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Luxury Home Loan Guidelines
What do lenders look for in borrowers looking for large loans? This varys from loan to loan based on the amount of money being requested in proportion to the amount of risk at hand. Probably the most important risk factors include:
1) LTV (loan to value)
2) Is the appraisal solid?
3) Is this a full income documentation loan?
4) How long has the borrower been in their profession?
5) How is the prior credit and credit scores?
6) How liquid is the borrower?
Liquidity is key in qualifying for a super jumbo mortgage. Liquid reserves include Cash, Stocks and Bonds traded on a major exchange without restriction. Retirement reserves are valued at 2/3 value. Here are some more general guidelines:
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FULL INCOME DOCUMENTATION
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| Loan Amount
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Up to 6 Million
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Up to 12 Million
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Up to 16 Million
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| Liquid Reserves
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At least $3 million
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20-30% of Loan amount
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30% of loan amount
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LTV Max
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80%
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75%
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70%
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| No minimum score - Good Credit
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Products Available
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3yr,5yr,7yr,10yr ARM
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FULL INCOME DOCUMENTATION
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| Loan Amount
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Up to 20 Million
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Up to 24 Million
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Up to 30 Million
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| Liquid Reserves
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35% of Loan amount
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40% of Loan amount
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50% of loan amount
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LTV Max
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70%
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70%
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65%
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| No minimum score - Good Credit
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Products Available
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3yr,5yr,7yr,10yr ARM
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If you are looking to do a loan without income documentation, there are a small handful of lenders who will do the loan with strong compensating factors. Again, liquidity is key, as well as the borrowers length of time in the endeaver coupled with how much the borrower has of his/her own money into the project. Lender's like to see "skin" into deals, and this helps to solidify super jumbo transactions in many instances. We are able to provide financing for construction as well as final take out funds on residential properties.
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