In this article, we will discuss and cover jumbo loan programs for large and vacation homes. Jumbo loans are referred to as non-conforming loans. Conventional loans are called conforming loans because they need to conform to Fannie Mae and/or Freddie Mac Mortgage Guidelines. The maximum Loan Limit on conforming loans is $726,200. Any loans that surpass the $726,200 cap are called non-conforming loans or jumbo loans.
There are two different types of jumbo loans. Traditional and non-QM jumbo loans. Non-QM jumbo loans are non-traditional jumbo loans such as no-doc jumbo loans, bank statement jumbo mortgages, DSCR jumbo loans, stated-income jumbo loans, and a variety of no-income verification jumbo loans.
High-end homes are considered homes that are over $726,200. Government and conforming loans in high-cost counties in the United States are called high-balance jumbo loans. High-balance jumbo loans in high-cost areas is $1,089,300 for FHA and conforming loans. VA loans do not have a maximum VA loan limit cap. VA loans does not have a minimum credit score requirement or maximum debt-to-income ratio cap as long as borrowers have sufficient residual income. In the following sections, we will cover what jumbo loans are and the types of jumbo loan programs available.
Demand For Jumbo Loans For High-End and Vacation Homes
Most high-end homes are in exclusive areas and the majority are custom built with many amenities. Homebuyers who are on the market for high-end homes and need financing for a home mortgage larger than $726,200 need to get a jumbo loan. Oceanfront and lakefront vacation homes can run well over a million dollars.
FHA Bad Credit Lenders offers traditional full-documentation and non-QM jumbo loans. Non-QM jumbo loans are non-traditional alternative financing mortgage loan options for self-employed borrowers with no-income verification options.
There are many jumbo loan programs. Self-employed borrowers can qualify for a bank statement jumbo loan with no income tax required. Traditional jumbo loans are full-documentation mortgage loans that require income verification, high credit scores, low debt-to-income ratio, and excellent credit history for the past seven years. There is also non-traditional jumbo loans with no income verification and little documentation jumbo loans.
The Importance Of Hiring A Knowledgeable Realtor
Choosing an experienced veteran real estate is important for homebuyers. It is the real estate agent that will advise and negotiate with the listing agent and get you the best possible price. The realtor needs to know the area they represent. This holds true in high-end homes. FHA Bad Credit Lenders has a closely working relationship with a network of realtor partners. Our preferred realtor partner network has experienced veteran realtors from every major city in the nation. Only the best rated five-star real estate agents are asked to become members of our preferred realtor partner network.
FHA Bad Credit Lenders are mortgage brokers licensed in 48 states including Washington, DC and Puerto Rico. Over 80% of our borrowers are folks who could not qualify at other mortgage companies due to overlays or because the lender did not have the mortgage loan option best suited for them. With a network of over 210 wholesale mortgage lenders, you can be rest assured you will find the traditional or non-QM mortgage loan program you are looking for at FHA Bad credit Lenders.
FHA Bad Credit Lenders has a national preferred realtor partner network in 48 states including Washington, DC and Puerto Rico. Our preferred realtor partner network members are to our loan officers, title companies, insurance professionals, property inspectors, attorneys, contractors, and other real estate professionals. The director of FHA Bad Credit Lenders preferred realtor partner network keeps track of every high-end home that comes out on the MLS (Multiple Listing Service) hot sheets every morning. Most of our partners from the preferred realtor partner network is also involved in their community where many potential high-end buyers and sellers consult our realtor partner for expertise.
The Real Estate Agent Need To Be Knowledgeable And Know The Area
Many high-end home buyers are self-employed. Bank statement mortgage loans and specialty jumbo mortgages are now back for the first time after the 2008 subprime market crash. Jumbo loan programs for self-employed borrowers are now back.
The team at FHA Bad Credit Lenders has a close working relationship with members of our Preferred Realtor Partner Network, a group of carefully vetted licensed real estate agents nationwide. If you get pre-approved and need an experienced five-star real estate agent, FHA Bad Credit Lenders will go to work with you and match you with a licensed realtor in the city and state you are planning on buying a home.
