Jumbo Mortgage Loans
Jumbo Elite Loans (> $485,000)
Jumbo Elite is a mortgage loan intended for well qualified buyers that are looking for a mortgage in the range of $485,000 to $2,000,000. Borrowers can choose from 30 year fixed product or three different ARM programs. This program is designed for borrowers with excellent credit whom are seeking exceptional pricing and terms and have the ability to fully document income and assets. Program requires 20% down payment and automatic ACH for monthly mortgage payment. (See Non-Traditional Mortgage Section below for less stringent criteria.)
- Down Payment: 20% or more down payment is required.
- Credit Scores: Ideal for borrows with credit scores greater than 760 (Lower credit scores in a range of 720 to 759 are accepted with pricing adjustments.) Middle score of highest income earner will be used.
- Loan Limits: Up to $2,000,000
- Occupancy: Owner occupied or second residence
Piggyback Loans (Purchase Price up to $800,000)
This piggyback loan program is a great way to get the best in pricing with a conforming first mortgage, and piggyback it with either a home equity line of credit or fixed rate second. This can be an ideal solution for properties selling in the range of $540,000 to $1,000,000.
- Down Payment: 10% or more down payment is required.
- Credit Scores: Ideal for borrows with credit scores greater than 700 (Lower credit scores are accepted with pricing adjustments.)
- Loan Limit on 1st Mortgage: Up to $485,350 (Higher loan limits apply to high cost areas)
- Loan Limit on 2nd Mortgage: 90% of the sales price, less first mortgage loan amount
- Occupancy: Owner occupied