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

 

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