IndyMac To Resume Prime Jumbo Home Loans
IndyMac Bank announced today that it will resume originating prime, single-family residential, full doc jumbo loans after they temporarily reduced the origination of these products due to the recent credit cruch in the secondary markets.
"Given our strong financial position, we are fully committed to the market
for prime jumbo home loans," commented Michael W. Perry, Indymac's
Chairman and CEO. "Until the secondary market recovers, we plan to retain this
product in our investment portfolio at what we believe will be attractive returns."
These products will be available for borrowers providing full documentation
only. Product offerings include a 5/1 ARM, 7/1 ARM and 15 and 30-year fixed
products. Minimum credit standards for these products are:
| FICO Score | Down Payment | Loan Value |
| 680 | 25 Percent | Up To $2 Million |
| 680 | 20 Percent | Up To $1 Million |
| 700 | 15 Percent + Mtg Insurance | Up To $750,000 |
Earlier this week GreenPoint Mortgage, a company that focused on jumbo and Alt-a loans, closed it's doors.