90% No MI Jumbo Loan
We now offer 10% down no monthly mortgage insurance on Jumbo loans with fico scores as low as 700. Our maximum loan amount is $3,000,000 on the 90% no mi Jumbo loan program. The 90% no mi Jumbo loan is available on primary residence, second homes, and investment homes. We offer both fixed and arm products.
Maximum dti is 40% for the arm product and 43% for a fixed rate.
Borrowers need 6 months reserves for each financed property on a fixed rate product and 3 months reserve requirements on the arm product.
Very few lenders are even offering this loan product. Therefore, we don’t offer a lot of loan term choices. However, the 30 year fixed at this particular moment is one of the loan options. This loan program does require a full appraisal.
My fico score is 699. Can I still qualify? Unfortunately, no. The 10% down no mi Jumbo loan program has very strict fico score requirements. Your middle fico score needs to be a 700 or higher. If you are currently lower than that you need to work on cleaning up your credit report prior to even applying for a new home mortgage. If you carry credit card debt that exceed 50% of your available limit then consider paying down but if it all possible pay off the entire credit card balance. If you can afford to pay off your entire credit card balance each and every single month that is better. That is how one can keep an 800 fico score rating along with paying your bills on time.
Since guidelines change constantly on the 90% no mi Jumbo loan, please call our office for the latest guidelines at 602-358-8717.
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