Jumbo loans requirements 2017 Jumbo

Jumbo loans requirements 2017 Jumbo


New FHA guidelines requires only 3.5% down payment up to $625,500 for FHA jumbo loan. Jumbo loans require 15% down payment up to 1 million dollar no mortgage insurance non-conforming loan and 20% down payment up to 1.5 million.

Up to $4 Million Loan Amounts

A jumbo loan is a mortgage that exceeds the mortgage loan limits that are not covered by Fannie Mae and Freddie Mac. Since these two agencies purchase the majority of residential mortgages from lenders and banks in the United States, they set the parameters in regard to how much money can be borrowed through a mortgage loan. Any mortgage loan amount above these parameters is considered to be a jumbo loan. Loans over the $417,000 limit set for conventional loans are considered jumbo loans.

While jumbo loan parameters may change from year to year and may be slightly modified in certain parts of the United States, these loans are currently reserved for those who need to borrow anywhere from $417,000 to $2,000,000. In parts of the United States where housing is typically more costly, however, the bottom end is set at $625,500.

Jumbo Loans

  • Eligible loan terms include fixed terms (10, 15, 20, 25 and 30) and adjustable rates (5/1, 7/1, 10/1/)
  • Interest Only on 30 year fixed or 10/1 ARM (10 year I/O period)
  • Up to $4 million loan amounts
  • 85% LTV to $1 million on condos
  • 80% LTV to $1 million on second homes
  • No mortgage insurance
  • Up to 48/58 DTI (vs 35/45 at most lenders)
  • Self-employed okay
  • Income sources include W2, self-employed and liquid assets
  • No seasoning requirements for cash out
  • Jr. Liens can be paid off as Rate/Term with 6 months seasoning on the lien
  • Close in the name of an LLC or Corporation
  • No Prepayment Penalty
  • Jumbo loans requirements 2017

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

No matter what the economy looks like, mortgage rates change on a daily, even hourly, basis. Rate fluctuations can cost or save you thousands of dollars. With that in mind, the question when shopping for a loan is whether it's best to lock in a rate or float the loan. Either way, there's risk.


Jumbo loans requirements 2017

Apply Now!


Call us 888.958.4228


We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


We look forward to working with you.

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


We look forward to working with you.

LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Credit Score Requirements for FHA 2024

    Mar 18, 24 09:08 AM

    FHA-LOAN-3
    Credit Score Requirements for FHA 2024. For individuals applying for an FHA loan, it's important to note that there is a minimum FICO score requirement of 500.

    Read More

  2. FHA Loan Requirements 2024 - FHA Loan Programs 2024

    Mar 15, 24 01:12 PM

    FHA loan requirements 2024. FHA loan guidelines for minimum credit score, minimum down payment and closing costs.

    Read More

  3. Minimum Credit Score FHA Loan 2024 FL

    Feb 26, 24 08:56 AM

    blog.png
    Minimum credit score FHA loan 2024. Minimum credit score is 500. Credit score above 580 require a 3.5% down payment. Credit scores below 580 10% down payment.

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

Jumbo loans requirements


Apply Now!

Call 888.958.4228

E-mail Us!