(If you read through this entire page, you will have a good grasp of how Jumbo loans work)
Loans over $647,200 in Nevada and over $822,375 in other areas, such as Orange County, Alameda, Contra Costa, Los Angeles, Marin, are considered to be non-conforming, aka “Jumbo”.
*Minimum credit scores vary with suite of Jumbo investors BUT typically you need at least a 660 bare minimum middle score.
* Part of the down payment can be a gift with some Jumbo programs but borrower must have 5% of their own money.
* 3-20 months (depending on loan amount) of the new payment amount must be in one of your accounts at close of escrow. “Reserves” can be held in a bank, stock, or retirement account.
Assets for Reserves:
* You get credit for 100% of cash and cash equivalents, such as bank accounts
* You get credit for 70% of face value of for non-retirement asset accounts
* You get credit for 60% of retirement assets if Applicant is under 59.5, 70% if over
Non-Occupant Co-Borrowers may be allowed on Jumbos but must be immediate family members. They are not allowed on HELOCs.
DTI (debt to income) Ratio – Standard max is 43%. DTI’s greater than 43% and up to 50% may be considered with compensating factors, such as extra reserves, your new payment is no more than 10% higher than current payment/rent, 3 years or more with current employer, high credit scores. Think of compensating factors like “extra credit” in school.
Borrower Eligibility: Only U.S. Citizens and Permanent Resident Aliens
Property Flipping – A property flip occurs when the seller acquired the property within 180 days. This is case by case so ask me about this.
**** Bank Statement Loans are available with 10% down for those who write-off a bunch of stuff on their tax returns but have good cash flow.
**** Renovation loans and Foreign buyer/ITIN loans are available.
Confidential, secure and discrete application process.
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
Dan’s Licensing: NV MLD 45649, CA-DBO313289, CO-100516554 NMLS 313289
All Western Mortgage, 8345 W Sunset Rd Ste 380. Las Vegas, NV 89113
702-326-7469- TALK OR TEXT | | 702.369.0905 – Switchboard (Ask for Dan)
Company NMLS# 14210, NV Division of Mortgage Lending Lic# 204, CA Dept of Corporations Lic# 603F053, CA Dept of Real Estate Lic# 01893025, CO Division of Real Estate.