Jumbo & Super
Jumbo Loan Programs:
Jumbo Mortgage Loans - These loans do not conform to the guidelines
established by Fannie Mae or Freddie Mac or exceed the conventional
loan limit which is called a Jumbo loan. Associate Mortgage provide loans and programs for loan amounts up to
6
million dollars, and more on
occasions, in Florida and
now New York. All loans below $2,000,000 are considered Jumbo
Loans and above $2,000,000 to $6,000,000 are considered Super Jumbo
Loans. Loan to value limits for all Jumbo loans range from 50%
to 95% depending on the loan amount - but call if you need something else not mentioned (Last Updated: 09/29/06). COMMITMENTS OVERVIEW
At the heart of Associate Mortgage are the 'Jumbo Commitments', five
service guarantees so powerful, you won't find another broker or lender with the courage to offer them—or back them
up.
The 5 Commitments:
1. 2 Day Underwriting to $2 Million 2. Same Condition Sign-Off 3. Same Day Doc Drawing 4. Same Day Review of Signed Docs 5. Same Day Funding These 'Jumbo Commitments' are applicable to the 5/1 I/O Arm posted on our
rate box and quotes are provided for our other programs (there is just so much time in our day, so we cannot post all
our rates). The Assumptions and Closing Costs (*) for this program's posted rate
are below.
APPLY NOW!
Our other Jumbo and Super Jumbo
Programs include:
No Doc Loans – 95% LTV Stated Income & No Ratio – 95% LTV 2nd Home Stated & No Ratio – 90% LTV Investor Stated & No Ratio – 85% LTV Stated Income Construction Perm – 95% LTV on 3 Yr. Fixed/ARM Interest only – 30 year fixed (10 year interest only, 20 year
amortization) Big Fixed Rate - Fixed rate mortgage in a variety of terms, e.g., 30
Year, 15 Years. 6 Month LIBOR ARM -
Six month adjustable rate mortgage that adjusts semi-annually 3/6 Month LIBOR ARM - Adjustable rate mortgage that has
a fixed rate for the first three years and adjusts semi-annually afterward 5/6 Month LIBOR ARM - Adjustable rate mortgage that has
a fixed rate for the first five years and adjusts semi-annually afterward 7/6 Month LIBOR ARM - Adjustable rate mortgage that has
a fixed rate for the first seven years and adjusts semi-annually afterward 3/1 Year ARM - Adjustable rate mortgage that has
a fixed rate for the first three years and adjusts annually afterward 5/1 Year ARM - Adjustable rate mortgage that has a
fixed rate for the first five years and adjusts annually afterward 7/1 Year ARM - Adjustable rate mortgage that has a
fixed rate for the first seven years and adjusts annually afterward 10/1 Year ARM - Adjustable rate mortgage that has a
fixed rate for the first ten years and adjusts annually afterward Interest Only Loans - Fixed and Adjustable rate mortgages
which require payment of interest only, you may elect to pay towards the principal if you desire 1 Month COFI, MTA and LIBOR Loans - Adjustable rate mortgages
that adjusts monthly throughout the life of the loan 1 Month and 6 Month No-Negative Amortization Loans - Adjustable rate mortgages
that adjusts monthly or every 6 months but you your loan balance does not increase due to deferred interest. We have
some programs amortized for 25 Years with 10 Year Interest Only Option.
If you don't see what you want,
just ask. There was just so much room...We
have many many programs for real estate in Florida
and now, through my new affiliation, in New York too!
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APPLY NOW! 'Jumbo Commitment'
Terms & Conditions:
-
EST (Eastern Standard
Time) used for all posted commitments.
Original loan packages must be received via Fed Ex by 12:00 noon for next day
guaranteed underwriting. All required
documents must be received;
see Required Submission Docs or materials -
Prior-to-Doc (PTD) Conditions must be
received via Fed Ex/E-mail by 10:00 a.m. for same day sign off.
-
Signed loan documents
must be received by 12:00 noon for same day review.
-
All
PTFs (Prior-to-Funding)
Conditions must be received by 9:30 a.m. for same day
funding.
-
Additional restrictions
may apply.
