90% LTV Jumbo Loans With No Private Mortgage Insurance Requirement

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 August 22, 2017

Jumbo Loans are portfolio loans that are larger than $424,100.  Jumbo Loans normally have higher mortgage rates than regular conventional loans.

  • Most Jumbo Loans  mortgage rates are higher than conventional loans. 
  • Most Jumbo Loan mortgage lenders require a 75% loan to value where they require the Jumbo Loan borrower to put down a 25% down payment. 
  • There are other Jumbo Loan mortgage 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 because borrowers have less skin in the game.
  • Jumbo Mortgage Borrowers can now qualify for 90% LTV Jumbo Loans With No Private Mortgage Insurance.

90% LTV Jumbo Loans

90% LTV Jumbo Loans is now available by lenders with lender paid mortgage insurance. There is no mortgage insurance premium requirements for the Jumbo Loan mortgage 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 and the mortgage insurance premium is built in to the rate. 
  • With 90% LTV Jumbo Loans, lender paid mortgage insurance Jumbo Loans are ideal for Jumbo Loan mortgage 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 740 FICO.
  • 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 $750,000. 
  • Maximum loan amount of $850,000 Jumbo Loan programs available but the loan to value is 85%.
  • 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 90% LTV Jumbo Loans

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 1-800-900-8569 or text Gustan Cho at 262-716-8151 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.

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