3 Million Purchase Jumbo Loan
Would you like to find a loan to purchase a higher priced luxury home? Jumbo loans customarily do not allow for purchases above the $7 to $8 hundred thousand range. But through this 3 Million Purchase Jumbo Loan program you can exceed that amount!
This program, offered through Patti Pomeroy, Cherry Creek Mortgage Company (CCMC) solves that problem. Based on different loan to value (LTV) ratios, the loan amount could work for your luxury home purchases up to $3 Million!
You could borrow up to 85% for an owner occupied purchase, you can borrow up to $3 Million. So, this 85% borrowed would allow you to purchase a home priced up to $3,500,000.
Loans for a second home loan up to $2.5 Million. For these, the LTV ratio is set at 80% maximum. Therefore, you could then borrow anything less than $3,125,000.
Non-owner occupied purchases up to $1 Million may be financed with a LTV limit of 75% – a loan amount up to $750,000.
Additionally, you may refinance your existing loan using this program.
Miscellaneous asset and income guidelines
The owner occupied and second home loans require a minimum credit score of 680; the non-owner occupied a minimum score of 700.
Also, asset depletion may be an option for qualifying a borrower.
When the LTV is 80% or less with buyer contributing 5%, owner occupied loans are available using gift funds.
Owner occupants, purchasing single unit, with an employment contract starting within 60 days, may use that employment contact for qualifying – great for your relocation needs.
Another important point – borrowers who are 48 months past their prior short sale or bankruptcy, or 84 months past their foreclosure may apply.
The loan rates for these loans are very competitive.
Finally, if this sounds like a program that could work for you, please contact me or go to Patti’s website at www.LoansByPatti.com to see how you can contact her to apply or ask questions.