Sentences with phrase «jumbo borrowers»
The phrase "jumbo borrowers" refers to people who are borrowing a large amount of money, typically for buying a house or property, which exceeds the maximum limit set by government-sponsored mortgage organizations. Full definition
This particular loan program has additional special features, making it a unique opportunity for jumbo borrowers.
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However, many jumbo borrowers will leverage the lower rate offered on an ARM to pay their loan balance down at a faster pace.
At Veterans United, we currently require jumbo borrowers to have the greater of two months of reserves or the number determined by the automated underwriting system used to evaluate your loan file.
Nick Timiraos reports: There's two big groups of people who may see little relief from the provision from President Obama's housing plan that would allow more borrowers to refinance: jumbo borrowers with loans that are too big for government financing and homeowners whose first mortgage exceeds 105 % of the value of their home.
In the world of mortgage lenders, SoFi is looking to stand out by opening its lending doors to jumbo borrowers who earn high incomes but have little saved up for down payments.
Jumbo borrowers may also need to put some money down.
In addition to traditional fixed rate mortgages, IMCU's popular portfolio ARM programs have some unique features attractive to Jumbo borrowers.
The near - absence of lenders means a jumbo borrower, even one with stellar credit, pays a significant premium above what conforming - loan borrowers pay, even those with far poorer credit record.
Although a $ 1.5 - million loan limit might seem like the exclusive domain of the rich, in high - cost areas such as parts of California, New York, and Florida, jumbo borrowers are squarely in the middle - income range, says David Adamo, whose company, Luxury Mortgage, specializes in jumbo loans.
Jumbo borrowers may also need to put some money down.
We have a jumbo borrower right -LSB-...]