Frequently Asked Questions
What is the interest rate on a jumbo loan?
Interest rates on jumbo loans are higher than interest rates on conventional loans. This is because jumbo loans are considered to be riskier than conventional loans. The average APR for a 30-year fixed jumbo mortgage is 6.89%, while the APR for a 30-year fixed jumbo refinance is 6.94%. This means that if you have a jumbo mortgage, and you are considering refinancing, now might be a good time to do so. Rates are still relatively low, and they are not expected to rise significantly in the next few months.What is the Investor Cash Flow Program?
The Investor Cash Flow Program provides loans to investors who are seeking to purchase properties that will generate rental income. The program is designed to provide funding for the purchase price of the property, as well as any necessary renovations and repairs. The loan is typically interest-only and is paid back via the rental income generated by the property.What is the jumbo loan down payment?
To qualify for a jumbo loan, most lenders require a minimum down payment of 20%. However, some programs allow a smaller down payment, so, it is important to compare different jumbo loans before picking one that is right for you.What Is the Loan Limit for first time home buyer mortgage?
The loan limit for conventional, VA, USDA, and FHA loans is $647,200 as of January 1, 2022. First time home buyer mortgage maximum amount on the CalHFA is the FHFA High-Cost Loan Limit of $970,800What is the minimum credit score for a California jumbo loan?
The minimum credit score for a jumbo loan in California is 680. However, most lenders will require a credit score of 700 or higher.What is the minimum credit score required for a first time home buyer loan?
You should have a credit score of 640 or higher. However, having a higher credit score may result in better loan terms.What is the minimum down payment for a jumbo loan?
The minimum down payment for a jumbo loan is typically 20% of the purchase price. However, some lenders may require a higher down payment, depending on the borrower’s credit history and other factors.What is the minimum down payment required for FHA loans?
The minimum down payment required is 3.5%. It can come from your savings, a gift from a family member, or a grant from a state or local government program.What kind of interest rate can I expect?
Interest rates for NON-US resident mortgages are typically higher than they are for traditional mortgages. However, rates can vary significantly depending on the lender and the type of loan you choose.What type of visa do I need to get a loan?
Any type of visa that allows you to stay in the US for at least 3 years should suffice. This includes student visas, work visas, and even some tourist visas.What’s the difference between DSCR and LTV?
LTV, or loan-to-value ratio, is another financial ratio that lenders use to assess a borrower’s risk. The higher the LTV, the riskier the loan. A loan with an LTV of 80% is considered high risk because it means that the borrower has put up little equity in the property. A loan with a lower LTV is considered less risky because it means that the borrower has more equity in the property.
If you’re considering a DSCR loan for your next real estate investment, contact LBC Mortgage today. We can help you find the right loan for your needs and answer any questions.