More Good News for High-End
These loans have continued to be a good bargain in comparison to the past, due to current rate climate and Lenders' appetites for high-end, high-performance loans to well-qualified Borrowers.
Great! But for my American Portfolio Mortgage Corp. customers, existing or new, the news just got even better ...
Generally, loans above 80% of the Sales Price/Appraised Value (whichever is less) have been required to carry Private Mortgage Insurance (PMI). With American Portfolio Mortgage Corp.'s new CORE JUMBO Program ... clients will NOT be required to have Private Mortgage Insurance.
This option is available to any of my Borrowers with the following qualification:
- Borrower must be capable of putting down 10.1% of the Purchase Price ... up to $1.5 Million Loan Amounts
Also: Specific qualifications must be met on the following:
- Credit Score
- Housing Payment History
- Employment History
The loan type will be a 5/1 ARM. Funds for down payment will be verified. Funds must come from the Borrower's own funds*.
Note: * There is a minimum of 5% that must be the Occupying Borrower's own funds.
Other benefits to the APMC CORE JUMBO Program include higher loan amounts and/or allowed for lower Credit Score Borrowers with larger down payments (20% or more down).
Credit Scores can be as low as 700 ...
Borrowers with high incomes, relatively mobile in their employment/professions, and experiencing challenges in amassing a 20% down payment, will especially benefit from the flexibility of American Portfolio Mortgage Corp.'s new CORE JUMBO Program.
The following special features are also included within the APMC CORE JUMBO Program:
- Second Home Buyers can participate, but must comply to program restrictions
- Investors can also participate, but also must comply to program restrictions
- Traditional (Warrantable) Condominiums are eligible
As with most financing programs, certain restrictions do apply. Please contact me to see how my APMC CORE JUMBO Program can prove beneficial to you and to seek a customized review of your personal financial scenario ... State restrictions do apply...
* Hoping to Buy, Build, or Refinance a home in the Chicagoland area? Contact Me today! I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.
Referrals are always welcomed!