Jumbo Loan Program for Borrowers with Challenged Credit
For those with less-than-perfect credit, this Jumbo Loan program offers financing up to $4,000,000, with maximum cash-out proceeds reaching $3,000,000.
Credit and Property Guidelines
To begin with, a minimum credit score of 660 is required. When it comes to property types, single-family homes and duplexes qualify for up to 85% LTV financing.
Occupancy Options
Moreover, both owner-occupied and investment properties are eligible: 1–2 units and 3–4 units can be financed up to 70% LTV, with loan amounts up to $2,000,000. Second homes are permitted with a maximum of 80% LTV financing.
Additional Program Features
In addition, gift funds and unseasoned assets may be used toward the down payment, and there is no requirement for Private Mortgage Insurance (PMI) helping to reduce monthly costs.
Available in the Following States:
California.