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Chances of refinancing when the balance drops that much is high, but again why, are you trying to add more years to the mortgage to increase cash flow?
Last edited by thelopez2; 10-14-2014 at 10:41 PM..
First it is very important for every folks to know about jumbo loan. A loan is considered to be jumbo if it exceeds the confirming high balance limit. The next query is where to find this jumbo loan, so for that you have to take help from your family lawyer, he/she will provide you the best solution and can inform you about this loan from it's basic.
Chances of refinancing when the balance drops that much is high, but again why, are you trying to add more years to the mortgage to increase cash flow?
Hi Lopez2!
Thank you for your response. I have probably mentioned to you in the past that when I had applied for a mortgage (2007) for the very 1st time, I had zero knowledge of mortgages and such.
I will most likely be buying my 2nd home next year and will most likely be applying for a Jumbo Loan... so my questions were more to do with curiosity and knowledge... so I know what I will be getting into and what my options would be.
Thanks,
DrD
First it is very important for every folks to know about jumbo loan. A loan is considered to be jumbo if it exceeds the confirming high balance limit. The next query is where to find this jumbo loan, so for that you have to take help from your family lawyer, he/she will provide you the best solution and can inform you about this loan from it's basic.
Thank you Heidi! I have reached out to a couple of mortgage lenders who offer Jumbo Loans.
Thanks
DrD
Hopeful, good news. If you are a doctor, ( I got the hint from your username), you may be eligible for nothing down on a jumbo with no mortgage insurance. SunTrust and Bank of America might still offer the 100% doctor loan.
Otherwise 10% down is doable for people with credit scores over 720
Check with these places: US Bank,- Loan amounts up to $750,000 at 90% LTV iJumboLoan, - Loan amounts up to $1,400,000 at 90% LTV - 1st and 2nd combo Trulia - 90% LTV
Hopeful, good news. If you are a doctor, ( I got the hint from your username), you may be eligible for nothing down on a jumbo with no mortgage insurance. SunTrust and Bank of America might still offer the 100% doctor loan.
Otherwise 10% down is doable for people with credit scores over 720
Check with these places: US Bank,- Loan amounts up to $750,000 at 90% LTV iJumboLoan, - Loan amounts up to $1,400,000 at 90% LTV - 1st and 2nd combo Trulia - 90% LTV
Wow that is indeed very useful info Frankrj! Thank you! I really appreciate it. Gives me more sites to research my options!
P.S. Not a medical doctor... but, a phd in engineering
Great career field in engineering but not many special down payment options that medical doctors, lawyers, policemen, and firefighters have available.
Yes, I know. Even those slithery snake lawyers get a break and they are not actively saving lives on the front line. DISCLAIMER: jokin' about the slithery part as I don't want someone crying about defamation of character and emotional distress
It is true that Jumbo loans have different criteria for approval but if you have the ability to get approved the rates on Jumbo loans in most cases are actually better than conforming loans.
Criteria;
Conforming VS Jumbo
1. Reserves-in most cases at least 6 months
2. Self employed-Many jumbo lenders are requiring business credit reports
3. Tougher appraisal requirements-especially if the property you are looking at is on their declining list
4. More down payment Better rate
5. Lower debt to income Better rate
We have Jumbo loans available to 90% but the requirements tend to be a lot tougher than the lower loan to values.
You could do a 80/10 on 500,000 by splitting the loan into 400000 conforming and 50000 second...This tends to be are most popular product...
Great career field in engineering but not many special down payment options that medical doctors, lawyers, policemen, and firefighters have available.
Yes, I know. Even those slithery snake lawyers get a break and they are not actively saving lives on the front line. DISCLAIMER: jokin' about the slithery part as I don't want someone crying about defamation of character and emotional distress
Funny frank!
No worries about the down payment part. I intend to save at least 20%. 0% would make me very nervous!
Thanks again!
DrD
It is true that Jumbo loans have different criteria for approval but if you have the ability to get approved the rates on Jumbo loans in most cases are actually better than conforming loans.
Criteria;
Conforming VS Jumbo
1. Reserves-in most cases at least 6 months
2. Self employed-Many jumbo lenders are requiring business credit reports
3. Tougher appraisal requirements-especially if the property you are looking at is on their declining list
4. More down payment Better rate
5. Lower debt to income Better rate
We have Jumbo loans available to 90% but the requirements tend to be a lot tougher than the lower loan to values.
You could do a 80/10 on 500,000 by splitting the loan into 400000 conforming and 50000 second...This tends to be are most popular product...
Hope this helps
Thanks very much rcloud! That is very useful info. I appreciate it. Good to know that rates on jumbos could be better than conforming loans.
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Funny frank!
