Miami Home loan Jumbo ARM Loan Limits

 

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.

Miami-Home-Loan-ARM-Jumbo-Loan-Limits 

Here are some of the guideline highlights:

  1. These loans do not collect escrows
  2. Primary Residence and 2nd Homes only
  3. Minimum Credit score for a Primary Residence is 660 for a W2 employee and 700 for a self employed borrower
  4. Minimum Credit score for a Second Residence is 680 for a W2 employee and 700 for a self employed borrower
  5. No mortgage lates in last 12 months
  6. No bankruptcy, foreclosure, or Deed-In-Lieu in the last 7 years
  7. Housing to Income Ratio= 38%
  8. Debt to Income Ratio = 45%
  9. Maximum # of borrowers on each loan = 2

For more details give me a call to discuss these Miami Jumbo Home Loans.

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