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A loan that does
not conform to the guidelines established by Fannie Mae or Freddie Mac or
exceeds the conventional loan limit is referred to as a Jumbo loan. These
loan amounts can go up to four million dollars. Loan to value limits for
Jumbo loans range from 60% to 95% depending on the loan amount.
Unlike conforming programs, loans in this category are underwritten on an
individual basis. We refer to this form of underwriting as
"LEAP"; which stands for Loan Exception Approval Programs.
By utilizing our
LEAP underwriting, you can apply for specific financing options and not
pay for a blank exception. The pricing is based on only the
exceptions you require for your home purchase or refinance. These
exceptions include, but are not limited to:
-
Extended Lock Programs - up to 170 Days
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No Ratio - No Income Qualification Loans
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No Documentation Loans
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Reduced Documentation Loans
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2nd Trust Deeds Loans - 125% + Loan-to-value
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4+ Properties Financed
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Refinance Cash out - High Loan-to-value
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Investment Property Purchase - 90% Loan-to-value
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Foreign National (owner-occupied) - 80%
Loan-to-value
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Self Insured Loans
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Second Home Purchases - 90% Loan-to-value
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High Rise Condos - 95% Loan-to-value
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Bare Land
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Commercial Property
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Mixed Use Property
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Agricultural Property
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