Giant home loans are back

Lenders are back to offering jumbo home loans, which involve loan amounts above the compliant limit of $ 548,250.

This is great news for many homeowners and home buyers. The down payment for a jumbo is less than what you would traditionally need. Loan-to-value ratios can reach 89.99% with no mortgage insurance required.

Blue-chip jumbo loans were gone when the COVID lockdown began, but they are now back and worth considering.

These are available for primary, secondary and investment residences, and they can be used for purchase, rate / term and withdrawal refinances. 30-year fixed rate terms can reach a loan amount of $ 2,000,000.

The minimum credit score is 680 and the maximum debt ratio is 45%. Only one appraisal is required for loans up to $ 1,500,000; two appraisals are required for larger loan amounts. These loans are easily available at attractive prices.

A main or secondary home of one unit can be purchased with a score of 680 and 10.01 percent less. Investment properties can be purchased with a down payment of 20% and a score of 680.

A unit rate / term refinance on a principal house can be done with a score of 680 and an equity of 10.01 percent. A second home requires 20% equity and a score of 680. Investment property can be refinanced with 25% equity and a credit score of 700.

Cash-out refinances are quite generous with loan-to-value ratios. Primary residences show 89.99% LTV and 740 credit points. Second homes have an LTV rate of 75% and a score of 700. Investment properties are 75% LTV and 720 credit points.

JoAnn Moore is a Certified Mortgage Originator, NMLS # 165477, for The Mortgage Market of Delaware LLC, Georgetown. For more information call 302-855-1306 or 302-236-1229 or email [email protected]

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