Jumbo Interest Only Loans
What’s a jumbo mortgage loan? Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. Borrowers are required to have a low debt-to-income ratio and a high credit score. The limit on conforming loans is $484,350 in most areas of the country, but jumbo mortgages can exceed these limits.
An interest-only mortgage is a loan where you make interest payments for an initial term at a fixed interest rate. The interest-only period typically lasts for 10 years and the total loan term is 30.
Chicago, Dec. 27, 2017 (GLOBE NEWSWIRE) — Guaranteed Rate. option for loans up to $3 million with no private mortgage insurance required. The program includes various financing options such as.
A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac – currently $484,350 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $726,525).
MortgageBase offers interest only super jumbo mortgage loans, as well as interest only jumbo mortgages. Our interest only super jumbo mortgage loans are home loans that exceed $650,000, whereas jumbo mortgage loans may be between $417,000 and $650,000 in amount.
Offering super jumbo loans up to $5 million. OneWest Bank excels in large balance mortgages, including super jumbo loans. As Southern California’s hometown bank, we proudly offer super jumbo loans up to $5 million to finance primary residences, second homes and investment properties with a variety of mortgage options to suit the individual.
This interest-only jumbo loan program requires a minimum credit score of 700 and allows up to 9 percent in seller contributions, meaning that up to 9 percent of closing costs can be paid for by.
What are interest only mortgages? When buying a house with an interest only home loan (or interest only mortgage), you pay only the interest owed on your loan each month when you make a mortgage payment, as opposed to traditional loans where monthly mortgage payments go towards both interest costs and the loan balance.
Most lenders will offer the same programs for their jumbo loans as they do for conforming loans, such as adjustable-rate or fixed-rate mortgages or interest-only home loans, and over similar terms..
A new jumbo loan option eases borrowers into a permanent, fixed-rate mortgage by adding 10 years up front of lower interest-only payments, essentially making this a 40-year loan. Here’s an example:.