Super Jumbo Loans Non-QM Style

The Super Jumbo mortgage program is designed for borrowers who are looking for loan amounts greater than $3.5 million up to $5 million. To qualify for this program, borrowers must have a minimum FICO score of 720. The maximum loan-to-value (LTV) ratio allowed is 70%, and the maximum debt-to-income (DTI) ratio is 38%.

In terms of housing history, borrowers should have a clean record with no 30-day late payments in the past 24 months. The program offers two options for the mortgage term: a 30-year fixed-rate mortgage or a 40-year fixed interest-only mortgage.

The Super Jumbo mortgage program is available for various purposes, including purchase, rate and term refinance, and cash-out refinance. The maximum cash-out amount allowed is $1.5 million.

When it comes to income documentation, borrowers have several options. They can provide full documentation for 1 or 2 years, 24 months of personal bank statements, or 24 months of business bank statements. Additionally, borrowers can utilize their net qualified assets divided by 84 as part of their income calculation, as long as their DTI ratio prior to using this method is less than or equal to 50%.

There are certain types of borrowers who are ineligible for this program, including non-occupant co-borrowers, first-time homebuyers, and borrowers with an Individual Taxpayer Identification Number (ITIN).

The Super Jumbo mortgage program is available for single-family dwellings, planned unit developments (PUDs), and condos (both warrantable and non-warrantable). Gift funds are allowed after the borrower has contributed at least 20% towards the down payment, closing costs, prepaids, and reserves from their own funds.

To learn more about our Jumbo loans, contact us.