Non-Conforming Mortgages also referred to as Jumbo Mortgages are unique in that they are not securitized with either Fannie Mae, Freddie Mac or FHA. These mortgage loans have to be held by servicing banks long term or until they can be bundled and sold as a private mortgage backed security.
The difference in this mortgage backed security is that there is typically no guarantee provided to the investor so consequently the mortgages are more difficult to obtain as the investors require more documentation, larger down payments and generally have stricter underwriting guidelines to help outset risk.
- Loan Amounts > $417,000 in Texas (state specific)
- 90%Financing
- No Monthly MI
- No Reserve Requirements
- 45% Back End Ratios
- Minimum Credit Score 660
- SFR Owner Occupied only
- Max Loan $2,000,000
Manufactured homes can be done on the non-conforming - jumbo program despite being under the typical loan limits. This is due to the ability of the investor to portfolio the mortgage.
- Minimum Credit Score 660
- SFR Owner Occupied only
- Max Loan $200,000
