Almost Miss Jumbo Loans With Only 3.5% Discount!
Many potential homebuyers are put off by the stringent eligibility criteria and high down payments that many loans require. While the big banks and credit unions are great for standard jumbo loans that offer more affordable financing, large numbers of people are still denied them. This is because most jumbo lenders with perfect credit still want a 20% down payment. If you land slightly outside of your underwriting parameters, you will most likely be rejected.
To enable more borrowers to qualify for jumbo loans, Griffin Funding has expanded the underwriting box while maintaining very competitive interest rates. We’ve designed these loans with “common sense” in mind, allowing us to offer our near-failure jumbo loans at a discount of just 3.5%.
We will allow…
- 620 credit rating for loan amounts up to $2.5 million (30% haircut required)
- 660 credit rating for loan amounts up to $2.5 million (20% haircut required)
- 700+ credit rating for loan amounts up to $1.5 million (3.5% haircut required)
- 700+ credit rating or loan amounts up to $1.75 million (5% haircut required)
- 720+ credit score for loan amounts up to $3 million (only 10% haircut required) -> Apply now
- Up to 55% debt to income ratio
- As little as 10% discount on a second home
What is a Fast Miss Jumbo Loan?
A fast miss jumbo loan, also known as a big bank turndown, is a subtype of jumbo loan intended for people who need a large sum of money to buy a home because they don’t have the necessary cash . A fast miss jumbo mortgage is considered a non-qualifying (non-QM) mortgage loan. This type of alternative credit also includes asset-based mortgages, which are recommended for high-net-worth borrowers, and bank statement loans for self-employed borrowers. Non-QM loans are not required to meet Consumer Financial Protection Bureau standards for qualifying mortgages.
To meet the needs of a growing number of potential borrowers who do not meet the more stringent requirements of Freddie Mac or Fannie Mae loans, Fast Miss Jumbo mortgages were created with less restrictive parameters. While you still need respectable credit and a sizable income, near jumbo loans are more forgiving if you have fluctuating cash flows or “good credit debt” like large student loans.
Fast Miss Jumbo Mortgages are available for primary and secondary owner-occupied homes. We are one of the few lenders in the country that only requires a 10% discount on a second home/holiday home.
When is a Fast Miss Jumbo Loan Recommended?
Typically, fast-miss jumbo loans are recommended for those who narrowly miss approval for traditional mortgage loans and standard jumbo loans — such as people who previously declined for a mortgage loan due to a high debt ratio, a recent credit event, low became income that is stated in the tax return or that has been self-employed for less than two years. Those with large student loan debts also have difficulty buying homes and investing in real estate due to the stringent credit requirements, and may be well-suited for these types of loans.
Fast Miss Jumbo mortgages are popular with young aspiring first-time buyers, long-term homeowners trying to refinance, or those looking to buy a second home. If any of these circumstances apply to you, consider a Fast Miss Jumbo Loan to secure the funds you need.
Do jumbo loans require a 20% down payment?
While standard jumbo loans typically require at least a 20% haircut to reduce the lender’s risk, Griffin Funding’s near-jumbo loans do not.
Can you get a jumbo loan with a 3.5% discount?
Yes, qualified applicants can secure a jumbo loan at a 3.5% discount. This lower down payment has opened up the possibility of home ownership to a larger segment of the population. The deposit required depends on several factors, including the amount you wish to borrow.
What Qualifies You for a Fast Miss Jumbo Loan?
Fast miss jumbo loans have extended the luxury of home ownership to more borrowers. Instead of being fired quickly based on black-and-white qualifications, borrowers are viewed on a broader level. Fast Miss Jumbo Loans allow lenders to consider a broader borrower profile, including a slightly lower FICO score, to determine your ability to repay the loan. Therefore, we offer more flexible conditions for qualifying for jumbo loans in near misses:
- Instead of 20% discount, we only allow 3.5% discount up to $1.5 million, 5% discount up to $1.75 million, and 10% discount up to $3 million (available loan amounts up to to $5 million with higher deposit).
- Instead of the normal 43% debt-to-income ratio, we allow you to go as high as 55%.
- Instead of a 720+ credit score, we allow a 620 credit score (no credit events in the last 4 years and credit scores below 720 require larger deposits)
- No mortgage insurance
With some jumbo programs, instead of tax returns, which may not accurately reflect your income, to qualify, we may use bank statements to verify your income if you are a self-employed homebuyer.
Maximum Almost Miss Jumbo Loan Amount
Griffin Funding strives to provide customer-focused lending options, including sufficient loan amounts for our Fast Miss Jumbo Mortgages. Borrowers can get a near jumbo loan for up to $1.5 million with a 3.5% down payment and $3 million with a 10% down payment, or up to $5 million with a larger down payment.
- Get a loan of up to $1.5 million with a 3.5% down payment!!!
- Get a loan of up to $3 million with a 10% deposit!!!
Flexible loan terms
Rather than just offering a 30-year or 15-year fixed-rate mortgage, we also offer a 40-year fixed-rate, 7-year, and 5-year adjustable-rate mortgage (ARMS) with an interest rate option for the first 10 years. The lower interest rate in the early years of your mortgage will benefit you in the long run because you will accrue less interest on your loan, especially if you can repay a significant portion within the first few years. If you only make interest payments initially, you may end up paying higher mortgage payments after the specified term. However, it can be beneficial if you’re focused on paying off student loans, investing in multiple properties, or have limited cash flow for other reasons.
Imagine being able to buy your dream home for $3.5 million by paying a 15% down payment! You would have a loan amount under $3 million that you could fund with a 30 year fixed rate mortgage paying only interest for the first 10 years! (Interest only requires a 15% discount up to $3 million or a 10% discount up to $2.5 million.)
Imagine being able to buy your dream home for $3.3 million by paying just 10% down payment! You would have a loan amount under $3 million that you could fund with a 30-year fixed-rate mortgage or 7-year arm.
Imagine having a 700+ credit score and being able to buy your dream home for $1.5 million paying just 3.5% less ($52,500)!
Apply for a Fast Miss Jumbo Loan
When you’ve encountered obstacles trying to qualify for a mortgage, it can feel like you’ve run out of options. Our knowledgeable team can help move you in the right direction by determining whether a near-miss jumbo loan or another non-QM loan is the best solution for you.
The home buying process may seem complicated and lengthy, but our experts value efficiency and strive to complete purchase loans in 30 days or less. With diverse and flexible mortgage options, like our 3.5 Down Jumbo Loan, securing a loan with Griffin Funding Bayside makes applying for a loan and buying your first or second home a whole lot easier.
Contact the experts today at 619-393-8458 or visit our GF Bayside location at the historic El Cordova Hotel Plaza at 1339 Orange Avenue, Suite 8, Coronado.