Jumbo Home Mortgage Loans
Dan, the Jumbo Loan Man.
Over the last 23-years, I have helped over 1000 families buy or refinance property. Jumbo loans, aka Jumbo mortgages, or high-balance loans, are strange animals with guidelines that are much different than regular loans, so you don’t want some rookie OR “big bank” Loan Officer screwing it up. Be assured that when I sign my name to a pre-approval, I have thoroughly reviewed your file. I am a former Firefighter/Paramedic and still carry the honesty and straight-forward attitude the fire service is known for.
Jumbo loans aka non-conforming mortgages have become very popular among homebuyers and real estate investors, especially since housing prices have risen. These large mortgage loans used for luxury home financing are designed for those who require financing for high-value properties that fall outside of the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo loans are often referred to as super-jumbo loans when the loan amount is over 1 million dollars. Some call them non-conventional or oversized loans. Jumbo loan qualifications can be more stringent that a conforming loan, however jumbo loan down payment requirements can be as low as 5 to 10%.
For luxury home buyers and high-end real estate investors, jumbo mortgage loans are a great option. Additionally, jumbo loans often come with a variety of features, such as flexible terms, low down payments, and no PMI in many cases. If you’re looking for a loan or mortgage to finance a high-value property, consider jumbo loans. Jumbo loan rates are typically higher than non-jumbo mortgages.
Current Jumbo Products
- 5% down via a conforming/conventional loan combined with a second mortgage or HELOC, known as a "Piggy Back" loan. No PMI (private mortgage insurance) is required.
- 10% down stand-alone jumbos (No PMI)
- Loan Amounts Up to 4.5 million and above in some cases.
- Send me a contact form below describing your scenario.
*Minimum credit scores vary but typically you need at least a 660 minimum middle score.
* Part of the down payment can possibly be a gift from a relative but borrower must have some of their own money.
* 3-12 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
DTI (debt to income) Ratio – Standard max is 43%. DTI’s greater than 43% and up to 50% may be considered.
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.
Dan Sherbondy
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
DSherbondy@AllWestern.com
Dan’s Licensing: NV MLD 45649, CO-100516554 CA-DFPI313289 NMLS 313289
All Western Mortgage, 8345 W Sunset Rd #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.
