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Builders, buy a home, buying real estate, Cinco Ranch, Clear Lake, Cypress, Firethorne, Fulshear, hire a real estate agent, Home Financing, Home Loans, Jumbo Home Loans, Katy, Long Meadow Farms, Mortgage, New Homes, Pearland, r, Richmond, Sugarland, TX
By G.M. Filisko – National Association of Realtors
In late September, Chase will introduce fixed-rate and adjustable jumbo loans with a maximum 85 percent LTV. Maximum loan amounts will be $1.5 million with a minimum 740 FICO score. Chase will also offer fixed and adjustable jumbo loans with 80 percent LTV. Maximum loan amounts are $2 million; these also require a 740 minimum FICO score.
Guaranteed Rate is offering 80-10-10 jumbo loans of up to $1 million, in which borrowers put 10 percent down and then do a first mortgage of 80 percent of the home’s value coupled with a second mortgage for the remaining 10 percent. Borrowers need a minimum 720 FICO score and will pay about 1/8 percent more on their interest rate than if they’d have put 20 percent down.
HomeTrust Mortgage is also offering asset-based adjustable mortgages for borrowers with a FICO score of at least 680 who have substantial assets but not necessarily adequate income to qualify for a mortgage. Perhaps retirees have $400,000 invested in the stock market. HomeTrust will take 70 percent of those invested assets—but not amounts in checking or savings accounts—and divide that number by 60 to arrive at an income it imputes to the borrowers. That income, plus any actual monthly income, allows borrowers to qualify without drawing from or pledging the asset.