This loan product is named a "Super Jumbo" because the loan amount is greater than $750,000 and goes all the way up to $10,000,000. A standard jumbo loan is $417,001 (as of 2008) up to $650,000 (or $1,000,000 depedning on the lender) and both type of loans are offered with added requirements or lender overlays. These type of loans facilitate the high-end purchase of expensive homes, vacation homes, investment property and upscale luxury homes. They are quite attractive for primary occupants or investors who want to leverage their assets.
If you are considering a Super Jumbo Mortgage, then let one of the licensed mortgage professional help walk you step by step through the loan process.
High-end financing for luxury homes requires years of experience which is crucial to finding the best mortgage program to satisfy your requirements.
Some of the Super Jumbo loan programs available are:
Loan amounts up to $4,000,000
NOTE: Jumbo Loans with 10% Down Payment or 90% financing in certain states
Update: Sept. 2013
90% jumbo loans with "full documentation" are available in Arizona, California, Colorado, Florida, Michigan, Oregon, Utah, Washington to $1.1 Million –
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- Borrowers Need to have:
- Credit score of 720 or above
- Purchase or Refinance (no cash out)
- Competitive Rates start at 3.875% to 4.75%
- Need to Verify Income and Assets for 2 years
- No Prepayment Penalty
Otherwise, the normal down payment or equity necessary for a refinance on a Jumbo loan is 20% down/equity and a Super Jumbo, around 25 to 30% down but special programs do come up periodically.
85% financing up to $1,750,000: "Stated Income" 720+ FICO
Click for Available States
may be available on all ARM’s, Full Documentation, Stated
Income Loans Terms are on the 6 month,
3 year, 5 year, 7 year, or 10 year ARM’s, 30 yr Fixed.
Complete the easy on-line application
for low documentation. A loan consultant will
be assigned to your file and will contact you to begin the process. (for jumbo mortgages and super jumbo loan).
Apply online and a loan consultant will be in touch with you within 24
to 72 hours to begin the loan process.
(* If your loan is feasible)
The convenient and speedy process online enables lenders to offer some of the lowest rates in the industry for all types of mortgage loans. We challenge you to find lower rates and better fees from any other lender out there!
It costs you nothing to apply. You are never charged a fee to apply.
No Obligation. No Credit Check, NO SSN !!.
Loans for High Net Worth Individuals, Entertainers, Corporate Management, etc.
If you have a considerable sized loan on
your home then you probably have a financial
advisor who is helping you plan for a solid future upon retirement.
Considering that sometimes high profile positions are cut short from
external factors beyond your control, it is critical you have your
money working for you at all times
Interest only loans are recommended by many financial advisors since
the tax advantages of borrowing against your home makes the cost of the
money far lower than the potential returns invested elsewhere.
Of course each individual has a unique portfolio to consider,
so you may want to ask your financial consultant how you can save thousands of dollars a
month. Below is an example so you can see the difference
Example of a Professional Athlete’s Loan
A. EXISTING LOAN
Existing Loan Balance: $1,000,000
Product: 15 Year Fixed
Rate: 5.75 %
Current P&I Payment: $8,304.10
B. NEW JUMBO INTEREST ONLY LOAN REFINANCE
New Loan: $1,000,000
Product: 5 Year Interest Only
Documentation: Stated Income / Verified Assets
New Payment: $4,479.17
More cash flow of $53,750 a Year!
or $4,209 per month. As an option, you may want to apply more towards principal
This example is based on certain product guidelines but you can see how much extra money can be placed into other kind of investments.