Jumbo Loans To 90% LTV – Up To $2M
You'd use a jumbo mortgage when you're seeking a loan amount that's greater than the conforming loan limit in your area. In most of the country, that means you'll use a jumbo mortgage if your loan amount is greater than $417,000.
Must be 18 years or older
Green Card Holders (non U.S. Citizen)
H-1B Visa & EAD Card Holders (non U.S. Citizen)
Credit: 700+ FICO
Max Debt-To-Income (DTI) Ratio of 43%
Reserves: Minimum of 6 months reserves and proof of disposable income
Owner occupied: up to 85% LTV if Purchase | Up to 75% LTV if Refinance
2nd Home: Up to 70% LTV if Purchase | Refinance N/A on 2nd Homes
Minimum Loan Amount is 1$ over the county limit
Transactions: Purchase |Refinance(Rate & Term/ Limited Cash-out/ Cash-out)
LLCs, Corporation or Partnership (title must be taken as an individual)
Non-Permanent Resident Aliens
Individuals living in a foreign county
Appraisal: no transferred appraisals permitted
Employment: Employment must be reviewed for stability and continuity, with at least a two year history in the same job or jobs in the same or related field.
Gaps in Employment: The Borrower must explain, in writing, any gaps in employment that span one or more month.
Bankruptcy and Foreclosure Requirements:o Chapter 7 Bankruptcy - None in the past 4 years
o Chapter 13 Bankruptcy - Must have been discharged at LEAST 4 years prior to the application date
o Foreclosure – Must be at least 8 years since completion