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Super Jumbo Mortgage
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Super Jumbo Mortgages are mortgage loans of $650,000 or more. While conventional banks and mainsteam, conforming lenders traditionally underserve borrowers of super jumbo mortgages, a few mortgage companies specialize in arranging super jumbo financing up to multi million dollar loan amounts.Super Jumbo Mortgages are provided by niche lenders and a few of the Top lenders in the country. Borrowers should consult a Mortgage Broker to find the best Super Jumbo Mortgage program available to them.
Super jumbo mortgage loans usually have a higher interest rate than lower loan amounts because there is more money at risk to the lender. However there are still super jumbo mortgage loans available at a low interest rate and payment.
Lenders specializing in super jumbo loans particularly like to see liquid assets in reserve after closing. It is much easier to qualify for lower super jumbo mortgage rates with a minimum of 6 months mortgage payments in reserves. Consult your mortgage professional about what asset reserve requirements you must meet to get optimal financing terms.
Super Jumbo Mortgages entail a higher risk. Most lenders require two appraisals to be completed.
Interest rates on Super Jumbo Mortgages are relatively higher than a regular conventional mortgage.
Super Jumbo mortgages are considered non-conforming mortgage loans
Conforming mortgages are loan amounts with $417,000 and under; Jumbo and Super Jumbo, on the other hand, have a tad higher interest rate. These rates are determined by borrowers FICO scores, fair market value of the home, and the borrowers net worth.
Most super jumbo clients in my experience don't want full doc because it's too time consuming and almost impossible to keep organized. Most are self employed. Usually if they have over a 720 FICO it's easier to take them SIVA. Most people in Super-jumbo deals want some type of an Option-ARM deal
Super Jumbo Loans facilitate the high-end purchase of the upscale luxury home market.
Some Super Jumbo Loans originally thought to be unwriteable can be obtained by cross-colaterlization. In fact many more lenders will be open to doing more of this business if the borrower(s) are willing to do this.