Jumbo Loan Financing

[Jerry Padilla]

Jumbo Loan Program

Purchase/Rate & Term - Primary Residence

1-2 units

75% LTV up to $2,000,000

80% LTV up to $1,500,000

90% LTV up to $1,000,000

1-4 units

70% LTV up to $2,000,000

Cash Out Refinance - Primary Residence

1-2 units

60% LTV up to $1,500,000 max cash out of $500,000

70% LTV up to $1,000,000 max cash out of $250,000

80% LTV up to $1,000,000 max cash out of $250,000

Purchase/Rate & Term - Second Home

1 unit only

65% LTV up to $2,000,000

70% LTV up to $1,500,000

80% LTV up to $1,000,000

Cash Out Refinance - Second Home - 1 unit only

60% LTV up to $1,500,000 max cash out of $500,000

65% LTV up to $1,000,000 max cash out of $250,000

Jumbo Program

Purchase/Rate & Term - Investment Property

1-4 units

75% LTV up to $1,000,000

70% LTV up to $1,000,000

1-4 units

60% LTV up to $1,000,000 max cash out of $250,000

*Investment property purchase can not be a first time home buyer

*Investment property 20, 25, 30 year fixed rate only

*Investment property cash out refinance most contain an attestation for the proceeds from the cash out refinance. 100% of cash must be used for business purposes.

No Mortgage Insurance Requirement

Credit Score Min 680

* FIRST TIME HOME BUYER - a borrower who has not owned a home in the last 3 years

- Max loan amount of $1,000,000 and in CA, NJ, NY or CT max loan amount of $1,500,000

- 680 min. credit score

- Primary Residence financing only

- Max LTV of 80%

* MULTIPLE FINANCED PROPERTIES - may own up to 10 residential financed properties (1-4 units)

- Up to 4 properties owned - Additional financed properties have a 3 month reserve requirement

- Between 5 and 10 financed residential properties

* Maximum of 80% LTV or program max (whichever is lower)

* 6 months reserves required for each additional property

* 6 months reserve required for subject property

*PRIMARY HOME PURCHASE -

* Must not be purchasing or refinancing a new primarywithin 6 monthsof current primary residence.

*RATE AND TERM REFINANCE - If subject property is owned less than 12 months, The LTV is based on whichever is less - the current appraised value or purchase price plus any improvements made.

*PROPERTIES LISTED FOR SALE WITHIN 6 MONTHS - Rate And Term Refinance only (No cash out) Primary and Second Homes only (No Investment Properties)

*Letter of Explanation on the rationale for cancelling the listing

*DELAYED PURCHASE FINANCING - Property must be purchased by borrower for cash

within 6 monthsof the loan application.

*CASH OUT REFINANCE - If property is owned less that 12 months - the LTV is based on the lesser of the original purchase price + documented improvements with receipts or current appraised value. After 12 months the LTV is based on current appraised value.

* Property can not be listed for salewithin 12 monthsof the application date.

* Investment Property Cash Out Refinance must be used 100% for business purposes.

RENTAL INCOME USE AS INCOME:

-Require lease agreements on all rental property used for income

-If Current Property is being converted to Rental Property - must have departure equity of 25%

SELLER CONCESSIONS FINANCING MAXIMUM-

- 6% for primary and second home with LTV <80%

- 3% for primary residence with LTV >80%

- 2% for investment property

The Minimum To Qualify:

- Residual Income Requirements

- Must have a stable 2 year history of income & High Probability to continue for at least 3 years

- Tax transcripts are required for 2 years to verify income.

- W2 Forms

- Paystubs

Escrow Holdbacks - NOT Allowed