Large Interest-Only Loans Get Closer to Your Property Objectives
Do you hope to eventually become a proud owner of a high-end home or building? If this describes you, a jumbo mortgage may be in your near future.
A jumbo mortgage is an option when the purchase price of a home is too high to be covered by a normal loan. The conforming loan maximum for much of the country in 2024 will be $766,550. There will be a higher conforming loan ceiling of $1,149,825 in locations with high housing costs.
Payments on jumbo mortgages are, predictably, substantial. Some qualified borrowers choose Jumbo Interest-Only Mortgages to reduce monthly payments and other costs. SteveKnowsLoans is able to provide you with this alternative mortgage option. Read on for an overview of our Jumbo Interest-Only loan program if a home with a high purchase price is on your radar.
Jumbo Interest-Only Loan Requirements at SteveKnowsLoans
30-year interest-only fixed mortgages are eligible for our jumbo interest-only loan program. Only interest is due throughout the first decade of a 30-year mortgage. After the initial interest-only period ends, the borrower will be responsible for making the fully amortized monthly payment for the remaining 20 years of the loan. Some supplementary information and prerequisites follow:
From $1 above conforming loan limits up to $3 million in total, our Jumbo Interest-Only lending product has you covered.
- This program is available for both home purchases and rate/term financing deals.
- Buying a home as either a primary or secondary residence is permitted.
- Ineligible include cash-out refinances, properties with three to four units, and investment properties.
- A minimum credit score of 700 is required for borrowers.
- There is a cap of 80% on the loan-to-value (LTV) ratio.
- Borrower qualifications must be checked using Fannie Mae’s Desktop Underwriter (DU). A status of either “approve” or “ineligible” is fine.
- The debt-to-income (DTI) ratio for the borrower cannot go above 43%.
- Borrowers need 12 months’ worth of savings on hand.
- Earnings from RSUs are respectable compensation.
- There is no additional fee for canceling an escrow.
- There can be no exemptions from appraisals.
- There can be no recasting of a mortgage.
Message Us Right Away!
You should buy that mansion, but a jumbo mortgage may be necessary. If you’re close to being ready to make mortgage payments but still want to be sure our Jumbo Interest-Only program is perfect for you, give us a call.
Get in touch with one of our lending advisors today.
Call Steven Jackson at 813-616-9411 now!
