Before you compare mortgage lenders for your high-value property, whether it be purchase or refinance, keep in mind that much of the financial advice you’ll see online is geared toward typical 30-year fixed rate home loans. That advice is geared toward loan sizes a fraction of the value compared to super jumbo mortgages of up to $15 million or more. Super jumbo home loans, along with regular jumbo loans that exceed county FHFA loan limits, have underwriting criteria that differ from conventional mortgages. Practically none of the advice you’ll see for getting a conventional loan that conforms to Fannie Mae or Freddie Mac guidelines will be useful for you to get a mortgage up to $15 million.
Flexible Underwriting Standards
You’ll find flexible underwriting standards with super jumbo home loans. You don’t even need to be a citizen or a resident. Likewise, you can also qualify with alternative income documentation or assets. Furthermore, you can use business income statements and profit-and-loss statements.
Differing Down Payment Requirements
You can find super jumbo home mortgages that require differing levels of down payment. You may be able to find jumbo mortgage loans with a down payment of 5% or 10%. Other programs may require higher down payments, but loan terms in the super jumbo environment can also be flexible. You may be able to structure a loan up to $15 million that perfectly fits your financial goals, whether you’ll be selling another property or financing your purchase through other funds and assets, including but not limited to businesses. A qualified Independent Mortgage Broker may have the specialized niche loan product or be able to design one around your unique situation, which could in turn enable you to make that mega million dollar property purchase you previously thought not possible.
Fixed Rate vs. Adjustable Rate Super Jumbo Mortgages
You can find interest-only mortgages, or 15-year fixed or 30-year fixed super jumbo mortgages up to $15 million. Adjustable rate mortgages with varying terms are also available in super jumbo mortgages. You may find the 5/1 ARMS, 7/1 ARMS, and 10/1 ARMS more competitive and in line with your overall financial needs. Or the interest-only options a better overall fit for your global debt service cash flow objectives.
You don’t need to fit into the standard conventional mortgage “box” if you want to buy a property worth $15 million or more. Working with a knowledgeable independent mortgage broker such as California Platinum Loans, you can evaluate a variety of pathways to getting the super jumbo mortgage you want and need. Think of California Platinum Loans like a jumbo mortgage concierge, who can make your path toward the property and home loan you desire as smooth as possible. Get in touch with us to learn more about how we can make that happen for you today!