When your dream home requires a little “EXTRA”
Illinois, Wisconsin, Florida and Minnesota jumbo loans or super jumbo loans offer homeowners the ability to take a mortgage loan that exceed the conforming loan limits set by Fannie Mae or Freddie Mac. With Interest rates low some homeowners would like to consider a jumbo loan to get more house for their money.
We also offer non conforming jumbo/super jumbo loan amounts for high-net worth borrowers where typical financing is often unattainable.
What is a Jumbo Loan?
A mortgage loan that exceeds the conforming mortgage loan amount of $417,000. Remember, this is the mortgage loan amount… not the value of the house. If you will be borrowing less than $417,000 please visit our mortgage programs page for information on our other great mortgage programs.
When your dream home requires a little “extra” – we have the programs for you. Our jumbo programs meet the needs of our jumbo borrowers looking for larger loan amounts.
- Available for a large selection of property types
- Common sense underwriting specializing in complicated borrowers profiles.
- Unique properties considered: Co-ops, luxury loft units, high rise condos, non-agency approved condos (non-warrantable).
- Fixed and ARM programs available
- Jumbo VA loan programs available
- Second home and investment properties also eligible
- High land to home value
- No limits on acreage
- Interest only ARMs available
Additional features we offer for loan amounts greater than $350,000:
- Loan amounts up to $5,000,000 (may go higher on a case by case basis)
- Depletion of Assets – underwriting tool designed to provide more qualifying income by calculating a return on the borrower’s liquid assets
- Pledged Asset Program – permits the affluent client to borrow up to $5,000,000 with only 10% down (and no MI) by pledging assets to offset required down-payment.
- Vesting in Entities including all types of trusts, LLC’s, partnerships & corporations.
- Foreign Nationals – no FICO required; second homes okay; foreign income and assets acceptable; and Non-Permanent Resident Aliens also acceptable.
- Unlimited Acreage & Expanded Property Types including hobby farms orchards, and vineyards with reasonable income production; plus out-buildings, coops, and condo-tels.
- Non-Warrantable Condos – many Fannie restrictions are avoided such as 51% owner concentration, HOA in builder control, HOA deficiencies, percentage of ownership in project, etc. Co-Ops too!
- Dual-Primary Residences – not treated as second homes.
- Second Homes with reasonable rental income – not viewed as investment property.
- Payoff of Non Purchase Money 2nd’s – not considered cash out when seasoned.
- Unlimited Number of Financed Properties – no limitation if subject is primary and available on second homes and investments on a case-by-case basis.