
Super Jumbo Home Loans
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Other super jumbo loan features
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California Super Jumbo Loan Market Update, 2008 Another obstacle to achieving the higher loan-to-value percentages today is the disappearance of simultaneous 2nd mortgages, which up until recently could be combined with a jumbo 1st mortgage resulting in higher loan amounts and increased loan-to-value percentages. These days second mortgages are limited to 80% or less of the value or sales price of property in combined jumbo loans. Don't be fooled by lender advertisements or brokers claiming to offer low-rate super jumbo loans with stated income or less-than-perfect credit or low down-payments. In our current California real estate market, those loans simply don't exist at this time. To qualify for a California jumbo loan in excess of $1 million dollars today you'll need a 20% to 40% down payment if you are purchasing a home, or equivalent residual equity in the property if you're refinancing an existing loan. The exact equity requirement will depend on the loan amount sought, your credit, verifiable income, net debt-income ratio, asset reserves, occupancy and property type. The new loan structure may consist of a 1st and 2nd mortgage from different lenders if the loan-to-value and/or dollar amount of the loan exceeds certain limits. * loans up to 80% of the value / sales price to $1.5 million dollars
* 5/6 ARM -- low fixed monthly payment and NO negative amortization! 3.25% FLEX PAY ARM -- STATED INCOME OK! * Rates shown above are Note, not APR as of 6-4-2008 and are not guaranteed up-to-date--call for current pricing. Terms, conditions, and restrictions apply. Loan programs subject to lender and market availability. For inquiries regarding super jumbo mortgage loans in California please call me direct: 1-800-644-8829 or inquire online.
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