Jumbo Fixed Rate Loans

30 Year & 15 Year amortization available. These fixed rate loans have monthly payments that never change, ever! The larger the loan term, the more time you have to pay the loan off and therefore your payment will be lower.

Loans funded

Loan Amounts

Loan Amounts $510,401 and up.

Reliable

Credit Scores

Minimum credit score 700. If there is more than one borrower, we will use the lowest middle score among all borrowers.

Home

Property Types

Single Family Home

Condominium

2 Unit Properties

Why Jumbo Fixed Rate?

 

  • Absolute best pricing for a loan size over $765,600. Sometimes, it can be priced better than Super Conforming loan products which is $510,401 to $765,600.
  • Monthly principle & interest payment never changes. Although proportions of principle vs interest will change as you pay the balance down. Go to the Calculator Page to see this in action.
  • Impounds not required unless your loan to value is above 80%.

 

Qualifications

  • Reserves are one of the main reasons these loans are harder to qualify for. Minimum reserves are calculated by your new monthly principle, interest, taxes, insurance and HOA dues multiplied by nine. Your transaction could require more reserves, depending on the transaction.
  • Qualifying Ratios are tougher on these loans. Maximum qualifying ratio is 43% whereas it can be up to 50% on Conforming & Super Conforming loans (loan size $765,600 &  under, depending on your county).
  • If you are self-employed, we will require the last two years tax returns, plus a YTD profit & loss and balance sheet to qualify your income.
  • 1st Time Home Buyers are allowed.

 

Concerned you might not fit into the Jumbo restrictions?

If any of the following apply to your transaction, you can always utilize our Jumbo Advantage loan program (contact us for a quote – pricing is not as good as Jumbo Fixed), which does allow for the following:

  • Investment Property Transactions
  • 3-4 Unit Properties
  • Credit score as low as 661
  • Loan to Value up to 90% (no Mortgage Insurance Required)
  • Lower Reserves
  • Non-occupant co-borrower and blended ratios allowed, if you need more income to qualify.

Home Purchase

 

Down Payments

Minimum Down Payment requirements will vary depending on several parameters including property type & credit score.

  • Primary Residence: minimum 15% for  1 unit, 760 credit score & maximum 1 mill loan size.
  • Second Home: minimum 25% down for 1 unit, 720 credit score & maximum 1 mill loan size.

More options become available as down payment increases from the above examples. The credit score can go as low as 700. Loan size can be up to 2.5 million. For more details on these scenarios, please contact us!

 

Mortgage Insurance (MI)

If you are putting down 15%, you will have NO PMI on this loan.

Refinance

 

Loan to Value

Minimum Equity required will depending on several parameters including occupancy type (primary or second home), property type, & credit score.

  • Primary Residence: minimum 15% equity 1 unit, 760 credit score & maximum 1 mill loan size.
  • Second Home: minimum 25% equity 1 unit, and 720 credit score, maximum loan size 1 million.

There are many different options with more equity and a higher credit score. The credit score can be as low as 700 and  loan size can go up to 2.5 million. This all specific to your scenario. For more details, please contact us!

 

Mortgage Insurance (MI)

If you only have 15%-19.99% equity, you will have NO PMI on this loan.

 

Cash-Out

Available on primary residences only.

The following parameters allow up to $250,000 cash-out:

  • At 35% equity & 700 credit score the max loan size is 1 mill.
  • At 40% equity $ 720 credit score the max loan size is 1.5 mill.

The following parameters allow up to $500,000 cash-out:

  • At 45% equity & 720 credit score the max loan size is 2 mill.
  • At 65% equity $ 720 credit score the max loan size is 2.5 mill.