Miami Home Loan Jumbo Products
Element Funding, is now offering a coorespondent Miami Home Loan for Jumbo ARM Products. These loans start at 80% Loan-to -Value product for up to $850,000 and step down incrementally to 60% up to $3,000,000 on a single family residence. Below I’ve listed the loan limts and several guideline points.
Here are some of the guideline highlights:
- These loans do not collect escrows
- Primary Residence and 2nd Homes only
- Minimum Credit score for a Primary Residence is 660 for a W2 employee and 700 for a self employed borrower
- Minimum Credit score for a Second Residence is 680 for a W2 employee and 700 for a self employed borrower
- No mortgage lates in last 12 months
- No bankruptcy, foreclosure, or Deed-In-Lieu in the last 7 years
- Housing to Income Ratio= 38%
- Debt to Income Ratio = 45%
- Maximum # of borrowers on each loan = 2
For more details give me a call to discuss these Miami Jumbo Home Loans.