A&D Mortgage’s Prime Jumbo loan is a financing option for borrowers who intend to purchase a home outside of GSE guidelines. Borrowers who cannot qualify for an agency loan because the price of their home exceeds allowable limits can secure financing with a Non-QM loan from A&D.
Designed to finance luxury properties and homes in competitive real estate markets, Prime Jumbo mortgages come with unique underwriting requirements and tax implications, so it’s best to consult with a leader in the field, and that’s A&D Mortgage.
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Prime Jumbo loans are mortgages specifically designed for high-value properties. Conventional loans top out between $726,200 and $1,089,300 depending on the county. If your client needs a mortgage for something more expensive than Conventional loans can cover, they need a Prime Jumbo loan.
There are many reasons why your borrowers might consider a Prime Jumbo loan, such as
Your clients need a credit score of at least 660 to qualify for a Prime 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 Prime 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 $600,000 in most areas. Prime Jumbo loans have much higher limits and are designed for high-value properties.
Prime Jumbo loans have more strict qualification requirements than conforming loans, but A&D has flexibility.
The maximum loan amount on A&D’s Prime Jumbo loan is as high as $3 million and LTVs up to 80.00%!
Interest rates for Prime 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 only for a 30-year Fixed Primary residence with a maximum loan amount of $2.5 million. Maximum DTI is 43% and minimum reserves for loan amounts greater than $2 million are 24 months PITIA. Non-warrantable condominiums and rural properties are considered only on a case-by-case basis.
Applicants can use a Prime Jumbo loan to purchase a variety of property types, including a vacation home, investment property, or primary residence.
Great for needing a fast, easy underwrite on a Jumbo loan.
Yes, we run it as Approved/Ineligible
Yes, we will manually underwrite for any loan over $2 million with a maximum loan amount of $3 million.
