These mortgages are underwritten to Agency guidelines and will be limited to your county loan limit. Can be utilized for purchases, rate reduction refinances  and cashout refinances. The biggest draw back is that the maximum loan to value ratio for cash out jumbo loans is 65% of your homes appraised value. These loans traditionally offer better fixed interest rates than portfolio jumbo mortgages. Minimum credit score for Fannie Mae and Freddie Mac is 620. All borrowers with score below 720 will have their interest rate negatively impacted due to Fannie Mae's loan level price adjustments

 

 

Great for purchases and cash out refinances. FHA allows up to 96.5% financing for purchases and 85% for cash out refinances. You will be required to pay monthly mortgage insurance, which may be tax deductible. FHA offers great fixed rates and the FHA ARM program the best ARM available. Minimum credit score for most FHA lenders is 620.

 

This program is for our military personnel. Active duty military, reserves and more. VA offers 100% financing without monthly mortgage insurance to our veterans. Interest rates are great as well. If you have served out country, you should explore a VA loan for your next mortgage. In my opinion, it is the best program available today for homebuyers

The guidelines on these loans will vary from one investor to the next. These loans are available up to $2 million and have rates that will be higher than the 3 Fanne, FHA or VA. Most consumers in this category tend to apply for ARM's as these will often have rates that are up to 2% lower than Jumbo fixed rates to $2 million