Jumbo 1 Program Discontinuation
As we’ve said before, at Plaza Home Mortgage® we are always working to keep things simple for our clients. As such, we will be discontinuing our Jumbo 1 program, effective December 27, 2021. We’re confident that Plaza’s Jumbo AUS 1 and Jumbo AUS 2 will provide eligibility for virtually all scenarios previously offered on Jumbo 1, and there will be no reduction in program coverage or price competitiveness.
- The last day to submit, lock, extend or re-lock a Jumbo 1 is December 27, 2021
- Jumbo 1 loans locked on or before that day, and where the lock has not expired, may continue to be approved and close through lock expiration
- Jumbo 1 locks that expire after December 27, and where the loan will not close by lock expiration, may change programs to the Jumbo AUS 2 program with no change to lock terms; however, any such program changes must occur prior to the expiration of the Jumbo 1 lock
- Jumbo 1 locks that are allowed to expire after December 27 will not be eligible for re-lock or extension on the Jumbo 1 program. Such loans may be eligible on another Plaza program and will be subject to Plaza’s lock policy applicable to program changes
Jumbo AUS 1 Program Expansion
Jumbo AUS 1 has gotten even better! Check out what’s been enhanced:
- Loan amounts up to $3 million
- High Balance loan amounts
- Co-ops are eligible
Jumbo AUS 2 Update
Plaza’s Jumbo AUS 2 program guidelines have been updated to clarify that income and employment commencing after the Note date is not allowed.