The landscape of mortgage lending has been in a constant state of flux over the past year with guidelines getting stricter and many programs being eliminated. One of the hardest hit areas has been Jumbo Lending. A Jumbo Loan exceeds the Fannie Mae / Freddie Mac loan limit which is currently $417,000.

We are constantly looking for new wholesale relationships that offer better terms for our buyers and we just discovered some new programs available to Jumbo borrowers! Take a look at these examples:

1) 10% down with a loan amount up to $500,000 and no PMI is required! The rules are strict though with a minimum credit score of 750 and first time home buyers are not allowed. Single family residence only and no condos. Only fixed rate loans available under this option and rates are in the 6’s. However, keep in mind that no PMI is required and PMI would be at least .62% annually.

2) 15% down with a loan amount up to $800,000 and no PMI is required! To go to $800,000 you must have a 750 credit score but we can allow a loan amount up to $675,000 with a 700 score or $500,000 with a 680 score. Condo is possible but max loan amounts are a bit lower. The rate on this loan is great with a 7 Year ARM available at 5.85%

3) 20% down with a loan amount up to $900,000! With a $900,000 loan amount you must have the 750 credit score but you only need a 700 score to go to $800,000 and a 680 score to go to $675,000. Condo is possible here as well but with lower max loan amounts. A great rate available here too with a 7 Year ARM at 5.75% .
If you are a home buyer and need financing greater than $417,000 you have to really search for a lender that has programs available that will allow you to get a great rate and not put 25 or 30% down. Well, we’ve done the work for you! Please contact me for more information on these great new loan offerings.

Written by:
Ken Mascia
248.644.1200
kmascia@primecapitalmortgage.com

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