Among a host of enhancements to Radian Guaranty Inc.’s programs is an increase in the size of jumbo mortgages it will insure.
A new super-jumbo program has been introduced to the market by the Philadelphia-based mortgage insurance company.
Radian said it will insure residential loans up to $1.5 million, though delegated loan submissions are limited to $1.0 million.
The minimum credit score required for super-jumbo
mortgages is 720, while the maximum debt-to-income ratio is 43 percent.
Details about the program were spelled out Monday in Radian eBulletin 2015-4.
Radian said it will now provide specialized coverage for medical doctors, surgeons, dentists and oral surgeons. Loan amounts can be as high as $850,000, and minimum credit scores are 700.
On the company’s standard guidelines, required minimum credit scores have been reduced to 660 from 700 on Federal Housing Finance Agency high-balance loans.
Loan-to-value ratios and combined LTV ratios on the mortgage insurer’s One Underwrite program now go as high as 97 percent on new construction/construction-to-permanent 12-month commitments. The higher ratio applies to purchase financing and rate-term refinances on one-unit primary residences.
Radian additionally noted that is will support Fannie Mae’s new HomeReady program under One Underwrite guidelines.
The updated program guidelines immediately apply to all new M.I. applications.
