The Jumbo Loan market has the most restrictive Credit, Down Payment Requirements, and Underwriting Guidelines of any loan program. Since 2007, there has been virtually no alternatives for Jumbo Loan borrowers without perfect credit and traditional income documentation. Non-prime lending provides an alternative to Jumbo Borrowers, who may not have perfect credit, but can document an ability to repay their mortgage loans, including the use of bank statements. While Non-Qualified and Non-Agency loan programs are constantly evolving please reference the below guidelines to assist you in determining if a Non-QM Jumbo Loan program is right for you:
Standard Non-Conforming Jumbo Loans
| Minimum Credit Score: 600 |
| Up to 90% Loan-To-Value (purchase & rate term) w/no Mortgage Insurance |
| Up to 85% Loan-To-Value (cash-out) w/ no Mortgage Insurance |
| Two year waiting periods on a Foreclosure, Short Sale, Bankruptcy, or Deed-In-Lieu |
| Recently discharged Bankruptcy Chapter 13 to 90% Loan-To-Value (if paid as agreed 24 Months) |
| Loans Up To $3,000,000 |
| Cash out for reserves acceptable |
| One 30-day late mortgage payment with the last 12 months |
| Option to qualify with assets instead of income |
| Asset Depletion program available |
High Quality Non-Conforming Jumbo Loans
| Minimum Credit Score: 660 |
| Four year waiting periods on a Foreclosure, Short Sale, Bankruptcy, or Deed-In-Lieu |
| Up To 90% Loan-To-Value |
| Income Documentation: Full Doc, Business or Personal Bank Statements |
| Loans Up To $3,000,000 |
| Owner Occupied and Second Homes |
| No Pre-Payment Penalty |
| Interest Only Available |
| Cash-Out Available: $500,000 Maximum |