Non-Conforming Jumbo Home Loan Option – No Mortgage Insurance Required

If you're looking to buy a high-value home or refinance one, I work at a credit union that offers jumbo loans with flexible options. These are non-conforming loans, meaning they go beyond standard loan limits.

Loan Types Available

• Fixed rates: 30- & 15-year
• Adjustable rates: 5/6, 7/6, 10/6 ARMs
• Available for purchases, rate/term refinances, and cash-out refinances

Owner-Occupied Loans

• Up to $1.25M: 90% LTV, 720 credit score, 6 months reserves
• Up to $1.5M: 85% LTV, 9 months reserves
• Up to $2M: 80% LTV, 12 months reserves

Second Homes

• Up to $1M: 85% LTV, 6 months reserves
• Up to $1.5M: 75% LTV, 12 months reserves
• Up to $2M: 70% LTV, 18 months reserves

Cash-Out Refinance

• Owner-Occupied: Up to $1M at 80% LTV, up to $1.5M at 70% LTV
• Second Home: Up to $1M at 75% LTV, up to $1.5M at 65% LTV
• Max cash-out: $250,000

Other Guidelines

• Minimum credit score: 720
• Max DTI: 45%
• Gift funds allowed (with some limits based on LTV)
• No mortgage insurance required for jumbo loans
• Appraisals required (2 for loans over $1.5M with high LTV)
• No investment properties allowed
• Non-occupant co-borrowers allowed only on 1-unit homes with LTV up to 80%

Eligible Properties

• 1–2 unit homes
• Warrantable and non-warrantable condos
• Leasehold properties (must meet agency guidelines)

Ineligible Properties

• Co-ops, timeshares, condotels, manufactured homes

This program is ideal for buyers needing larger loan amounts with flexible terms and no mortgage insurance. Just be ready to document income and assets thoroughly, especially for loans above conforming limits.

Lending in all 50 states, I can give you a quote right here on Reddit:   https://www.reddit.com/r/HomeLoans/s/gcHIRSg995