A jumbo loan is defined as a loan whose loan amount exceeds the Fannie Mae conforming loan limit. In Texas, the conforming loan limit is $548,400.

We have a wide array of Jumbo loan products, including some very unusual Jumbos.

Here are the bullet points on these Jumbo loans…

CORE JUMBO

-Owner Occupied to 90% LTV without MI up to $3M – 30 YEAR FIXED RATE (very unusual!)
-Non-Owner up to 70% LTV – $1M
-Second Home up to 80% – $1.5M
-No limits on Cash Out
-Interest Only avail to 80% LTV – $2M

HIGH RESERVE JUMBO
-Allows Min 660 Fico Score
on Purchase & Rate/Term
-36 Months Reserves Required
-Max $5M Loan Amount

NON-QM JUMBO
-Max 50% DTI
-Max 80% LTV to $3M
-Min 700 Fico
-Cash-Out and Second Homes Allowed.
-Assets for Income (Asset Depletion)
-Min Loan Amount $300K

Note about Jumbo Cash Out loans… There is a common problem in the Jumbo Cash out market, and if you are shopping for a Jumbo Cash Out loan you may have experienced this.

Many companies cap their max cash out at around $500,000.

In other words, they may say they do $3,000,000 cash out loans, but they are assuming you are paying off an underlying loan – and will max the actual cash out at 500k. This is very common.

Our rules on Jumbo Cash Out loans are: If Property is owned Free & Clear Or LTV <50%, Cash Out (Cash In Hand) = Unlimited.  If LTV >50% Max Cash Out (Cash in Hand) 1M.

Alternate Documentation is available on Non QM Jumbo Loans  (Bank statements to prove income, Debt Service Coverage Loans on non owner occupied homes, and Asset Depletion)

 

Contact us today about your Jumbo Loan.