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.