-program-updates)
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