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 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 3 days ago by Broker Mortgages