Jumbo Purchase Loan for the First-Time Homebuyer to $1,000,000
Purchase and Cash Out Refinance
Loan Amount / Cash Reserves/Liquid Assets Requirements:
- 1 million - 6 months reserves (Equal to 6 months of housing expense, principle, interest, tax, and insurance)
- $1,500,000 - 9 Months Reserves
- $2,000,000 - 12 Months Reserves
- $2,500,000 - 18 Months Reserves
$1,000,000 maximum loan amount for first time home buyer
Acceptable income:
- Rental Income
- Alimony
- Child Support
- Note Income
- Capital Gains
- Dividends
- Stocks Options
Cash Out Available for Second Home
Available terms:
- 15 Year Fixed
- 30 Year Fixed
- 5/1 Year ARM
- 7/1 Year Arm
- 5/1 Year ARM
Underwriting Notes:
- 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
- All 50 states
Ref# 147 525012215