New California Jumbo Loan Programs
June 23, 2011
RPM Mortgage is pleased announce the addition of a 5/1 interest-only (I/O) ARM loan program to its strong platform of jumbo product. Designed to meet the needs of the higher loan amounts and purchase prices here in California, this program has the following features:
- Interest rate is fixed for the first 5 years but the I/O option continues for an additional 5 years --- 10-year I/O feature.
- 80% LTV/CLTV up to $1,000,000 loan amount.
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Debt-to-income ratios (DTI) available up to 45%.
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Refinances can be considered rate and term if HELOC is seasoned one year (e-mail w/ questions).
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RPM controls the underwriting process and underwrites in house!
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RPM assigns local appraisers through its appraisal management company.
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Great turn times and closings on jumbo loans in under 30 days!
Below is a graph of the current guidelines on the 5/1 product:
If you have questions or scenarios, I am happy to help and available at the contacts below.
Rob Spinosa, RPM Mortgage 877.270.5959 rspinosa@rpm-mtg.com
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