Ever Heard of The Term Flexible Underwriting? How Can You Use It For Jumbo And Super Jumbo Mortgages Up to $10 Million?

Flexible underwriting means exactly what it says. While some standard mortgages come with standard underwriting criteria, and “conforming” mortgages must be under the loan limit set by the Federal Housing Finance Agency (FHFA) and meeting Freddie Mac and Fannie Mae funding criteria, a jumbo home mortgage or super jumbo home loan doesn’t fit in those criteria. Mortgage lenders who make super jumbo home loans of $5 million, $10 million, or $15 million or more establish their own underwriting standards. They can be flexible about who they’ll lend to, how much they’ll lend, and interest rates and terms.

Flexible Underwriting Balances Risk And Opportunity

The purpose of the underwriting process is to assess risk to the lender and evaluate the financial opportunity the loan represents. Super jumbo mortgages of $10 million and above are almost by their nature, one-of-a-kind transactions for any lender. 

When you hear the words “flexible underwriting” and you’re in a unique financial circumstance and able to purchase a high-priced elite home or luxury estate, you can be assured that your needs will be considered carefully by lenders.

What Are Some Alternatives to the Conventional Mortgage Underwriting Processes?

You can qualify for alternative mortgage products on high-dollar value home purchases through a variety of means, including:

  • Business income

  • Foreign national homeowners

  • Asset evaluation

  • Investment properties

  • Adjustable Rate and Interest-only mortgages

  • Sub-Prime jumbo loans

  • Flexible down payments

  • New construction loan options

You may want to buy a one-of-a-kind property, and chances are you don’t fit into a “one size fits all” underwriting process meant for moderate-income buyers who want to buy average-priced properties. Flexible underwriting can help you buy the home you want and obtain the mortgage product that’s right for you and your needs. Access flexible underwriting and review a variety of super jumbo home loan programs up to $10 million or even $15 million by working with a qualified and experienced jumbo home mortgage specialist. 

Sources

https://www.investopedia.com/terms/u/underwriting-standards.asp

 

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