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Jumbo Home Loans
If you need a jumbo loan, you've come to the right place.
Our rates are among the BEST in the industry.
Our experience and professionalism - hard to beat. |
Jumbo or non-conforming loans are any loans that exceed the conforming loan limits listed
below.
- 1 unit - $417,000
- 2 unit - $533,850
- 3 unit - $645,300
- 4 unit - $801,950
Jumbo loans are available under two loan programs - Non-Agency
Jumbo Loans and VA Jumbo Loans. This page of our website explains
our Non-Agency Jumbo Loan products.
Non-Agency Jumbo Loans
30 year and 15 year fixed rate jumbo loans are available up to $1,500,000. Purchase loans, rate
and term refinancing loans and cash-out loans are available. A variety of ARM products are also
available, including 1/1, 3/1, 5/1, 7/1 and 10/1 ARMs. Interest only loans are available on
3/1 & 5/1 ARMs only. For cash-out home equity loans see
Home Equity
Loans.
Underwriting guidelines for our jumbo loans are generally more strict than on conforming
loans. They require higher credit scores and higher down payments, depending on the size of
the loan.
VA Jumbo Loans
Eligible veterans must look at our
VA Jumbo Loans,
available up to $1,500,000, though, due to pricing,
the practical maximum is $999,999. A down payment equal to 25% of the excess over $417,000 is
required for veterans with full VA entitlement. Rates are about 1% lower and down payment requirements
are much lower than on our non-agency jumbo loans. See our
VA Jumbo Loan guidelines
for more details.
Tables - Maximum LTVs and Loan Amounts
| Purpose |
Occupancy |
Units |
Max.
LTV/CLTV |
Max. 1st Lien
Loan Amt. |
Max. 2nd Lien
Loan Amt. |
Purchase
|
Primary
Residence |
1-2 |
90% |
$500,000 |
$0 |
| R/T Refi |
Primary |
1-2 |
90% |
$800,000 |
$0 |
Purchase
&
Rate/Term
Refinance |
Primary
Residence |
1-2 |
85%/85% |
$800,000 |
$350,000 |
| 1-2 |
80%/80% |
$900,000 |
$350,000 |
| 1 |
70% |
$1,200,000 |
$0 |
| 1 |
60% |
$1,500,000 |
$0 |
Purchase
R/T Refi |
Primary
Condo |
1 |
80%80% |
$700,000 |
$225,000 |
| 1 |
85%85% |
$550,000 |
$200,000 |
Purchase
&
Rate/Term
Refinance |
Vacation
Home |
1-2 |
80%/80% |
$500,000 |
$100,000 |
Home Equity
Cash-out |
Primary
Residence |
1 |
80% |
$900,000 |
$0 |
| Purpose |
Occupancy |
Units |
Max.
LTV/CLTV |
Max. 1st Lien
Loan Amt. |
Max. 2nd Lien
Loan Amt. |
Purchase
|
Primary
Residence |
1-2 |
90% |
$500,000 |
$0 |
| R&T Refi |
Primary |
1-2 |
90% |
$675,000 |
$0 |
Purchase
&
Rate/Term
Refinance |
Primary
Residence |
1-2 |
85%/85% |
$675,000 |
$325,000 |
| 1-2 |
80%/80% |
$800,000 |
$325,000 |
Purchase
R/T Refi |
Primary
Condo |
1 |
80%80% |
$550,000 |
$225,000 |
| 1 |
85%85% |
$500,000 |
$200,000 |
Purchase
&
Rate/Term
Refinance |
Vacation
Home |
1-2 |
80%/80% |
$425,000 |
$100,000 |
Home Equity
Cash-out |
Primary
Residence |
1 |
80% |
$900,000 |
$0 |
| Purpose |
Occupancy |
Units |
Max.
