Jumbo Lending

When do you need Jumbo Lending?

Jumbo lending typically refers to any loan amount that exceeds Conventional and/or FHA Loan Limits.  Jumbo lending has been very difficult to come by in the aftermath of the mortgage and real estate collapse since 2007.

Only recently are we seeing more private investors bringing competitive Jumbo lending products into the marketplace.  Broadview Mortgage is a leader in the Jumbo Lending space offering a wide range of flexible terms and aggressive pricing.

Highlights

  • Credit Score Minimum 680 (LTV Restricted)
  • Primary Residence or Second / Vacation Home Ok
  • Purchase / No Cash Out Refinance / Cash Out Refinance
  • Single Family Residence / 2-4 Units* / Condo / PUD
  • Unlimited owned properties allowed if financing Primary Residence
  • Limited to 4 owned properties if financing Second / Vacation Home
  • Interest Only available

*primary residence only

Jumbo Lending | Qualifying Requirements

  • Full income / asset documentation only – W2 and/or tax returns
  • 6 Months Reserves required for loans between $650,000 and $1,000,000
  • 12 Months Reserves required for loans above $1,000,000
  • 45% Maximum Debt to Income (DTI) ratio

Jumbo Lending | Available Loan Programs

Primary Residence 

  • 30, 25, 20, 15, 10 Year Fixed
  • 5/1, 7/1, 10/1 ARM

Second / Vacation Home

  • 30, 25, 20, 15, 10 Year Fixed
  • 5/1, 7/1, 10/1 ARM

Interest Only Mortgage

  • 30 Year Fixed
  • 5/1, 7/1, 10/1 ARM

Jumbo Lending | Available Loan Terms

Fixed Rate Mortgage

  • 30,25,20,15, 10 Year Amortized

ARM – Adjustable Rate Mortgage

  • 30,25,20,15, 10 Year Amortized

Interest Only Mortgage

  • 10 Year Interest Only / 20 Year Amortized

Jumbo Lending | Property Requirements

Primary Residence 

  • 1 family residence – single family residence (SFR)
  • 2-4 family residence – duplex / triplex / fourplex
  • Single family Condominium
  • Single family Townhouse

Second / Vacation Home

  • 1 family residence – single family residence (SFR)
  • Single family Condominium
  • Single family Townhouse

Investment Homes

Not available at this time

Jumbo Lending | Loan Limits

  • $650,000 to $2,000,000 Generally

* loans above $1,250,000 require special approval – contact for details

Jumbo Lending | Waiting Periods after Credit Hardship

  • 4 Years from Discharge of any Chapter Bankruptcy
  • 5 Years from Discharge if Multiple Bankruptcy
  • 7 Years from Foreclosure
  • 4 Years from Short Sale or Deed in Lieu of Foreclosure with Maximum 90% Loan to Value
  • 7 Years from Short Sale or Deed in Lieu of Foreclosure with Less than 90% Loan to Value

NOTE:  If hardship is the result of an extenuating circumstance, waiting periods may be reduced.  Contact lender for details.

This material is not from HUD or FHA and has not been approved by HUD or a government agency © Point Financial Kailua-Kona. All Rights Reserved.  Website powered by Ziemelis Communications