Elite Express Product Enhancements
Effective with new loans submission and new rate locks made on and after Nov 15th, DU Approve/Eligible and LPA Accept findings are eligible on FLCBank’s Elite Express Jumbo Product.
Other enhancements and updates include:
- Increased the maximum loan amounts from $2MM to $3MM
- Clarified borrowers with no mortgage/rental payment history due to a residence scenario requiring no mortgage or rental payment are eligible with a satisfactory letter of explanation.
- Clarified that prior employment VOEs must be dated prior to closing but are not required to be dated within 10 calendar days of loan closing.
- Clarified the additional requirements for P&L, Balance Sheet, and Business Bank Statements is only required when self-employment income is used to qualify.
- Added maximum loan amount of $2,000,000 for First-time homebuyers
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