AP - Private mortgage insurer Mortgage Guaranty Insurance Corp. said Friday it added $1.2 billion in new primary insurance coverage in August and the number of delinquent loans it insures declined.
Jumbo Mortgage Home Loans
Jumbo Mortgages Now with Lower Interest Rates:
Announcing New Jumbo Loan programs that will help you reduce the payments on your current Jumbo Mortgage or Super Jumbo Mortgage.
New Jumbo Loan programs with lower interest rates are being made available to the general public. In addition there is temporary conforming jumbo mortgage available that can help those with jumbo balances get conforming interest rates.
- Lower Rates
- Personalized Customer Service
- Little or No Closing Costs available
Call Right Now for your custom Quote 1-800-350-9987
In recent years Jumbo Loans have been difficult to obtain. Secondary market funding has been unavailable until recently and on top most home owners have seen a decline in the equity of their homes. As a result lot of small lenders and brokers have gone out of business. Because of the reduced competition banks like Bank of America and Wells Fargo have free reign to increase loan fees and interest rates.
We are a competitive lender. We are able to help borrowers by providing competition to the "too big to fail" banks. Our funds come from the very same sources that all the large banks use but that is where the similarities end. With our online lending format we have reduced overhead and can pass those savings on to our customers.
We have competitive rates and fees and can save you thousand of dollars in interest rates and closing costs. Choose EVK Financial for your Jumbo Mortgage and save. We are your premier online Jumbo Home Loan experts.
As a mortgage broker we can submit your loan to many lenders with one credit report. When a bank turns you down you need to apply and start the process all over again. This may drop your credit score due to the number of inquiries. That won't be a problems with us because we can submit your file to various lenders at once and get you the best rates available.
For the best service please complete our contact form and one of our highly skilled representatives will contact you at your earliest convenience.
Today's Best Mortgage Interest Rates are found here.
These are just some of the lenders we have been able to beat on a side by side comparison of interest rates and fees on Jumbo Equity Loans.
- Bank of America Jumbo
- US Bank Jumbo
- Wells Fargo Jumbo
- Ditech Jumbo
- and many more....
Get your best loan quote from us today and save.
We have provided some Jumbo Loan Guidelines for reference only. Please contact us today for a personalized no obligation quote. No confidential information required.!!
Conforming Jumbo, Traditional Jumbo and Super Jumbo Equity Mortgage Loans
Conforming Jumbo Mortgage Guidelines
- Conforming Jumbo Home Loan Description:
- Conforming Jumbo LTV to Value and Down Payment Requirements
- Conforming Jumbo Loan Terms available:
- Conforming Jumbo Mortgage Interest Only
Jumbo Mortgage Home Loan Guidelines:
- Jumbo Mortgage Program Description
- Maximum and Minimum Jumbo Loan Limits
- Jumbo Loan Borrower Eligibility
- Jumbo Mortgage Loan Co Borrowers
- Property Types Allowed On Jumbo Loan Program:
- Payment terms for Jumbo Loans
- Debts Included In Jumbo Debt Ratios
- Credit Requirements for Jumbo Programs
- Maximum allowed properties on Jumbo Program
- Jumbo Mortgage Loan Documentation
- Jumbo Mortgage Asset Requirements
- Jumbo Loan Gift Funds
- Seller Contributions allowed on Jumbo Home Loans
- Jumbo Mortgage Cash Out Policy
Super Jumbo Mortgage Loans
- Super Jumbo Home loans Program Description:
- Super Jumbo Loan to Value and Down Payment Requirements
- Super Jumbo Cash Out
- Super Jumbo Interest Only and Mortgage Terms:
Conforming Jumbo Mortgage Loan Program
The conforming jumbo loan program allows borrowers who currently owe more than $417,000 and would like to refinance to a low interest rate. Borrowers will receive an interest rate close to conforming rates thereby saving thousand of dollars in interest payments. In most areas the loan cannot exceed $625,000 but we have a variety of programs to help those that don't fit the exact guidelines of this program. Please contact us for a custom loan quote.
Conforming LTV and Down Payment Requirements:
I. Primary Residence Single Family Detached with a fixed rate
A. 90% Loan to Value for refinancing
B. 10% Down Payment Required
II. Condos and PUD requirements on conforming jumbo mortgage
A. 85% Loan to value for refinancing
B. 15% For a Purchase Money Loan
III. 2-4 Units
A. 75% Loan to value for refinancing
B. 25% Down payment required
IV. Adjustable Rate Mortgage on primary residence
A. Maximum loan to value is reduced to 75%
V. Cash out on conforming jumbo
A. restricted to about 60% on a case by case basis please get a custom quote from on of our representatives
VI. Investment property (rental)
A. Maximum loan to value 65%
Conforming Jumbo Mortgage Terms:
- 30 year fixed conforming jumbo
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
Conforming Jumbo Interest Only
Interest only is available for a 10 year interest only period after which the loan converts to a fully amortized loan.
