Jumbo Loan Rates, Super Jumbo Mortgage, Foreign National Mortgage Loans, Full Doc Loans, jumbo mortgage


SPECIAL NICHE LOAN PROGRAMS

Stated (NO INCOME CHECK) Income/Verified Assets Loans

Purchase, Refinance (Cash out and No cash out)

1 4 Family, Condo, Coop (case by case)

NYC, Nassau, Suffolk, Westchester, NJ

70% to $417,000 (max cash out is $100,000)

Stated Income/Verified Assets. Must show 2 months bank statements and verify 6-12 months post closing reserves of Principal, Interest, Tax, and Insurance.

700 (can be 700)

Yes depending on the program

Jumbo mortgage loans

Purchase, Refinance (Cash out and No cash out)

Primary, Second Home, Investment

1 4 Family, Condo. Coop for Primary only

NYC, Nassau, Westchester

Maximum LTV Primary Maximum LTV Primary

Maximum LTV 2nd Home

Maximum LTV Investment

70% to $1,000,000 (Purchase and No cash out)

50% to $1,000,000 (for max cash out of $200,000)

65% to $750,000 (Purchase and No cash out only)

60% to $750,000 (Purchase and No cash out only)

High 4% to Mid 5%

1% in the first 12 months, waived in the event the property is sold

Self Employed or 1099 only

Type of Documentation for ALL occupancies:

– Borrower to submit 3 months most recent and consecutive business account statements.

– Borrower to submit 12 months most recent and consecutive personal account statements.

– Borrower to submit their most recent 30 day payroll checks (front/back) evidencing that these funds were drawn down on the business account. – CPA letter must be procured evidencing the following: length of self employment in current business, percentage of business ownership – minimum of 25% ownership required, length of time that the CPA prepared corporate tax returns on behalf of the borrower (minimum 2 year required), full and registered name of the business entity and the letter must be signed and dated by the CPA.

Jumbo mortgage loans

If a person need a jumbo loan, and he/she can verify income, assets, and have from 2 to 12 months of reserves for PITI (principal, interest, tax, and insurance), Great Northern Mortgage will arrange financing on the following terms:

Purchase, Refinance (Cash out and No cash out)

Primary, Second Home*

1 – 4 Family, Condo, Coop*

Maximum Loan to Value (LTV) Combined Loan to Value (CLTV)

90% to $800,000 (Primary, Purchase Refi)

85% to $1,500,000 (Primary, Purchase)

80% to $2,000,000 (Primary, Purchase Refi)

70% to $3,000,000 (Primary, Purchase)

65% to $5,000,000 (Primary, Purchase)

55% to $10,000,000 (Primary, Purchase)

Full Income/Full Assets

720 for Max LTV

*Occupancy (second home) and Type of Property (multifamily, condo, coop) may reduce LTV and loan amounts. Please call for details.

Jumbo mortgage loans

Great Northern Mortgage will arrange Foreign National Mortgage Loans on the following terms:

Purchase, Refinance (Cash out and No cash out)

Second Home, Investment Property

1 – 4 Family, Condo, Coop

5.5% – 6.5% – Second Home

7.25% – 8% – Investment Property (+.5% for Coop)

Different Portfolio Product

Loan to value can go up to 60%, with the max loan amount of $500,000. In this case the borrower must show 12 months PITI reserves and meet full documentation requirements indicated below. Expected rates are from 10% to 12%. Type of Transaction, Occupancy, Type of Property and Property State are the same as above.

* For all Non U.S. Citizens, income documentation will need to be translated and currencies must be converted to U.S. dollars.

Foreign Nationals, also known as Non-Resident Aliens, are individuals with foreign citizenship allowed to be in the country for personal or business purposes. They do not have “green cards” or other legal documents allowing them to work in the US. Banks will not lend to applicants with Diplomatic Immunity.

Permanent Resident Alien

Lawful permanent residents of the US that hold acceptable evidence of permanent residency issued by the INS, including : (A) INS Form I-551 Alien Registration Receipt “green card”, or I-751 with an unexpired date or (B) an Unexpired passport with an unexpired stamp reading “processed for I-551″. Temporary evidence of Lawful Admission for Permanent Residence. Valid until [date].” Employment Authorized”

Non-Permanent Resident Alien

Foreigners who live in the US on a temporary basis and have work visas. Documentation from the INS must verify that they are legally in this country and have work authorization. Acceptable documentation includes current passport with one of the following unexpired visas: E-1, E-2, H-1, L-1 or TN – NAFTA, if applicable. Note: Non-Permanent Resident Aliens with US Credit and a TN-NAFTA visa or no visa use Foreign National guidelines With US Credit .

Click HERE for more details on Foreign National Loans

Jumbo mortgage loans

Purchase, Refinance (No cash out only)

Primary, Second Home

1 2 Family, Condo

Full Income, Full Assets

Jumbo mortgage loans

Purchase, Refinance (Cash out and No cash out)

Investment Properties only

1 to 4 Family and Condominiums

NYC, Long Island, Westchester, Rockland and Northern NJ

75% to $1,500,000 (Purchase 1 Family and Condos) 70% to $1,500,000 (Refinance 1 Family and Condo) 75% to $1,750,000 (Purchase 2-4 Family)

70% to $1,750,000 (Purchase 2-4 Family)

Self-Employment Affidavit from CPA or attorney. Four months consecutive bank statements (personal) are required that shows monthly deposits sufficient to substantiate income stated. If using business bank statements, the bank can only use the amount paid for personal expenses as income and proof must be provided. Net worth of the applicant(s) must be equal to three to six times the annual income reported on Self-Employment Affidavit (can use net worth of the business, other properties, personal assets and so on). Post closing reserves are minimum 4 months.

Low 4% – Low 6% with 2 Points to Lender

Self Employed or 1099 only

Jumbo mortgage loans


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