Million Dollar Jumbo Loans

2024 is a great time to meet with mortgage bankers who offer jumbo mortgage loans for purchase, refinance or loan modifications with non-conforming loans from $417,000 to $5,000,000. Homeowners can choose from negative amortization, fixed rate, interest only or payment option ARM’s with our non-conforming loans.

Jumbo home loans are provided with a variety of refinancing options. Choose from fixed simple interest 30-year terms to multiple amortization options that allow borrowers to defer interest with (see lender) mortgage rates for the intro period.

Jumbo mortgages with interest only options offer a fixed rate for the specified period before converting to an adjustable rate mortgage with traditional principal and interest payments for the remaining term. Jumbo mortgage refinance products remain in high demand, so if you are ready to start saving call Nationwide today. FHA now offers a super jumbo for qualified applicants, so discuss your eligibility now, while interest rates remain at record lows.

Fixed rate jumbo loans offer the most security for homeowners because the interest rate is locked for the entire term and every payment goes towards paying back the principal owe on the mortgage. Regardless of the payment option chosen, rest assured that you are getting a competitive interest rate with reduced fees with all jumbo loans from top sources for million-dollar home loans.

Jumbo home loans, non-conforming loans above the Fannie Mae and Freddie Mac lending limits of $729,750, are about the only way you can purchase a home in desirable areas like Southern California. The San Diego Housing Commission reports the average price of a new home has jumped from almost $245,884 in 1996 to $861,759 in 2024, indicating that housing costs have more than tripled over the last 10 years. Million-dollar loans aren’t just for the rich any more. As housing prices continue to escalate, they are becoming more commonplace.

Housing prices in Southern California, Hawaii, Florida and other such areas even exceed the $750,000 cap on jumbo loans. As a result, a new type of loan has hit the real estate market called the “super jumbo” mortgage loan. Unlike conforming mortgages, jumbo and super-jumbo loans don’t have to conform to standard mortgage underwriting guidelines. This is how lenders can provide exotic loans like interest only loans and hybrid adjustable rate mortgages (ARMs), like the Jumbo 5/1 ARM which allow you to pay interest only for five years, and the payment option ARM, a deferred interest loan that helps increase a homebuyer’s purchase power while keeping payments more affordable.

What is the maximum loan to value for house worth 3 million dollars? In most cases, 60% to 70% Loan to Value is the maximum. However, borrowers with credit scores over 700 who can document their income showing liquid assets for 6 months PITI may qualify for financing up to 80%.

What is maximum loan amount allowed for full documentation borrower with good credit? We offer jumbo home loans up to 3.5 million if you can document your income and allow us to verify seasoned assets.

How do I qualify for a “no money down” million dollar loan? This has become difficult, because most lenders are tightening their guidelines for million dollar jumbos to 80% financing. However, if you can document your assets and have credit scores over 720, you may qualify for 95% financing. Call for program availability.

Useful Refinance Tips from the Mortgage Refinance Experts

Mortgage Refinance Guidelines – As home mortgage rates are on the rise, now may be your last chance of refinancing your variable rate home equity line of credit (HELOC) or adjustable rate mortgage (ARM) into a fixed interest rate mortgage loan.

BD Nationwide offers low rate mortgage refinance loans that will help you start saving money each month. Debt consolidation is often the first step for homeowners to uncover significant savings, because credit cards carry compounding adjustable interest rates.

These loans offer payment choices where the homebuyer can pay a minimum payment that doesn’t cover the interest, interest only payments, full principal and interest (full amortization) payments or payments that allow the buyer to pay the mortgage off early. Payment option ARMs are also known as negative amortization (NegAm) loans because the unpaid interest on minimum payments is simply tacked onto the balance of the loan. Also, when the interest rate resets to a higher rate with this type of ARM, the mortgage payment doesn’t change. It also gets tacked onto the loan balance. After a short period of time, the balance owed will exceed the purchase price rather than the principal gradually decreasing like conventional mortgages (the process of amortization). We strongly suggest considering a jumbo house loan that does not have a negative amortization as this is considered risky.

In comparing negative amortization payments versus interest only payments, you’ll find that your payments could end up spiking quite a bit higher than with an interest only loan when the negative amortization loan recasts to a fully-amortizing schedule. This can happen as early as 2 years into the mortgage. The exact time it occurs varies with payment, current indices, as well as margins and terms set by the lender. Recasting could cause your payments to double or triple with a Neg-Am loan.

If you need to increase your purchase power, you should consider interest only as your option. If you can afford it, try getting a fixed-interest super jumbo loan for lowered interest which will save you a lot of money in the long run. Again, it makes sense to choose a traditional jumbo mortgage loan when possible to minimize the risk.