There are several different larger lenders who are “portfolio-ing” jumbo loans — meaning they lend the money to jumbo loan borrowers and then service the loan themselves.
One larger US Bank is offering jumbo loans up to 900,000 and here are just a few of the highlights of the jumbo loan program with this lender:
- Jumbo fixed terms & ARMs
- $900,000 to 75% LTV – interest only 3 & 5 year ARMS available
- Larger jumbo loans
- $1.2M to 60% LTV/ CLTV (max $1.5M combined lien exposure)
- $1.5M to 50% LTV/CLTV (max $1.5M combined lien exposure)
- HELOC 1st & 2nds to 75% LTV/CLTV starting at prime + .75%
- 1st position HELOCs to $350,000: great for “free and clear” properties
- Stand-alone 2nds: HELOCS and fixed 15 and 20 year term products
- Fixed rate lock option available on 1st & 2nd position HELOCs
- Cash out available – up to $200,000 cash-in-hand available to 75% LTV
- 3-4 unit owner occupied program
- Rural properties with no add to rate
- No minimum reserve requirements up to $900,000 (excluding I/O ARMs)
- Short payoff refinances available (different than short sales)
- Qualify with primary wage earner’s credit score
- “To be determined” purchases are accepted (automatic 45 day lock)
- Gift funds are allowed for down payment up to 75%
- Condos up to eight stories: minimum ten units
- Manufactured financing up to a maximum loan size of $200,000 – 75% LTV max
- Refinancing of construction loans to permanent financing is available
- Acreage allowed (full value to ten acres – no value exceeding ten acres)
- 50% maximum DTI on 1st fixed rate refinances – all other products 45% maximum DTI
Now – I realize that is a lot of information that may not pertain to your situation, but I am happy to answer any questions that you may have about your jumbo loan in your situation. There are many lenders who are doing jumbo loans, which is why it is important to work with someone who knows all about jumbo loans and can easily help you get the right financing you need.