LTV/CLTV |
Max. 1st Lien
Loan Amt. |
Max. 2nd Lien
Loan Amt. |
Purchase
& R/T Refi
|
Primary
Residence |
1-2 |
90% |
$500,000 |
$0 |
Purchase
&
Rate/Term
Refinance |
Primary
Residence |
1-2 |
85%/85% |
$500,000 |
$175,000 |
| 1-2 |
80%/80% |
$675,000 |
$225,000 |
Purchase
R/T Refi |
Primary
Condo |
1 |
80%80% |
$450,000 |
$175,000 |
Purchase
&
Rate/Term
Refinance |
Vacation
Home |
1-2 |
80%/80% |
(2) |
$100,000 |
Home Equity
Cash-out |
Primary
Residence |
1 |
80% |
$900,000 |
$0 |
| Purpose |
Occupancy |
Units |
Max.
LTV/CLTV |
Max. 1st Lien
Loan Amt. |
Max. 2nd Lien
Loan Amt. |
Purchase
&
Rate/Term
Refinance |
Primary
Residence |
1-2 |
85%/85% |
(2) |
$100,000 |
| 1-2 |
80%/80% |
$500,000 |
$125,000 |
NOTE: Maximum combined 1st and 2nd lien loan amounts is $900,000.
Non-Agency Jumbo Guidelines
- Appraisals - One full appraisal with interior photos for
loan amounts up to $900,000. Over $900,000 requires 2 full appraisals.
- Assumable - No.
- Automated Underwriting - No.
- Bankruptcy or Foreclosure - Loan Amounts equal to or greater than
$450,000
- NO PRIOR BANKRUPTCY filing(dismissed/discharged).
- NO prior mortgage foreclosure.
- NO mortgage delinquency > 90 days.
- Bankruptcy or Foreclosure - Loan Amounts less than $450,000
- Minimum of 3 years from discharge date or 5 years from dismissal date.
- NO prior mortgage foreclosure.
- NO mortgage delinquency > 90 days.
- Cash-out Refinance - Home equity cash-out loans available
up to 80% LTV limited to 1 unit single family, primary residences only. No second homes
or investment properties. No agricultural properties.
- CCCS - 2 years since completed and paid as agreed.
- Credit Scores - Minimum credit score is 650 for the primary
wage earner and 625 for the secondary wage earner. Interest only loans and first time homebuyers
are 680 & 650, respectively.
- Credit Inquiries - If credit score is less than 700, no more
than 9 inquiries allowed in last 6 months.
- DTI - Total debt to income ratios up to 45%. See chart above.
(Exception: 1st lien fixed rate position on refinance loans to 50% DTI)
- Eligible Property Types - 1 unit single family homes, townhouse,
duplexes and modular homes. Approved Condos up to 8 stories are eligible with restrictions.
- Escrow Waiver - Allowed at no additional cost.
- First time Homebuyers - Allowed, with restrictions.
- Minimum credit score for primary wage earner is 680+.
- Minimum credit score for secondary wage earner is 650+.
- No major derogatory credit and no more than two minor credit derogatory accounts.
- Two years same line of work.
- Max seller concession is 3%.
- No interest only loans.
- Payment cannot increase more than 2.5 times present rent.
- Home Equity Refinance - Home equity cash-out loans available
up to 80% LTV limited to 1 unit single family, primary residences only. No second homes
or investment properties. No agricultural properties.
Existing home equity loans require 12 months seasoning to refinance.
- Ineligible Properties - Non-owner occupied(Investment or
Rental) properties, log homes, REO, Foreclosures, Short Sales, 3-4 units, condos over 8
stories high, more than two properties in the same market area(same first three digits of
zip code).
- Land Size - Full value given to 10 acres. No value given
to acreage exceeding 10 acres.
- Loan Types - 15 & 30 year fixed rate loans. 1/1, 3/1, 5/1,
7/1 and 10/1 ARMs. Interest only loans are available on 3/1 & 5/1 ARMS only.
- Major Derogatory Credit - No more than 3, including:
- Any account 90+ days delinquent within last 36 months.
- Any paid or un-paid collection, charge off, lien or judgment within the last 36
months.
