Jumbo Loan After Short Sale

Jumbo Loan After Short Sale

Waiting period to eligible for a Jumbo Loan is ONE YEAR.

• Bankruptcy
• Foreclosure
• Short Sale

Up to $1.5 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 $1,500,000. 

Jumbo Loans Purchase or Rate Term

• Loan amount up to $1,500,000.00
• Up to 75% Loan-to-Value with 700 credit score
• Up to 70% Loan-to-Value with 620 credit score
• Maximum debt-to-income 50% with 700 credit score
• Maximum debt-to-income 45% with 620 credit score

Jumbo Loans Cash Out Refinance

• Loan amount up to $1,500,000.00
• Minimum credit score 720 75% Loan-to-Value
• Minimum credit score 700-719 65% Loan-to-Value
• Minimum credit score 640-699 60% Loan-to-Value
• Above 720 credit score maximum Debt-to-Income 50%
• Above 640 credit score maximum Debt-to-income 45%

Waiting period to eligible for a Jumbo Loan is ONE YEAR.

• Bankruptcy
• Foreclosure
• Short Sale

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 Loan After Short Sale

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We look forward to working with you.

We look forward to working with you.