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APPLY NOW! REQUIREMENTS
FOR SUBMISSION
Pre-Approval or Electronic Register or Prelock Form. Typed 1008 & 1003 and Handwritten 1003
-
Credit Report
2 Years' Income (if Full Documentation Loan)
-
2 Months' Assets (if
full doc, SIVA or NIVA [No Income, Verified Assets])
Purchase Contract and/or Escrow Instructions (if purchase)
-
Preliminary Title
Report (if refinance)
-
Disclosures w/ Credit
Authorization
Appraisal
(not required but preferred) emailed
Back to Top of Page STANDARD PRIOR-TO-DOC CONDITIONS
NOTE: Responsible party for each conditions is listed within
parenthesis, e.g., (Broker) means Associate Mortgage is responsible (the Broker) for obtaining this information. Flood Determination & Appraisal Review. (Broker) Processor's Certification. (Broker) Estimated HUD-1. (Broker
and/or Borrower)
Letter of Explanation for:
- Derogatory Credit Explanation
- Recent Inquiries Explained
- Purpose of Cash
Out CPA Letter. (Broker) Final
Vesting on Preliminary or Broker Demand matching 1003. (Broker/Appraiser)
Electronic appraisal (PDF), w/digital signatures, supporting value. (Broker)
Title to verify property address ("Alta Supplement") matching appraisal and 1003. (Escrow/Title) Hazard insurance required (Refi = 3 months) w/ proof of
payment. If purchase, see PTF (Prior-to-Funding) below. (Lender) Verbal VOE 48 hours
prior-to-close & NRT final audit.
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APPLY NOW! STANDARD PRIOR-TO-FUNDING CONDITIONS
NOTE: Responsible party for each conditions is listed within parenthesis,
e.g., (Broker) means I am responsible (the Broker) for obtaining this information.
(Escrow/Title) Original Corrected Final Typed 1003/1008 signed/dated by
borrower(s). (Escrow/Title) Hazard insurance required (Purchase = 12 months) w/
proof of payment. If Refi, see PTD (Prior-to-Doc) above. (Escrow/Title) Certified copies of
escrow instructions & amendments for lender, terms & vesting. (Escrow/Title)
Approved "Closing Protection" letter from title company.
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APPLY NOW! Closing Costs: Loan Fees, Settlement Fees & Prepaid Fees
Closing costs are mortgage fees over and above the
price of the property, which you will be expected to pay at (or
prior to) closing.
There are fees you will be responsible for, either by paying them from your cash-out,
savings, financing them in the loan or with a higher interest rate to cover the expenses.
To learn more about Closing Costs and the details about Closing Costs go to
our page here...
|
|
GUARANTEED Closing Costs*
for 'Jumbo Commitment' Loans
* Program Closing Costs from Rate Sheet
*
|
| Appraisal Fee due Appraiser (can shop for qualified appraiser; estimated
cost) |
$450.00 |
| Credit Report |
$37.00 |
|
|
|
|
Paid Outside of Closing (POC) |
$487 |
|
|
| Application Fee |
-0- |
| Points Fee |
-0- |
|
Processing Fee |
$425.00 |
|
Administration Fee to Lender |
-0- |
|
Warehouse/Table Funding to Lender |
-0- |
| Courier/Overnight Fee |
$40.00 |
|
Flood Certification to Lender |
-0- |
|
Document Preparation Fee |
$150 |
| Underwriting Fee |
$470 |
Tax Service Fee to Lender
(Loan amounts > $500k, add $10 per
$100k) |
$100.00 |
|
|
|
|
Closing Costs |
$1,185 |
|
|
|
|
TOTAL Closing Costs w/ POC |
$1,672 |
|
|
|
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Please submit as much
detailed information as possible regarding your loan needs, income
and employment. The more information provided the more accurate the
quote.
Written Explanations: Often required by lenders
to inform them of prior or current conditions of credit, future plans and events that
occurred.
-
A satisfactory written
explanation signed by the applicant explaining the reason(s) for
adverse credit is required if the determination is made that the
adverse credit has a significant negative impact on the
creditworthiness of the applicant.
-
The explanation must
satisfactorily identify the reason(s) for the adverse credit and the
timing of the event(s) must be consistent with other application
information.
-
Documentation
supporting the applicants explanation(s) is required.
An
applicant with an unfavorable credit history may be deemed
acceptable if the occurrences of adverse credit use do not appear to
be typical for the borrower and are due to circumstances beyond the
applicants control. Additionally, the instances should not be
indicative of the applicants negligence or unwillingness to repay.
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Call us for more information and a free consultation.
When you get a Florida mortgage through us, we want it
to be a great experience!
Contact us directly at (561) 228-8563 or (888) 431-6387,
ask us a question
or two. Or, click on our Live Chat to
message us now!
We look forward to hearing from you,
our most important client!
Page Updated: 07/31/2007 First Published: 2001 |
