Jumbo Fixed Rate Loans

30- and 15-year fully amortized loans available. These fixed rate loans have fixed monthly payments that never change, ever! The longer the loan term, the more time to pay off the loan and therefore your payment is lower.

Loans funded

Loan Amounts

Loan Amounts $647,201 and up.

85% LTV to $2,000,000

80% LTV to $2,500,000

75% LTV to $3,000,000

70% LTV to $3,500,000

Reliable

Credit Scores

Minimum credit score 660. If more than one borrower, we will use the lowest middle score among all borrowers.

Home

Property Types

Single Family Home

Condominium

2-4 Unit Properties

Why Jumbo Fixed Rate?

 

  • Loan amounts from $647,201 to $3,500,000. Some products may be better priced than Super Conforming loan products $647,201 to $970,800.
  • Monthly principal and interest payment never changes. Although proportions of principal vs interest will change as you pay the balance down. Go to the Calculator Page to see amortization schedules.
  • Impounds not required unless your LTV (loan to value) is above 80%.

 

Qualifications

  • Reserves are one reason why these loans may be harder to qualify for. Minimum reserves are calculated by adding up your new monthly principal, interest, taxes, insurance and HOA dues and multiply by nine. Your transaction could require more than these reserves, depending on the type of transaction and occupancy.
  • Maximum Qualifying Ratios on these products are 45% whereas it can be up to 50% on Conforming & Super Conforming loans.
  • If you are self-employed, we will also require the last two years of filed tax returns, and a YTD profit & loss and balance sheet.
  • 1st Time Home Buyers are allowed on these loan programs.

 

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 program (contact us for a quote), which does allow for the following:

  • Lower Reserve Requirement
  • Non-occupant co-borrower 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 10% for 1 unit, 700 credit score & maximum $1,500,000 loan size.
  • Second Home: minimum 20% down for 1 unit, 680 credit score & maximum $1,500,000 loan size.
  • Investment Property: minimum 25% down for 1–4-unit property, 700 credit score & maximum $1,500,000 loan size.

Higher loan sizes become available as down payment increases (credit score requirement increases as well) from the above examples. The credit score can go as low as 660. Loan size can be up to 3.5 million. For more details on these scenarios, please contact us!

 

Mortgage Insurance (MI)

If you are putting down less than 20%, you will have NO PMI on this loan.

Refinance

 

Loan to Value

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

  • Primary Residence: minimum 15% equity 1-4 units, 680 credit score & maximum $1,500,000 loan size.
  • Second Home: minimum 20% equity 1 unit, and 680 credit score, maximum loan size $1,500,000.
  • Investment Property: minimum 25% equity, 1-4 units and 700 credit score, maximum loan size $1,500,000.

There are higher loan size options with more equity and a higher credit score. The credit score can be as low as 660 and loan size can go up to 3.5 million. This all specific to your scenario. For more details, please contact us!

 

Mortgage Insurance (MI)

If you have less than 20% equity, you will have NO PMI on this loan.

 

Cash-Out

Available on primary residence, second home & investment properties. Loan limits vary depending on your credit score and equity in the home.