The Super Jumbo Mortgage market has gone through some radical changes since 2008. With the depletion of the Jumbo Mortgage Back Securities (MBS) market, there will be little rebound in this sector for the foreseeable future. That does not mean that Super Jumbo Mortgages are not available.
Are Super Jumbo Mortgages available; YES.
Currently there are two avenues for Super Jumbo mortgages; lenders or private banking. Lenders are typically lending upon predetermined guidelines, while private banking has flexibility tied to the borrowers total financial picture. Private Banking groups typically want “x” assets available after closing ($1M-5M). In return of the assets, either pledged or unpledged they may be more flexible with the loan to values or other aspects of the underwriting.
Because of the source of our funds the Loan to values or availability of the program may differ from State to State. Super Jumbo Mortgage lending is similar to conventional lending, but often the guidelines have extended reserve or income requirements. Depending upon the Super Jumbo Mortgage program you are seeking, the debt to income requirements are often below 40%. The asset reserve requirements of the Super Jumbo Mortgage can vary between 10 months of PITI to 36 months of PITI.
If you have a specific mortgage scenario we will typically ask you for the following information:
- Name, address and social security number
- Property address and type
- Purchase or refinance (rate and term or cash out and how much)
- Income and assets information
- Permission of ‘pull’ a credit report
If you want us to confirm the availability of an exception, we will need to ‘pull’ a credit report. The exceptions typically take 24-48 hours.
We can not use another company’s credit report. We will not use a credit report generated from an internet credit company.
Two River Mortgage & Investment looks at ever mortgage as if it were part of a client’s Financial Plan. Our goal is to close Jumbo Mortgages and Super Jumbo Mortgages at the best price and on the best program we have available for our high income and high net worth borrowers.
Do you need to Finance a Super Jumbo Mortgage? Call 1-866-949-2900
DEFINITIONS: Super Jumbo Mortgage Loans are residential mortgages in an amount > the Agency or FHA limits. A conventional mortgage is generally between $50,000 and $417,000. An Agency Jumbo mortgage is defined as being between $417,000 (as of Jan. 2006) and either $625,000 for a Single Family Primary residence. Super Jumbos Mortgages are loans over these limits