The team at FHA Bad Credit Lenders are co-partners with preferred realtor partners in marketing high-end home buyers. Many buyers and sellers contact us and want to learn more about our jumbo loan programs for self-employed borrowers. Self-employed borrowers who decide to purchase high-end homes need to consider Jumbo Loans.
Jumbo Loan Programs With No Income Tax Required
There are several jumbo loan programs for self-employed Borrowers. Jumbo loans are mortgage loans over $726,200. Traditional and non-QM 10% down payment Jumbo Loan Program available at FHA Bad Credit Lenders. Non-QM jumbo mortgages with credit scores down to 550 FICO. Jumbo loans are considered riskier loans than conforming loans. Choosing the right jumbo loan programs is crucial.
The team at FHA Bad Credit Lenders are experts in non-traditional non-prime Jumbo loans. We have dozens of wholesale jumbo loan investors. FHA Bad Credit Lenders offers no-doc jumbo mortgages, DSCR jumbo loans, asset-depletion, bank statement jumbo loans for self-employed borrowers, Profit and Loss Statement Only Jumbo Mortgages, and other alternative jumbo lending options.
There are mortgage lenders who specialize in jumbo loans. However, every lender has different guidelines and jumbo loan programs. FHA Bad Credit Lenders has over 210 wholesale lending relationships with traditional and non-QM wholesale mortgage lenders. We offer dozens of jumbo loan programs. FHA Bad Credit Lenders has 90% LTV jumbo mortgages for borrowers with credit scores down to 660 FICO and debt to income ratio up to 50%.
Types Of Jumbo Loan Programs
Most Lenders that specialize in Jumbo Loans only offer a 75% loan-to-value jumbo loans. However, there is a new mortgage program for Jumbo loans that a borrower can qualify for a 90% loan-to-value with no mortgage insurance premium required. This unique jumbo loan program is ideal for those high-end home buyers who currently have a home.
At FHA Bad Credit Lenders, you will find every available jumbo mortgage loan options available in today’s marketplace. With over 210 wholesale mortgage lending partners, there is not a jumbo loan option that we cannot offer our high-end homebuyers.
The jumbo loan program is for homebuyers who will not list their current home until they have closed on their high-end new home purchase. Having a home that did not sell and buying a high-end home can strain any high-end homebuyer with liquid cash to put the down payment of 25% for a high-end home purchase.
Jumbo Loan Programs on Bank Statement Mortgages
Bank Statement Mortgage Loans where tax return deductions do not matter. Income is calculated by averaging 12 months of bank statements and not withdrawals. No income tax returns are required. The bank statement mortgage loan program is based on averaging the past 12 months of bank statement deposits and the average will be the qualified income. Withdrawals do not matter nor does it count.
FHA Bad Credit Lenders has a national reputation for being a one-stop mortgage shop. We just do not specialize in bad credit and non-prime mortgage loans. The team at FHA Bad Credit Lenders is diverse and have the best of the best traditional, non-QM, non-prime, and alternative lending mortgage loan options available.
90% Loan-To-Value Jumbo Loan Programs. FHA Bad Credit Lenders has a traditional 90% LTV mortgage program. The minimum credit score requirement is 660 FICO. Debt to income ratio up to 50%. The 90% loan-to-value jumbo mortgage loans are full-doc, income verification traditional jumbo loan program at competitive rates.
Qualifying For A Traditional Or Non-QM Jumbo Loan Programs
Folks who are either thinking of buying a high-end home, contact us at FHA Bad Credit Lenders at gcho@gustancho.com or call us at 800-900-8569. Or text us for a faster response. Borrowers can rest assured they will get the most knowledgeable and experienced loan officer and mortgage support staff with the first-class service.
Over 80% of the borrowers at FHA Bad Credit Lenders are folks who could not qualify at other lenders due to a last-minute mortgage loan denial or because they were getting the runaround. We are experts in helping borrowers qualify for the best mortgage loan option best suited for them at the very best rates available.
Your assigned loan officer at FHA Bad Credit Lenders will make sure to have the best interests and recommend you the loan program that best suits you. Our loan officers at FHA Bad Credit Lenders will double and triple-check that every professional in the home selling and/or buying process are on top and make not only make sure the closing happens but it happens on time. The team at FHA Bad Credit Lenders is available 7 days a week, evenings, weekends, and holidays.
