This Jumbo Cash-Out Refinance Loan provides financing for homeowners who need to access substantial home equity while qualifying with a higher debt-to-income ratio.
The program allows DTI ratios up to 55%, loan amounts up to $3,000,000, and cash-out proceeds up to $1,500,000, subject to credit score, loan-to-value, occupancy, property type, and underwriting requirements.
Purchase financing is also available under the same jumbo program.
Jumbo Cash-Out Refinance Program Highlights
Key features include:
- Cash-out refinance proceeds up to $1,500,000
- Maximum loan amount up to $3,000,000
- Debt-to-income ratio up to 55%
- Credit scores starting at 620 (reduce LTV 10%)
- Purchase financing up to 85% LTV
- Cash-out refinance up to 80% LTV
- Fixed-rate and adjustable-rate mortgage options
- Interest-only options available
- No mortgage insurance
- Owner-occupied, second home, and investment property options
Maximum financing varies based on credit score, loan amount, occupancy, property type, and transaction type.
Jumbo Loan Credit Score, LTV and Loan Amount Matrix
The following tiers illustrate available financing based on qualifying credit score, maximum LTV, and loan amount.
| Credit Score | Loan-to-Value | Loan Amount |
| 620 | 75% LTV | $1,000,000 |
| 640 | 70% LTV | $1,500,000 |
| 660 | 65% LTV | $2,000,000 |
| 680 | 80% LTV | $2,000,000 |
| 700 | 80% LTV | $2,500,000 |
| 720 | 85% LTV | $3,000,000 |
Additional 680 Credit Score Jumbo Tiers
| Credit Score | Loan-to-Value | Loan Amount |
| 680 | 75% LTV | $1,000,000 |
| 680 | 75% LTV | $1,500,000 |
| 680 | 70% LTV | $2,000,000 |
Additional 720 Credit Score Jumbo Tiers
| Credit Score | Loan-to-Value | Loan Amount |
| 720 | 85% LTV | $1,000,000 |
| 720 | 80% LTV | $1,500,000 |
| 720 | 75% LTV | $2,000,000 |
The applicable LTV may be lower for cash-out refinances, investment properties, certain condominiums, and higher loan amounts.
Purchase and Cash-Out Refinance Options
This jumbo mortgage program is available for both purchase and cash-out refinance transactions.
Jumbo Purchase Financing
Purchase transactions may be available up to:
- 85% LTV
- Loan amounts up to $3,000,000
- Owner-occupied, second home, and eligible investment property financing
Actual maximum LTV depends on credit score and loan amount.
Jumbo Cash-Out Refinance
Cash-out refinance transactions may be available up to:
- 80% LTV
- Up to $1,500,000 in cash-out proceeds
- DTI up to 55%
- Loan amounts up to $3,000,000
Cash-out proceeds, maximum LTV, and loan amount are subject to the applicable underwriting tier.
Jumbo Loan DTI Up to 55%
One of the primary features of this program is the ability to qualify with a debt-to-income ratio of up to 55%.
This may provide additional flexibility for borrowers with substantial qualifying income but higher monthly obligations who do not meet the lower DTI limits associated with many conventional and traditional jumbo mortgage programs.
Approval at the higher DTI level is subject to the borrower’s overall credit profile and underwriting requirements.
Eligible Property Types
Eligible property types include:
- Single-family residences
- Condominiums
Condominium LTV Adjustment
Condominiums located in buildings with more than four stories may require a 5% reduction in maximum LTV.
Eligible Occupancies
The program may be used for:
- Owner-occupied primary residences
- Second homes
- Investment properties
Maximum LTV may vary by occupancy type.
Available Jumbo Loan Terms
Available mortgage structures include:
- Fixed-rate mortgages
- Adjustable-rate mortgages (ARMs)
- Interest-only options
The specific term and interest-only structure available will depend on the borrower, property, loan amount, and underwriting tier.
Additional Jumbo Cash-Out Program Features
Additional program highlights include:
- No cash-out pricing adjustment to the interest rate or lender fee under applicable program guidelines
- MLS seasoning may be acceptable
- No pricing adjustment for electing to waive impounds when permitted
- Credit decisions may be available in less than 24 hours
- Expedited closing options may be available
- No private mortgage insurance
Turnaround times and pricing are subject to lender capacity, file completeness, appraisal requirements, and final underwriting.
States Where the Jumbo Program Is Available
This Jumbo Cash-Out Refinance Loan Program is available in all states except New York and Massachusetts.
Last Updated on 1 month ago by Broker Mortgages