Yes! We do Jumbos to $4 million down to a 620 Mid FICO (with exception), 660 with no exception, and 680 for our best rates. Available in AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
We can make you a jumbo loan in FL for $460K with a 693 middle credit score, but you cannot use the rental income unless it has been shown on the schedule "E" of your tax returns for at least one year.
Yes you most certainly can. Technically there are jumbo programs that are not credit score driven. This of course all still depends on your credit history as well as whether the loan is going to be a true jumbo or a high balance conventional.
Please note that a jumbo is typically any loan amount over $625K, depending on the area. Let me know if you have any further questions.
A reverse mortgage is a loan for senior homeowners that uses a portion of the home's equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.To know more search
Wanting to buy a house for 575k. will put down 20%. so I need a mtg for $460K in FL.
my credit score is 693. Reason being the only debt I have is mortgages.
I have a house that I rent for $900. mth and payment is 880.piti and another house which was my primary house I just started renting out for 2500. and my payments equal 2044 piti. Im paying mth to mth now renting a place right now. My income last year was 134K and this 2012 tax return will be 160Kish. My question is,..... will I be able to account for the rents that I just started collecting on what was my primary at 75%. on a jumbo product.
As promised, US Bank cannot do the loan for you at 90% (very small print). They can go to 80% for primary residence. Second home through them requires a 720 score. With the credit union on primary residence, I can go up to 95% (80/15/5). Minimum score is 680. Max debt to income is 40%.
The max loan amount on the second is $250,000.
So, 1st mortgage to 417,000; second to 250,000. Max loan amount: $667,000. If you are putting 10% down on the sale price? That's a $740,000 sales price. Not all banks will allow you to go to 95% or allow you to have a second mortgage to 95%, so make sure you ask. The second mortgage is fixed and therefore not pretty. There may be other companies that have better rates than mine. Just be careful. Few Loan Officers know to read the fine print until you are half way through the process. Most LO's who respond on this site are good enough to either know what they are talking about or admit they don't.
You have 2 choices: split the loan between a first mortgage company and a credit union or I may be able to get you through US Bank.
Typically, the credit union will want at least a 700 to 720 score becasue of the risk. I'll check the guideline later today with Georgia's Own credit union to see if they'll lend in Virginia and what the minimum score will need to be.
US Bank is nicer when it comes to refinancing vs purchases. They allow up to 90% on jumbo loans with no mortgage insurance. Of course, credit has a lot to do with that as well as whether or not this will be a primary or secondary residence.
Another thing to look into is to see which county in Virginia has a higher loan limit for conforming limits. Not all counties max out at $417k. Some go higher, some lower. Send me some county names and I'll check the limits or send me your email address and I'll send you the whole list.
Yes you can buy a property with 20% down and a 690 score. Obviously your income will need to be sufficient to ensure that your total debt load is below 45%. Other than that, this is very straightforward.
Let me know if I can help. We can close you in 14 days if required.
LPO Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959