Jumbo Loan Rates:
Jumbo loan rates are very attractive. If you’ve arrived at this page, you were googling google and searching for low jumbo loan rates in Arizona and Pennsylvannia. Yep! That’s our specialty. We offer numerous loan products on the jumbo loan depending upon your fico score, loan amount, and your debt to income ratio. Jumbo loan rates have been low for quite some time. Each of our jumbo loan products have different jumbo loan rates. In today’s market, your jumbo loan rate is based on your middle fico score, your debt to income ratio, and your loan amount. Obviously, the better the fico scores the better the jumbo loan rates become.
5% Down Jumbo Loan Program:
This program requires a high fico score of 740 or higher to qualify. It currently requires 12 months of reserve requirements and a 38% dti. However, guidelines change constantly, so call in for current program guidelines.
10% Down Jumbo Loan Program:
This program requires a 680 or higher fico score. The maximum debt to income ratio is 38% with six months reserve requirements.
20% Down Jumbo Loan For Fico Scores As Low As 660:
We offer a 20% down jumbo loan for borrowers with a fico score as low as 660. The maximum debt to income ratio is 43% with three months reserve requirements.
Credit Card Dispute Items:
Remember, you can’t have any credit cards in dispute when you apply for the loan. Please clean up those items. When you clean up those items, your middle fico score rises. As a result, you will be able to obtain a better jumbo loan rate which will make you all the more happier. What are the lock terms on a jumbo loan? Every single lender is different. We don’t make the rules, the lender does. Some lenders allow us to lock on a 15 day, 30 day, or 21 day. If you are wanting to lock our loan upfront, please tell us. This way we can find a lender that allows this.
Why Wouldn’t You Be Able To Lock Your Loan Upfront?
Alot of time, the lenders require us to wait until the loan has been submitted and passed through the set up department. Once the set up department has decided that all the necessary loan paperwork is in the file, then we can lock the loan. Why do they do that? Well it cost them money when we lock loans. They have to hire people to lock the loan. The lender doesn’t want to spend money on salaries unless they know the loan is going to close. Once the lender determines all of your paperwork is submitted and you are serious about closing the loan, then they allow us to lock the loan. We know you want to be able to obtain the best jumbo loan rates available. That’s why we will work with you when it comes to deciding whether or not to lock the loan or wait. Sometimes it’s better to lock upfront and other times it’s better to wait and play the market. Locking a loan is alot like gambling. Rates change everyday so you never know where the rate will end up until you actually lock it. If you watch the business channel daily and follow rates one can get a pretty good idea though where rates are headed.
When considering your next loan, consider Arizona Wholesale Mortgage Inc. Experience does matter! We’ve been in business since 1998. We are now serving the state of Arizona and Pennsylvannia. For more information go to our home page at http://azwm.com/arizona-jumbo-loan/ and click on contact us. A loan officer will be more than happy to call you back and go over loan programs.