Interest only available on:
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
Jumbo Mortgage Loan Program Description:
The Jumbo Loan programs allows you to purchase , refinance or even get cash out of your primary residence. Non-owner programs are available please talk to one of our account representatives.
Jumbo Mortgage Home Loan Program Maximum and Minimum Loan Amounts
The minimum loan amount is currently $417,001. These amounts are higher in Alaska and Hawaii.
The maximum home loan in most cases is $2,000,000. We have programs available to our customers looking for higher loans amounts. Please talk to one of our representatives for more details.
Jumbo Home Loan Borrower Eligibility:
Jumbo mortgage loans can only be made to individual applicants. Some programs allow for estates, partnerships and corporations. Please ask your loan officer for additional information. Trusts can be revocable irrevocable on a case by case basis. In other to qualify for a Jumbo Home Loan you must be a U.S. Citizen, permanent-resident alien. Non-permanent resident aliens may qualify with a valid social security number and work permits.
Jumbo Mortgage Loan Co-Borrower guidelines:
Co-borrowers are not required to occupy the property but must have an established relationship with the borrower.
Transactions should be arms-length. Real estate,agents, brokers and property sellers cannot be involved as a co-signer or guarantor.
Jumbo Mortgage Property Types:
In general this program is available to detached properties. Condominiums may qualify on some of our Jumbo Programs please ask one of our loans representatives for a customized quote.
Jumbo Mortgage Payment Terms:
- Interest Only
- 30 Year fixed
- 15 year fixed
- 5/1 ARM
- 5/1 ARM Interest Only
Jumbo Mortgage Qualifying:
At what rate are borrowers qualified?
Fixed rate borrowers are qualified at the note rate. Adjustable jumbo mortgage customers are qualified at highest of the fully indexed rate or note rate. The borrower must be able to pay the loan if it adjusts to the highest rate allowable.
Jumbo Mortgage Debts counted to qualify:
- Installment debt with over 10 months left.
- 5% payment rate of any revolving debt including deferred student loans.
Jumbo Mortgage Credit:
No 30 days late in the last 12 months and no 60 days in the last 24. Some exceptions may be allowed.
Jumbo Mortgage maximum allowed properties:
In general you may not own more than 4-7 properties with the majority of our Jumbo programs. Some programs may allow for higher please inquire with one of our lending specialists for more details.
Jumbo Mortgage Home Loan Documentation:
For salaried borrowers you must provide all pay stubs for the last 30 days and two years w-2's.
Self employed borrowers need:
- Two years personal tax returns all schedules.
- Two years business tax returns all schedules.
- YTD signed profit and loss statement.
- Additional documentation may be required.
Jumbo Home Loan Assets Requirements:
You must have 12 months of PITI reserves. 401k, stocks, bonds some retirement accounts are given limited credit. Please inquire for specific details.
Jumbo Mortgage Gift Funds:
On purchase transactions a gift is allowed from any one related by blood, marriage or adoption. This includes equity gifts borrower may still be required to add at least 5% of their own funds. Larger loans of $1,000,000 or higher may have additional restrictions.
Jumbo Home Loan Seller Contributions:
Most programs allow a seller to contribute up to 3% of the sales prices or the final appraised value.
Jumbo Loan Cash Out:
Cash out is permitted in most cases the loan to value can be up to 65% and the amount cannot exceed $350000 of cash. Multiple units may be restricted to $150,000 cash out.
We have a variety of programs that allow for cash out including but FHA Jumbo, Second Mortgage and hard money loans.
Super Jumbo Mortgage Loans
The super jumbo program allows borrower with higher loan balances to purchase or refinance. Super Jumbo loans are for balances that exceed $729,750 and up to $4,000,000.
Super Jumbo Loan Equity and Down Payment Requirements
I. Primary Residence Single Detached Home
A. 90% Loan to value or 10% down payment
II. 2-4 Units
A. 75% Loan to Value or 25% down
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Super Jumbo Cash Out
Cash out is allowed in our super jumbo loans as long as the loan to value fall within the range of 65%-75%. Many factors apply please contact us for a custom loan quote.
Super Jumbo Interest only and Mortgage Terms Available:
- 30 Year Fixed Super Jumbo Mortgage
- 15 Year Fixed Super Jumbo Loan
- 5/1 ARM (Adjustable Rate Mortgage)
- 5/1 ARM Interest Only
Location
CA
United States
