Only 5% Down on a Jumbo Loan
(In Illinois, Michigan and Indiana Jumbo Loans above $424,100 for a 1-unit property)
Key Benefits for the ARM Products
• Up to 95% loan to value to a $650,000 loan amount.
• Up to 90% loan to value to a $850,000 loan amount.
• Asset depletion income allowed. Example – $500,000 account value/ 60 = $8333.33 income per month Subject to underwriting approval and mortgage insurance approval.
• Up to max debt ratio of 47%! Subject to underwriting approval.
- Seller concessions allowed up to 3% for LTV’s 90% or above.
- Seller concessions allowed up to 6% for LTV’s below 90%.
- No pre-payment penalties.
- 3/1, 5/1, 7/1, 10/1 Arms available.
- Primary residence and second home occupancy allowed.
- Only one appraisal required for the transaction.
- Only 5% of the down payment must be borrowers own funds
- 20% gift for down payment and borrowers own funds contribution is zero.
- Co-signor/non occupant co borrower is allowed.
In order to use asset depletion income it must account for 51% of the total income on the file. In the case of a joint account used for the asset depletion both borrowers must be on the loan. Depending on the type of account a percentage of the account value 60 or 70% will be used as the total account value. In order to use asset depletion income with a loan to value above 80% final approval is subject to mortgage insurance approval. No investor loans allowed. Geographic limitations to Illinois, Indiana, Michigan. Borrowers must have 700 fico for arm loans. 720 minimum fico score jumbo fixed rate program. Co-signor/non-occupant borrower can’t be an interested party to the transaction. Second homes defined as resort area/Recreation, borrower may not enter into any rental agreements with the property and borrower must occupy the unit for some portion of the year. All gifts must be from an eligble source. Restrictions may apply to all loan programs. Guidelines are subject to change without notice. All loans are subject to final underwrting. Interest rates are subject to change without notice.