Arc Home Alert – Updated Arc Elite Jumbo Prepayment Penalty Program

Arc Home is excited to announce an update to the Elite Jumbo Prepayment Penalty program. Effective August 11, 2023, the 2/2/1 prepayment penalty structure is being revised to 1.5/1.5/1. There are no changes to the 2/1/1 and 1/1/1 prepayment penalty structures currently available for the product.

If you are not yet familiar with this EXCLUSIVE program offered by Arc Home, take a look at the product highlights below. The Elite Jumbo Prepayment Penalty program provides Jumbo QM eligibility with fantastic pricing!

·         Primary Residence and Second Home

·         3-Year Prepayment Penalty required (state restrictions apply)

·         Up to 80% LTV

·         Credit score down to 680

·         Loan amounts to $3,000,000

·         DTI up to 45%

·         Full Doc income

·         15- and 30-Year Fixed Rate (Fully Amortized)

·         1-4 unit properties and warrantable condos eligible

·         Purchase, Rate/Term, and Cash-Out allowed

·         Minimum loan amount is $1 over FHFA limit for county and number of units

·         DU Approve or LPA Accept required, may be Ineligible due only to loan amount and/or maximum LTV

The Arc Elite Jumbo Prepayment Penalty Fact Sheet highlights key attributes of the program, including the acceptable prepayment penalty structures, testing requirements, state eligibility, and disclosure documentation requirements, as well as a brief side-by-side comparison to the popular Arc Elite QM product. Additionally, the Elite Jumbo Prepayment Penalty matrix is available on the Arc Home website (HERE).

Important Note: Correspondents must be approved by Arc Home to use this product – please contact your Arc Home Account Executive to sign up!