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Jumbo Loan Options in NC

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Jumbo Loan Options in NC

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  1. Fairway Jumbo Loan Options QM and Non-QM

  2. Good for borrowers with high credit scores and high reserves Fairway Select QM Loan features include: • 10- to 30-year fixed rate loans • Maximum loan amounts: • 5/1, 7/1, 10/1 ARMs • $1,000,000 for first-time homebuyers • Fully amortizing ($1,500,000 allowed in CA, CT, NJ, NY • 2.25 margin with additional restrictions) • Minimum FICO: 700-760 • $2,500,000 for other borrowers

  3. Fairway Select QM Number of Units Allowed: 1-4 1-2 1 Primary Second Home Investment

  4. Fairway Select QM Other loan features: • Down payments as low as 15% with no mortgage insurance. • Secondary financing not allowed. • Rate & term and cash-out refinances allowed. • Debt-to-income (DTI)* ratio of up to 43% allowed. • Can have up to four financed properties. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  5. Good for borrowers with lower credit scores and lower reserves Fairway Choice QM Loan features include: • 10- to 30-year fixed rate loans • Maximum loan amounts: • 5/1, 7/1, 10/1 ARMs • $1,000,000 for first-time homebuyers • Fully amortizing ($1,500,000 allowed in CA, CT, NJ, NY • 3.5 margin with additional restrictions) • Minimum FICO: 661-680 • $2,000,000 for other borrowers

  6. Fairway Choice QM Number of Units Allowed: 1-4 1-4 1 Primary Second Home Investment

  7. Fairway Choice QM Other loan features: • Down payments as low as 10% with no mortgage insurance. • Secondary financing allowed. • Rate & term and cash-out refinances allowed. • Debt-to-income (DTI)* ratio of up to 43% allowed. • Non-warrantable condos and condotels allowed. • Can have up to 10 financed properties. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  8. Fairway Choice QM Non-Occupant Co-Borrower Loan Features: • Loan amounts up to $1,000,000. ($1,500,000 in CA, CT, NY, NJ.) • 1-unit primary residence. • Non-occupant borrower must be immediate family member. • Down payment as low as 20%. • Additional six months reserves required. • Down payment and reserves can be from occupant or non-occupant borrower. • Blended debt-to-income (DTI)* ratio of up to 43% allowed. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  9. Good for borrowers with high credit scores and high reserves and debt-to-income (DTI)* ratios above 43% Fairway Select Non-QM Loan features include: • Maximum loan amounts: • 20-, 25-, 30-year fixed rate loans • Minimum FICO: 700-740 • $1,000,000 for first-time homebuyers • Down payments as low as 20% ($1,500,000 allowed in CA, CT, NJ, NY • Secondary financing allowed. with additional restrictions) • $2,000,000 for other borrowers *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  10. Fairway Select Non-QM Number of Units Allowed: 1-4 1-2 1 Primary Second Home Investment

  11. Fairway Select Non-QM Other loan features: • Rate & term and cash-out refinances allowed. • Debt-to-income (DTI)* ratio of up to 43% allowed. • Minimum of 20% equity in your current residence. • 12 month reserves needed. • Must sign an affidavit certifying that current residence will be put up for sale within 90 days. • Can have up to 10 financed properties. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  12. Good for borrowers with lower credit scores and lower reserves and debt-to-income (DTI)* ratios above 43% Fairway Choice Non-QM Loan features include: • 10- to 30-year fixed rate loans • 5/1, 7/1, 10/1 ARMs • Fully amortizing • 3.5 Margin • Interest-only: 30-yr fixed rate, 5/1 and 7/1 ARMs • Minimum FICO: 661-680 • Maximum loan amounts: • $1,000,000 for first-time homebuyers ($1,500,000 allowed in CA, CT, NJ, NY with additional restrictions) • $2,000,000 for other borrowers *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  13. Fairway Choice Non-QM Number of Units Allowed: 1-4 1-4 1 Primary Second Home Investment

  14. Fairway Choice Non-QM Other loan features: • Down payments as low as 10% with no mortgage insurance. • Secondary financing allowed. • Rate & term and cash-out refinances allowed. • Debt-to-income (DTI)* ratio of up to 49.99% allowed for fixed rate loans; 47% for ARMs. • Minimum of 20% equity in your current residence. • 12 month reserves needed. • Must sign an affidavit certifying that current residence will be put up for sale within 90 days. • Non-warrantable condos and condotels allowed. • Can have up to 10 financed properties. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  15. Fairway Choice Non-QM Non-Occupant Co-Borrower Loan Features: • Loan amounts up to $1,000,000. ($1,500,000 in CA, CT, NY, NJ.) • 1-unit primary residence. • Non-occupant borrower must be immediate family member. • Down payment as low as 20%. • Additional six months reserves required. • Down payment and reserves can be from occupant or non-occupant borrower. • Blended debt-to-income (DTI)* ratio of up to 43% allowed. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  16. Good for borrowers with high credit scores who need a low down payment Jumbo Fairway Select 90 QM Loan features include: • Maximum loan amounts: • 20-, 25-, 30-year fixed rate loans • $1,000,000 for first-time homebuyers • 1-unit primary residences only • Minimum FICO: 720-740 ($1,500,000 allowed in CA, CT, NJ, NY with additional restrictions) • $1,500,000 for other borrowers

  17. Fairway Select QM Other loan features: • Down payments as low as 10% with no mortgage insurance. • Secondary financing not allowed. • Debt-to-income (DTI)* ratio of up to 38% allowed for first- time homebuyers; 43% allowed for other borrowers. • Can have up to two financed properties. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

  18. Copyright © 2019 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Equal Housing Lender. NC License Number 2289.

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