Jumbo Purchase Loan for the First-Time Homebuyer to $1,000,000

 

Purchase - Owner Occupied

Property Type Credit Score LTV Maximum Loan Amount
SFR 720 80% $1,500,000
SFR 720 70% $1,000,000
SFR 720 75% $2,000,000
SFR 720 70% $2,500,000
1-2 Units 720 65% $1,000,000
1-2 Units 720 60% $1,500,000

 

 

Cash Out Refinance - Owner Occupied

Property Type Credit Score LTV Maximum Loan Amount Maximum Cash Out
SFR 720 70% $1,000,000 $250,000
SFR 720 65% $1,000,000 $250,000
SFR 720 65% $1,500,000 $500,000
SFR 720 60% $2,000,000 $500,000
SFR 720 50% $2,500,000 $750,000

 

Loan Amount / Liquid Assets:

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  • 1 million / 6 months reserves (Equal to 6 months of housing expense, principle, interest, tax, and insurance)
  • 1,000,000 to $1,500,000 / 9 months reserves
  • $1,500,000M to $2,000,000 / 12 months reserves
  • $2,000,000 to $2,500,000 / 18 months reserves
  • $1,000,000 maximum loan amount for first time home buyer

Acceptable income:

  • Rental income
  • Alimony and child support income
  • Note income
  • Capital gains
  • Dividends
  • Stocks options

 Cash Out available for Second Home

Available terms:

  • 15 year fixed
  • 30 year fixed
  • 5 year ARM
  • 7 year Arm
  • 10 year ARM

Underwriting Notes:

  • No mortgage insurance needed
  • 6% maximum gift funds ok
  • Down payment Sourced:
  • Equity Gift ok
  • Seller contributions ok
  • Gift funds ok

Credit Notes:

  • No bankruptcy, foreclosure or short sale
  • Minimum 2 open tradelines
  • Construction to permanent ok
  • Broker credit report ok (no extra credit check)
  • Detached Condos OK
  •  All 50 states

 

Ref# 147 525012215