95% Jumbo Loan No Mortgage Insurance
Offerng 95% Jumbo loan no mortgage insurance products. One does need to be continuously employed for the last two years. Previous history of bankruptcy, short sale, or foreclosure within the last seven years are prohibited. Furthermore, the program requires borrowers to maintain a minimum fico score of 740 or higher. Your 5% down payment must come from your own funds. That means gift funds are not longer allowed on this JUMBO product. However, they are allowed on other Jumbo products when you put more money down. We do require bank statements for the last two months. Any nonpayroll deposits need to be explained. The debt to income ratio is 35%. However, bear in mind though that you are only putting 5% down which means you will qualify for a much more expensive home. In addition, if you are self-employed, you must show enough income to qualify for the loan. Writing everything off on your tax return will be an issue. Your last two years tax returns must be processed and file on time. Lastly, you will need 30 days worth of current paystubs.
Can you afford to put more money down? If yes, then you might want to think about the 10% down no mortgage insurance loan program. Rates are much more favorable and the program allows for a higher to debt to income ratio. The fico score requirement is also less than the 95% Jumbo loan no mortgage insurance program.
For more information on our new 95% Jumbo loan no mortgage insurance, please call 602-358-8717.
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