AD Power Jumbo is a financing option for homebuyers looking to purchase luxury properties and homes that fall outside of standard loan guidelines. It's a solution for those who cannot qualify for an agency loan due to the high price of their home.
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Power Jumbo loans are mortgages specifically designed for high-value properties. Conventional loans top out between $832,750 and $1,249,125 depending on the county. If your client needs a mortgage for something more expensive than Conventional loans can cover, they need a Power Jumbo loan.
There are many reasons why your borrowers might consider a Power Jumbo loan, such as
Your clients need a credit score of at least 660 to qualify for a Power Jumbo loan. Debt-to-income ratio requirements vary depending on home value.
They will also need proof of strong financial history. This means when they apply, they will need copies of their bank statements and investment accounts. They will also need to provide a full tax return from the most recent year and other income and tax documents like 1099s and W2s.
Having a large amount of cash available may also improve their chances of qualifying for a Power Jumbo loan.
Every type of mortgage has a limit on how much someone can borrow for a given property. Conventional loans, also called conforming loans, max out at a little over $832,750 in most areas. AD Power Jumbo loans have much higher limits and are designed for high-value properties.
AD Power Jumbo loans have more strict qualification requirements than conforming loans, but AD Mortgage has flexibility.
The maximum loan amount on AD Power Jumbo loan is as high as $5 million!
Interest rates for AD Power Jumbo loans are competitive with the rates for Conventional loans. The interest rate will vary based on each borrower’s unique financial situation, the property’s location and type, and the specific loan program.
Yes. A first-time homebuyer is eligible with no limitations on programs and loan amount. Minimum reserves 12 months.
Applicants can use a Power Jumbo loan to purchase a variety of property types, including primary, secondary residences, and investment properties.
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Great for needing a fast, easy underwrite on a Jumbo loan.
Yes, we run it as Approved/Ineligible
