Jumbo Purchase Loan for First-Time Homebuyers Up to $1,500,000
This jumbo mortgage program offers purchase, rate-and-term refinance, and cash-out refinance options for qualified borrowers. First-time homebuyers may finance up to $1,000,000 at 85% LTV, while eligible borrowers may qualify for up to 90% LTV on loan amounts up to $1,000,000 with as little as three months of reserves.
Eligible Transactions
- Purchase, Rate/ Term Refinance, and Cash Out Refinance
Maximum Loan Amount and LTV Options
- Maximum loan amount: $1,500,000
- First-time homebuyers: Up to $1,000,000 at 85% LTV
- Eligible borrowers: Up to 90% LTV on loan amounts up to $1,000,000
Reserve requirements are based on principal, interest, taxes, and insurance
Reserve Requirements by Loan Amount
- $1,500,000 loan amount: 15 months of reserves
- $1,250,000 loan amount: 12 months of reserves
- $1,000,000 loan amount: 9 months of reserves
- $750,000 loan amount: 6 months of reserves
- $500,000 loan amount: 3 months of reserves
Acceptable Income Sources
Eligible income may include traditional and alternative income sources, subject to documentation and underwriting requirements.
- Rental income
- Alimony
- Child support
- Capital gains
- Dividend income
- Stock option income
Available Loan Terms
- 15-year fixed-rate mortgage
- 30-year fixed-rate mortgage
- 5/1 adjustable-rate mortgage
- 7/1 adjustable-rate mortgage
Underwriting Highlights
Mortgage Insurance and Gift Funds
- Mortgage insurance may be required
- Gift funds permitted up to 10%
- Gift of equity permitted
- Seller contributions permitted
- Gift funds may be used toward the down payment, subject to underwriting requirements
Credit Requirements
- No prior bankruptcy, foreclosure, or short sale
- Minimum of two open credit tradelines
- Broker credit report permitted
- No additional credit check may be required, subject to lender approval
Property and Transaction Guidelines
Construction-to-permanent financing permitted
Detached condominiums permitted
Nationwide Availability
This jumbo loan program is available in all 50 states, subject to lender licensing, borrower eligibility, property location, and underwriting approval.
Reference Number: 147 525012215
Last Updated on 2 months ago by Broker Mortgages