In Texas, where I originate anything over $417k is a Jumbo loan.
We have some very unusually Jumbo loan products that I wanted you to be aware of.
Here are the bullet points on these Jumbo loans…
CORE JUMBO
-Owner Occupied to 90% LTV without MI up to $1.5M – 30 YEAR FIXED RATE (very unusual!)
-Non-Owner up to 70% LTV – $1M
-Second Home up to 80% – $1M
-No limits on Cash Out
-Interest Only avail to 80% LTV – $2M
HIGH RESERVE JUMBO
-Allows Min 660 Fico Score
on Purchase & Rate/Term
-36 Months Reserves Required
-Max $5M Loan Amount
NON-QM JUMBO
-Max 50% DTI
-Max 80% to $1M LTV
-Max $2M Loan Amount
-Min 700 Fico
-Cash-Out and Second Homes Allowed.
-Assets for Income (Asset Depletion)
-Min Loan Amount $300K
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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