When it comes to Jumbo Loans, one size doesn’t necessarily fit all. At Sharp Loan, we offer multiple Prime Jumbo products designed to accommodate a broad range of borrowers. Each is tailored to borrowers with different circumstances. In choosing a jumbo product, we take your unique priorities into account and work to find the pricing and loan experience that meets your exact needs. Here are five Jumbo loan programs that we offer.
PRIME JUMBO (15- OR 30-YEAR FIXED)
- Loan amounts up to $3M
- 680+ FICO and up to 45% DTI
- Up to 89.99% LTV and no MI required
- UWM services these loans exclusively
- Borrower solicitation protection
- Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances
- One appraisal required for purchases up to $3M and refinances up to $2M*
- Two appraisals, from two different appraisers, required for refinances over $2M*
- Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by AUS
PRIME JUMBO RELEASED (30-YEAR FIXED)
- Loan amounts up to $3M
- 680+ FICO and up to 45% DTI
- Up to 89.99% LTV
- Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances
- One appraisal required for loans up to $2M*
- Two appraisals, from two different appraisers, required for loans over $2M*
- Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by AUS
PRIME JUMBO ARMS (5-, 7- AND 10-YEAR)
- Loan amounts up to $3M
- 680+ FICO and up to 45% DTI
- Up to 80% LTV
- Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances
- One appraisal required for purchase up to $3M and refinances up to $2M*
- Two appraisals, from two different appraisers, required for refinances over $2M*
- Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by AUS
PRIME JUMBO INTEREST ONLY (30-YEAR FIXED)
- Loan amounts up to $3M
- 700+ FICO and up to 43% DTI
- Up to 80% LTV
- 10-year interest only, 20-year amortization period
- Eligible for primary and second homes for purchases and rate/term refinances
- One appraisal required for purchases up to $3M and refinances up to $2M*
- Two appraisals, from two different appraisers, required for refinances over $2M*
- Loan amounts up to $1M require 12 months of reserves in addition to any reserves required by AUS
- Loan amounts over $1M require 24 months of reserves in addition to any reserves required by AUS
PRIME JUMBO MAX (30-YEAR FIXED)
- Loans up to 80% LTV
- Loan amounts up to $2.5M
- 700+ FICO and up to 43% DTI
- Eligible for primary and second homes for purchases and rate/term and cash-out refinances
- One appraisal required for loans up to $2M*
- Two appraisals, from two different appraisal companies, required for loans over $2M*
- For primary purchase loans up to $2M – 12 months reserves required
- For second home loans over $2M – 18 months reserves required
- For primary cash out loans up to $1M – 12 months reserves required (up to $300,000 cash back)
- For primary and second home loans over $1M – 18 months reserves required (up to $300,000 cash back)
- For primary cash out loans between $1.501-$2M – 12 months reserves required (up to $500,000 cash back)
- For second home cash out loans between $1.501-$2M – 18 months reserves required (up to $500,000 cash back)
- Loans with an LTV between 80.01-96.5%
- Loan amounts up to $1.5M
- 720+ FICO and up to 40% DTI
- Eligible for primary purchases and rate/term refinances
- One appraisal required for loans up to $1M*
- Two appraisals, from two different appraisers, required for loans over $1M*
- For primary purchase loans up to $1.5M – 24 months reserves required
*Appraisal waivers are not applicable on Prime Jumbo, Prime Jumbo Released, Prime Jumbo ARMs, Prime Jumbo Interest Only and Prime Jumbo Max.
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