One of the bigger jumbo loan companies was passing out fliers in the office touting that they are actively lending money for jumbo loans and I thought I would share some of the requirements to getting a jumbo loan in today’s world (for this one lender):
Jumbo Loans In Arizona Highlights
- No HVCC requirements when dealing with the appraisal process
- Maximum CLTV is 75%
- Loan amounts up to $1.5 million
- If property was listed for sale, must be off the MLS for one day
- Full documentation required
- Credit score minimums are generally 700 for all jumbo loans
- Short payoff refinances are available on a case by case basis
Interest rates for jumbo loans under 900k are currently in the 6% range for a 30 year fixed rate jumbo loan.
True, this is only one jumbo loan lender, but if you are in the market for a jumbo loan — now you can have a general idea of what to expect.
Oh, and one more thing — although we can close loans in 10 days when we do them in house, we don’t do jumbo loans in house so expect it to take longer than 10 days to get your loan closed when getting with a jumbo loan.
More From Arizona Mortgage Team
- HomePath Renovation Mortgage Process
- Arizona Jumbo Mortgage Loans: Ballpark Estimates
- Arizona Jumbo Loans: 3 Common Questions
Arizona Mortgage Team Recommends
- FHA 203K Loans – The Process (203K Mortgage Loans)
- Today’s Mortgage Interest Rates And The Health Of The Economy (Economy Pulse)
Justin, What’s the thinking behind, “must be off the MLS for one day”?
@John,
In mortgage-guy-speak for many products they have a “off the MLS for (insert number of days).
A common number is 6 months – so if it is “off the MLS for 1 day” that is meant as a hook for “hey, we won’t make you wait the 6 months”.
Logic behind it is if someone is trying to sell their home, a lender doesn’t want to refinance it because there is an increased chance they will sell soon — thus ending up as an early payoff for the lender and not as profitable of a loan.
Justin