I am Dan, THE Jumbo Loan Man based in Las Vegas, loaning in ALL of Nevada and California, offering virtually every type of Jumbo mortgage loan product on the market.
Loans over $484,350 in Nevada and over $726,525 in Orange County are considered to be Jumbo/High Balance.
• 5% down – 680 score. No Mortgage Insurance (PMI) required.
• 10% down – 660 score. No PMI required.
• 20% down – 580 score. No PMI required.
• In addition to the down payment, 3 to 9 months of the payment amount, must be in your bank at close of escrow for “reserves”. Amount of reserves needed is based on the loan amount. The down payments shown above are for the purchase of primary residences. Loans for second (vacation) homes and Investment (rental) properties are available with a larger down payment.
Super-Jumbo Loans to $25Million
• 90% LTV (10% down) considered with pledged assets (No PMI required)
• Interest only options available
• Privacy mortgage for the utmost confidentiality and descretion.
• Vesting (taking title) in trust, sub S corporations, LLCs and partnerships is allowed
100% LTV (zero down) considered with cross-collateralization of another property owned by borrower.
1. Purchase transactions only
2. Effective LTV is 5% lower than posted guideline
3. 12-months reserves
4. No PMI required.
• Eligible Properties are: Primary Residences, Second Homes, and Investment Properties
• The Investor should be in first lien position on both properties (deviations from the guideline are allowed, if there is an abundance of equity). These deviations must be reasonable and well-documented.
• An appraisal report will be required for both properties.
• A preliminary title report is required with both owners and lender’s coverage on both properties.
• Proof of hazard (homeowners) insurance for both properties.
• Proof of flood insurance for both properties (if in flood zone)
• Property taxes due within 60 days must be paid current on both properties.
FLEXIBLE INCOME CONSIDERATIONS With Documentation and Underwriting Approval • Capital gains income allowed • Business assets used for down payment/reserves • Cash loan proceeds used for reserve requirements • Only 1-year of tax returns required for some programs • Maximized net rental income with reduced adjustment calculation (5 or more properties)
- Foreign buyer and ITIN loans are available.
- High Rise * Non Warrantable Condos * Condotels
- Bank Statement Loans are available with 10% down, up to a $3M loan amount (3.3M purchase price or higher with more down payment), and are for those borrowers whose have a good cash flow through their bank accounts but don’t show much income on their tax returns. Either personal or business statements can be used.
- Recent credit events such as Bankruptcy, Foreclosure, or Short Sale are allowed.
Confidential, secure and discrete application process.
702-326-7469 – Talk/Text Email: DSherbondy@AllWestern.com