Jumbo Mortgage Austin Blog

In this post I will outline the best jumbo mortgage programs for specific loan amounts and loan to values. Assume a credit score of at least 700 is needed for all transactions. We will look at 10%, 15% and 20% down options. There are thousands of scenarios but this will give you a good guideline of the best programs out there. Keep in mind rates change daily and this is snapshot in time. There are interest only options as well as adding a prepayment penalty for a lower rate. I do not recommend adding a prepayment penalty, your rate will only be 1/8th lower. The benefit versus the potential cost just is not there for me. This is a cross sample of programs from 3 different banks.

The first Bank we will look at requires a at least a 20% down payment and has excellent rates on 3, 5, 7 year ARMS.

If your loan amount is between 417K and 999,999 these are the current ARM rates with 20% Down.

3/1 ARM 6.125%   5/1 ARM 6.25%  7/1 ARM 6.375%

If your loan amount is 1 Million to 1,499,999, these are the current ARM rates with 30% Down

3/1 ARM 6.375%  5/1 ARM 6.5%  7/1 ARM 6.625%

If your loan amount is 1.5 Million to 2 Million these are the current ARM rates with 40% Down

3/1 ARM 6.125%  5/1 ARM 6.375%  7/1 ARM 6.625%

 

The second bank has the best program bar none if your situation falls within the parameters.  This bank requires at least a 15% down payment and the loan amount must be from 417K to 900K. There is no mortgage insurance on these mortgages and no hits to the rate for a cashout. They will finance from a score as low as 650, but we will use 720 as our score for the pricing below. For loan amounts between 750K and 900K add .3 to the rate.

For loan amounts between 417K and 750K these are the current ARM rates with 15% down

3/1 ARM 5.75%  5/1 ARM 6.1%  7/1 ARM 6.35%

For loan amounts between 417K and 750K these are the current ARM rates with 30% down

3/1 ARM 5.05%  5/1 ARM 5.45%  7/1 ARM 5.95%  10/1 ARM 6.65%

15 year 6.45%  20 Year 6.45%  30 Year 6.7%

The 3rd bank we will look at has great pricing on jumbo mortgages with 10% down. A credit score of 700 is needed and the loan amount can go up to 1 Million. These mortgages do have mortgage insurance, but you will not find a better rate with only 10% down on a jumbo mortgage.  

3/1 ARM 5.375%  5/1 ARM 5.875%

If you have any pricing or qualification questions, give Josh Kohl a call at 512 342 1069.

This entry was posted on Saturday, November 22nd, 2008 at 8:15 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.