- Majors items that are $5000 or greater must be paid at or prior to close.
- Maximum Loan Amount - $1,500,000 up to 60% LTV - 1st lien
only. Combo loans up to $900,000 with a maximum CLTV of 85%. See Tables above.
- Mortgage Insurance - Not required on loans up to 90% LTV.
- Occupancy - Primary residence - MUST occupy the home within
60 days.
Second Homes/Vacation homes must not be rented and must not be in the same market area(the
first 3 digits of zip code cannot be the same as any other properties you own)
- Reserves - Minimum $850/month disposable income per household.
- Refinance Loans - Maximum CLTV is 80% on refinance loans
if borrower has lived in home less than 24 months.
- Seasoning -
- Refinances - Maximum CLTV is 80% on refinance loans if
borrower has lived in home less than 24 months
- Seller Concessions - 3% of the sales price.
- Temporary Buydowns - Not allowed.
Note:
Guidelines subject to change without notice. Additional guidelines and restrictions may
apply.
Submit your loan application for approval.
30 Year Fixed Loans
45 day lock. |
15 Year Fixed Loans
45 day lock. |
| LTV up to |
Rate |
APR |
LTV up to |
Rate |
APR |
| 70% |
5.200% |
5.360% |
70% |
4.500% |
4.764% |
| 75% |
5.300% |
5.461% |
75% |
4.600% |
4.866% |
| 80% |
5.400% |
5.562% |
80% |
4.700% |
4.967% |
| 85% |
5.500% |
5.664% |
85% |
4.800% |
5.069% |
| 90% |
5.700% |
5.867% |
90% |
5.000% |
5.271% |
| Origination Points = 0.875% for all loans. |
Notes:
Maximum Loan Amount = $1,500,000 at 60% LTV.
Maximum LTV = 90% to $500,000.
Maximum DTI = 45% purchase & 50% refinance.
Second Homes add 0.20% to Rate.
Loans amounts > $900k add 0.20 to Rate
Loan approval required to lock rate.
Home Equity cash-out up to 80% LTV. |
1/1, 3/1, 5/1, 7/1 & 10/1 ARM loans available.
Interest only available on 3/1 & 5/1 ARM loans.
Condos up to 8 stories.
No Investment Properties
Credit Scores:
Rates based on 720 or higher credit scores.
Minimum for primary wage earner is 650.
Minimum for secondary wage earner is 625
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Additional adjustments & restrictions may apply <> Contact us for an
analysis and estimate
Notes
for Rates |
Rates are subject to change without notice until locked in.
Rates on this Page Last Updated:
09/09/2010 12:05 PM
Purchase Loan Application - This is a complete loan application and purchase
questionnaire. It should take from 15 to 30 minutes to complete.
- Click
here for a general list of information needed to complete your application.
- After reviewing your application and credit report, your loan will be submitted
for Automated Underwriting (if available at your loan amount) prior to calling you
to discuss your application unless additional information is needed from you.
- The results will be emailed to you with an estimate for your review. Rates are subject
to change until locked in. Please call our office for details
about locking your
rate.
- Your complete loan application and disclosure forms will be overnighted to you
for your review and signatures, along with copies for your records. A written list
of the required documents needed and a return overnight envelope will also be included
for you to return the documents to us.
- The only upfront costs to you are the credit report/AUS fee($50) & the appraisal
fee($605+). Click
here for more details on the loan process.
Note: If for some reason your loan cannot be approved through our
Automated Underwriting Systems and traditional underwriting is required, some additional
costs may be required and you will be advised in advance. More details on "Traditional
Underwriting" can be found
here.
Pre-Qualify
- This is a short form that only takes a few minutes to complete.
- It will give us the info we need to pre-qualify you according to your income,
debts and funds available for down payment and closing costs.
- The results will be emailed to you with an estimate for your review.
- The Pre-Qualify form is primarily designed for borrowers with good credit since
NO credit report will be pulled with this prequalification.
Email or call us if
you need additional information.
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Fax:
512.259.4408
