Sentences with phrase «many jumbo borrowers»

«During the past several years, most jumbo borrowers needed at least a 700 credit score to get a loan.

«During the past several years, most jumbo borrowers needed at least a 700 credit score to get a loan.

As more online lenders shy away from government loans and those tailored to jumbo borrowers, Guaranteed Rate has filled the gap without hesitation, Marty says.

Jumbo borrowers may also need to put some money down.

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.

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.

However, many jumbo borrowers will leverage the lower rate offered on an ARM to pay their loan balance down at a faster pace.

«During the past several years, most jumbo borrowers needed at least a 700 credit score to get a loan.

Jumbo borrowers may also need to put some money down.

Not exact matches

In fact, borrowers with jumbo mortgages have recently been able to acquire loans with interest rates that are slightly lower than those that come with regular mortgage loans.

Proprietary reverse mortgages, also known as jumbo reverse mortgages, are for borrowers who want a large loan and own a more expensive property.

Any jumbo loans that a lender can't sell stay on the lender's books and expose the lender to the risk that the jumbo loan borrower would default on an expensive home that would be hard to re-sell after foreclosure.

Jumbo loans generally require borrowers to put 20 % down.

Borrowers with sufficient income can exceed the limits shown above, by using what is known as a jumbo loan.

Lenders typically charge higher interest rates and require larger down payments for borrowers seeking a jumbo loan product.

That explains why so many borrowers in this area have to rely on jumbo mortgages to finance their home purchases.

These days, a lot of lenders want to see a credit score of 650 or higher for borrowers seeking a jumbo mortgage product.

Mortgage lenders commonly impose higher standards for borrowers who are seeking a jumbo loan, simply because there's more money involved.

As you might imagine, Bay Area borrowers seeking a jumbo product must have a higher level of income in order to qualify for the larger loan size.

This means borrowers have more financing range without having to cross over into «jumbo» mortgage territory.

Jumbo renovation loans can be used for projects required by an appraiser or repairs the borrower wants to make.

Cincinnati - based Fifth Third Bancorp, for example, sometimes offers lower interest rates to borrowers with FICO scores over 800 than to borrowers with FICO scores from 760 to 800 for jumbo mortgages — home loans that exceed $ 417,000 in most of the country, or $ 625,500 in pricier markets such as New York and San Francisco, according to Informa.

First, let's talk about what a jumbo loan is, and why lenders have higher standards for the borrowers who use them.

Jumbo loan rates are considerably higher than conformaing or FHA rates, and when FHA limits exceed the conforming limit, borrowers can take advantage of the lower FHA rate.

Interest - only jumbo loans allow the jumbo loan borrower to manage monthly cash - flow with lower monthly payments than fully - amortizing jumbo loans.

In addition to the popular mortgage products offered by the big banks, AimLoan provides jumbo loans in 30 - year, 15 - year and adjustable rate variants, as well as mortgages specifically structured for borrowers in high - cost markets.

In addition, many jumbo loan borrowers receive their compensation in commissions or bonuses.

Since most borrowers of jumbo loans are high wage - earners and consequently are in higher - tax brackets they can use an interest - only jumbo loan to maximize their mortgage - interest deduction on their home.

Interest - only jumbo loans allow the jumbo loan borrower to control the principal reduction on their home.

And a borrower taking a «jumbo - conforming» 30 year mortgage pays.25 % to.75 % more in fees to get the loan.

Interest - only jumbo loans allow the jumbo loan borrower to use their capital for other investment and / or ventures

The jumbo loan borrower has excellent credit scores and has demonstrated an ability to management debt in a very high manner.

Two Mortgages Versus One Larger Mortgage For borrowers trying to decide whether they should take a second mortgage, either to avoid mortgage insurance or to avoid the higher interest rate on a jumbo as opposed to a conforming loan amount.

VA borrowers who would like to purchase thru VA Jumbo loans in Texas may be able to do so for up to $ 2,000,000 @ 100 % financing available only up to the VA county loan limit.

This Challenge / Guarantee is not applicable to Jumbo Loans, which are loans for $ 424,100 and greater, and does not apply if borrower is declined by R P Funding for not meeting credit or income program guidelines.

If limits are lowered, this could mean that more borrowers will need to turn to jumbo loan financing.

Lenders typically charge higher interest rates and require larger down payments for borrowers seeking a jumbo loan product.

The jumbo loan borrower has...

Could a borrower who doesn't qualify under HARP because the original loan was a jumbo (not Fannie or Freddie, he's sure) refinance under FHA?

As a result, borrowers who use conforming loans (which meet the size restrictions used by Freddie Mac and Fannie Mae) often qualify for lower mortgage rates than those who use jumbo loans (which are too big to be sold to Fannie or Freddie).

In today's real estate market, lenders are hungry for borrowers who are looking to take on jumbo mortgages.

That explains why so many borrowers in this area have to rely on jumbo mortgages to finance their home purchases.

Among the benefits of a VA loan is that the program allows for «jumbo» loan sizes in some U.S. cities without charging its borrowers extra.

Borrowers who need to borrow more than the FHA loan limits for their housing market will need to apply for a jumbo loan.

In order to qualify for a jumbo loan, whether for a purchase or refinancing, borrowers typically need to make a down payment of 20 percent or more or have home equity of at least 20 percent.

In addition, jumbo loan lenders typically want borrowers to have a credit score of at least 700 or higher and sufficient cash reserves to minimize the risk of the loan.

As a product designed for high credit / high income borrowers, a jumbo loan is a tool for larger purchases and refinances.

Borrowers can refinance their first mortgage with a fixed rate conventional, jumbo, VA, or FHA refinance loan.

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Some, called jumbo loans, are for borrowers whose loan amounts are higher than the conforming loan limits in their areas.