90% LTV Jumbo Loans With No Private Mortgage Insurance Requirement
This BLOG On 90% LTV Jumbo Loans With No Private Mortgage Insurance Requirement Was UPDATED On November 16th, 2018
Gustan Cho Associates at Loan Cabin Inc. now offers Jumbo Loans With 5% Down Payment With No Mortgage Insurance. We also offer Jumbo Loans with borrowers down to 500 credit scores. Jumbo Loans are portfolio loans that are larger than $453,100.
Jumbo Loans normally have higher mortgage rates than regular conventional loans.
- Jumbo mortgage rates are higher than conventional loans
- Most lenders require a 75% loan to value where they require borrowers to put down a 25% down payment
- There are other lenders that will bump the loan to value to 80% LTV on Jumbo Loans
- The higher the loan to value, the higher the mortgage rate
- This is because borrowers have less skin in the game
- Self Employed Borrowers can now qualify for 90% LTV Jumbo Loans With No Private Mortgage Insurance
90% LTV Jumbo Loans For Self Employed Borrowers
90% LTV Jumbo Loans is now available by lenders with lender paid mortgage insurance.
There is no mortgage insurance premium requirements for borrowers.
- It is called LPMI, which stands for Lender Paid Mortgage Insurance
- Mortgage rates for Lender Paid Mortgage Insurance Jumbo Loans are normally slightly higher than regular Jumbo Loans
- Mortgage insurance premium is built in to the rate
- With 90% LTV Jumbo Loans, lender paid mortgage insurance Jumbo Loans are ideal for borrowers who want to put down as little cash as possible on their high end home purchase
90% LTV Jumbo Loan Requirements
For borrowers to qualify for 90% loan to value Jumbo Loans the following are the requirements:
- Minimum credit score of 680
- Minimum of six months reserves which can be IRA, 401K, investment accounts, and other liquid securities
- It does not have to be in cash
- Minimum of 40% debt to income ratio
- No overdrafts in the past two months
- No late payments in the past 12 months
- Minimum of 4 credit lines the past 12 months
- No bankruptcies nor foreclosures the past 4 years
- Maximum loan amount of $5,000,000
- No debt settlement programs nor no reduced payoffs with creditors in the past 4 years
- Debt settlement and reduced payoff programs are viewed the same as a bankruptcy
Qualifying For 95% LTV NON-QM Jumbo Loans
Gustan Cho Associates Mortgage Group at Loan Cabin Inc. now offers 95% LTV Jumbo Mortgages with no mortgage insurance for W2 wage earners.
- 720 credit score is required
- Maximum loan limit is $3,000,000
- Borrowers under 720 credit scores needs to put more money down
NON-QM Jumbo Mortgages For Self Employed Borrowers
Gustan Cho Associates at Loan Cabin Inc. offers non-qm jumbo mortgages for self employed borrowers.
- No income tax returns are required
- There is no private mortgage insurance required
- Maximum loan amount is capped at $3,000,000 but can be negotiated to higher loan limit with compensating factors
- 10% to 20% down payment
- Down payment requirement depends on borrowers credit scores
- Mortgage rates depends on down payment and credit scores
High end home buyers who are interested in qualifying for 90% LTV Jumbo Loans with a direct lender with no lender overlays, please contact us at Gustan Cho Associates at 262-716-8151 or text for faster response. We are available 7 days a week, evenings, weekends, and holidays. Apply today at www.gustancho.com by clicking the APPLY NOW icon on the top right.