Non-Agency Jumbo Loans

The Jumbo Loan market has the most restrictive Credit, Down Payment Requirements, and Underwriting Guidelines of any loan program. Since 2007, there has been virtually no alternatives for Jumbo Loan borrowers without perfect credit and traditional income documentation. Non-prime lending provides an alternative to Jumbo Borrowers, who may not have perfect credit, but can document an ability to repay their mortgage loans, including the use of bank statements. While Non-Qualified and Non-Agency loan programs are constantly evolving please reference the below guidelines to assist you in determining if a Non-QM Jumbo Loan program is right for you:

Standard Non-Conforming Jumbo Loans

Minimum Credit Score: 600
Up to 90% Loan-To-Value (purchase & rate term) w/no Mortgage Insurance
Up to 85% Loan-To-Value (cash-out) w/ no Mortgage Insurance
Two year waiting periods on a Foreclosure, Short Sale, Bankruptcy, or Deed-In-Lieu
Recently discharged Bankruptcy Chapter 13 to 90% Loan-To-Value (if paid as agreed 24 Months)
Loans Up To $3,000,000
Cash out for reserves acceptable
One 30-day late mortgage payment with the last 12 months
Option to qualify with assets instead of income
Asset Depletion program available

High Quality Non-Conforming Jumbo Loans

Minimum Credit Score: 660
Four year waiting periods on a Foreclosure, Short Sale, Bankruptcy, or Deed-In-Lieu
Up To 90% Loan-To-Value
Income Documentation: Full Doc, Business or Personal Bank Statements
Loans Up To $3,000,000
Owner Occupied and Second Homes
No Pre-Payment Penalty
Interest Only Available
Cash-Out Available: $500,000 Maximum

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Recent Closed Loan Scenario

Credit Scenario: Jumbo or High Balance loan request with a foreclosure just over 2 years ago
New Non-Prime Loan Request:
Purchase price: $680,000
Down payment: 20% down
Loan request: $544,000
Borrower's middle credit score: 718
Total debt-to-income ratio: 41%
The borrower has been self-employed Real Estate Agent for over 10 years
Based on the most recent two years of tax returns the borrower’s monthly income is over $15,000
Why the New Loan Made Sense:
The borrower had purchased a vacant lot to be held as an investment property at the peak of the real estate market in 2007, which was foreclosed upon just over two years prior to application. Outside of this one negative mark, he had a perfect pay history on all other debts including his primary mortgage.
The borrower had a low debt-to-income ratio and residual income over $8,600 after factoring in all debts including the new mortgage
Borrower had $151,000 to cover their down payment and closing costs to settlement
Reserves held post settlement includes $25,000 in liquid reserves and an IRA balance of $78,000 (60% of $130,000) or over 24 months of reserves

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