Brokers First Funding (BFF), a wholesale lender specializing in non-agency and Non-QM products, announced new loan limits for its Super Jumbo program, now extending up to $5 million. This expansion includes both full-documentation and bank statement documentation options, directly addressing the needs of affluent self-employed borrowers and high-net-worth individuals. These enhancements provide mortgage professionals with more tools to serve a growing market segment.
Shabi Asghar, president of BFF, confirmed the rationale behind the update. "This expansion to our Super Jumbo product delivers to brokers loan amounts and qualification methods that match the needs of this growing market segment," Asghar said. The program’s full-documentation option supports loans up to $5 million for borrowers with strong credit. Additionally, the bank statement option allows for loans up to $5 million using 12 or 24 months of bank statements for qualification.
These Super Jumbo program updates follow other enhancements announced on Feb. 23. For expanded documentation loans, BFF lowered the minimum FICO score to 620 and now permits PTIN tax preparers on profit and loss statements. The Debt Service Coverage Ratio (DSCR) program saw increased maximum loan amounts and loan-to-value ratios for first-time homebuyers and first-time investors, with short-term rental income now allowed on condotels and maximum acreage increased to five.
General guideline changes also impact loan origination. Appraised value seasoning for rate and term, as well as cash-out refinances, decreased from 12 months to six months. The program now allows Down Payment Assistance (DPA) "shared equity" on bank statement or full-documentation loans. Furthermore, Chapter 13 bankruptcy seasoning is now calculated from the filing date instead of the discharge date. Asghar emphasized that these updates were designed "to help brokers win more business." These enhancements are available now through BFF’s wholesale channel.
This article was primarily written by a human author. AI tools were used in a limited capacity for research assistance or light editing.
