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.
Condo Miami jumbo mortgage Agency High Balance Program
Minimum credit score of 620, maximum loan amount of $625,500 and a maximum 90% Loan-to-Value.
Chapter 7 or 11 Bankruptcy waiting period 4 years from discharge to credit report date.
Waiting period 2 years from discharge to credit report date.
The maximum Loan-to-Value the lesser of 90% Loan-to-Value or the maximum Loan-to-Value allowed for the program.
Extenuating circumstances are considered isolated events that are beyond the borrower’s control that result in a sudden, significant and prolonged reduction in income or a large increase in the borrower’s financial obligations (e.g. death of a borrower, layoff, serious illness, divorce, etc.).
Acceptable documentation to support extenuating circumstances and that illustrate factors that contributed to the borrower’s inability to resolve the problem is required (e.g. copy of divorce decree, layoff notice, death certificate, medical bills, tax returns, property listing agreements, etc.). Additionally a letter of explanation from the borrower explaining the relevance of the documentation is required.
Condo Miami jumbo mortgage Fannie Mae condo approval.
Jumbo loans over $625,500 require 15% down payment up to 1 million dollar no mortgage insurance and 20% down payment up to 1.5 million.
What documentation will I need?
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Jumbo loans up to $625,500 have a maximum 90% LTV and over $625,500 require 15% down payment up to 1 million dollar no mortgage insurance and 20% down payment up to 1.5 million.