95% Jumbo Loan No Mortgage Insurance
We offer a 95% Jumbo loan no mortgage insurance products for borrowers with a 740 or higher fico score. One needs a two year continuous employment. Previous history of bankruptcy, short sale, or foreclosure within the last seven years are prohibited. Your 5% down payment must come from your own funds. We do not allow gift funds on this JUMBO product. However, other Jumbo loan products allow this if you put more money down on your down payment.
Secondly, we require bank statements for the last two months. You need to explain any nonpayroll deposits. The debt to income ratio is 35%. However, bear in mind your down payment percentage is only 5% down. Thus, the amount you qualify for is typically a much more expensive home. In addition, if you are self-employed, you need enough income to qualify for the loan. Writing everything off on your tax return is an issue. Your last two years tax returns must be processed and file on time. Lastly, you need 30 days worth of current paystubs.
Afford To Put More Money Down
Can you afford to put more money down on your new home? If yes, then the 10% down Jumbo loan no mortgage insurance loan program is perfect for you. Rates are favorable and the program allows for a higher to debt to income ratio. This helps you get into that more expensive home. The fico score requirement is less than the 95% Jumbo loan no mortgage insurance program. Next time you call our office, ask about out our high balance loan products in Arizona. For more information on our new 95% Jumbo loan no mortgage insurance, please call 602-358-8717 ans talk to a licensed loan officer.
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