Jumbo Purchase Loan for the First-Time Homebuyer to $1,000,000
Eligible Transactions: Purchase. See refinance loans
Loan Amounts to $2,500,000
Financing up to $2,500,000 with options for first-time homebuyers up to $1,000,000 at 85% LTV. For larger purchases, secure up to 90% LTV on loans to $1,000,000 with just 3 months of reserves, covering principal, interest, taxes, and insurance.
Reserves Requirements by Loan Amount:
* $2,500,000 – 18 Months Reserves
* $2,000,000 – 12 Months Reserves
* $1,500,000 – 9 Months Reserves
* $1,00,000 – 6 Months Reserves
* $500,000 – 3 Months Reserves
Acceptable Income Documentation:
* Rental Income
* Alimony
* Child Support
* Capital Gains
* Dividends
* Stocks Options
Available Terms:
* 15 Year Fixed
* 30 Year Fixed
* 5/1 Year ARM
* 7/1 Year Arm
* 5/1 Year ARM
Underwriting Notes and Highlights:
* Mortgage Insurance Needed
* 10% Maximum Gift Funds OK
* Down Payment Sourced:
* Equity Gift – OK
* Seller Contributions OK
* Gift Funds OK
* Credit Notes:
* No bankruptcy, foreclosure or short sale
* Minimum 2 open tradelines
* Construction to permanent ok
* Broker credit report ok (no extra credit check)
* Detached Condos OK
Available in all 50 states
Ref# 147 525012215