Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes, and usually require a higher down payment than traditional loans.
The Envoy Jumbo Loan Program* offers competitive rates and a number of other exceptional features:
Loan amounts up to $1.5 million for primary residences
Available for purchases, rate/term refinances and cash out refinances
LIBOR ARMs (with a low 2.25% margin and fixed rate options available)
Maximum 75% LTV (for loan amounts up to $1.5 million**)
Maximum 80% LTV (for loan amounts up to $1 million**)
Minimum credit score of 720
*For loan amounts over $417,000
**A reduction of the maximum allowable LTV/TLTV by 5-15% may be required if the property is located in a declining market. Additionally, a reduction of 5% to the maximum LTV/TLTV is required for condominiums.
