Getting a Jumbo loan is much more difficult now than it was 18 months ago. When the Conforming loan limits were temporarily increased in Orange County, CA to $729,750, there was some relief. But what if your loan was higher? What if you owned a property in Irvine, CA valued at $1,500,000 and needed a loan amount of $1,200,000? Loan guidelines have gotten so tight that most of these larger loan programs went away.
There are Still Programs Available for "Super Jumbo" Borrowers
There are still a few portfolio programs available, it just takes a little research, knowledge, and flexibility. For example, we have a program that will go to 80% loan to value on a $1,500,000 loan amount. That means someone can buy a home for $1,875,000 with only 20% down. If the seller will carry back a 10% second, the buyer can get away with only 10% down. This is a Full Income Doc program, so of course the borrower actually has to qualify for the loan. We do still have a 70% Loan to value Stated Program to $3,000,000 for self employed borrowers with good reserves.
Here are some of the other "niche's" still available.
- Will refinance recently listed non-owner properties - rate and term refi's
- Will lend on non owner properties to $700,000
- Will lend up to $5,000,000 on owner occupied properties
- Will allow subordination of seconds on refinances
- Will lend to LLC's, Limited Partnerships and Corporations : Non owner only.
- NO LIMIT TO AMOUNT OF PROPERTIES OWNED BY BORROWER
- Will Lend on leased land
- Stated to $3,000,000, 70% loan to value
Although guidelines are tighter than they used to be, and the multitude of loan programs has dwindled, there are still options available for the right borrower. If you need additional information on these programs please contact Tim Storm with Home Point Financial at 949-829-1846.