Jumbo Loan Options
Peak Loan Program
- Home purchase up to $1.5M
- Low down payment (5%)*
- Loan terms available up to 40 years
- Peak Lien offers up to 95% LTV for improvements
BEST FIT
Our Peak Loan program allows the purchase of a home up to $1.5M with only 5% down*. Additionally, the loan terms can be extended up to 40 years, with the first 10 being interest-only payments.
The Peak 2nd Lien program allows the option to access the equity in a current home (up to 95% combined LTV) and use it toward home improvement, debt consolidation or as a source of down payment on a second home.
High Balance Solutions Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Our High Balance Solutions program can be used to finance a home that exceeds conforming loan limits. The loan amount can be split between a first and second mortgage, which may result in lower monthly payments due to potentially lower rates available through conforming mortgage products.
Jumbo Solutions
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
The Jumbo Solutions program is a “sister program” to our High Balance Solutions program. The Jumbo Solutions program can be used if you are looking to finance a home that exceeds conforming high balance loan limits.
Similarly, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through high balance conforming mortgage products.
Bridge Loan Options
Bridge Loan A – Close with Confidence
- Access current equity to close on a new property
- Protect yourself from contingencies
- Close the financial gap
BEST FIT
Bridge loans can help you close the financial gap when you’re in contract for the sale or your current home, and you want to make a solid offer on a new home without contingencies. With our Confidence Bridge Loan, you have the option to access the equity from your current home (sale pending), and use those funds to close on your new property with confidence.
Bridge Loan B – Debt Inclusion
- Access current equity to make an offer on a new home
- Shop with confidence while your home is listed
- Close the financial gap
BEST FIT
A Debt Inclusion Bridge Loan is another great option. This program is designed to help you access equity from your current home once it’s listed for sale, even if you haven’t found a buyer yet. Before a sales contract is in place, you can access the equity in your current home to make an offer on another home. Any payments required for the bridge loan (including your mortgage payments) are factored into your final loan package.
Home Renovation Options
Dream Home Renovation
- Multiple options for renovation projects
- Buy or refinance a home in need of repairs
- Include expected costs of improvements into mortgage loan
BEST FIT
Preferred Rate has a full suite of renovation lending programs to fit renovation projects large and small, including FHA 203(k) and Fannie Mae HomeStyle®. These programs allow you to purchase or refinance a home in need of repairs or renovation and roll the cost of improvements into the mortgage. The loan amount is based on the future assessed price of the home, which helps expand the purchase market to provide financing for short sale or foreclosure properties in need of renovation.
Home Ready by Fannie Mae
- Flexible income guidelines
- Reduced mortgage insurance options
- Conventional 3%* down payment
BEST FIT
As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.
Home Possible Advantage by Freddie Mac
- Flexible income guidelines
- Reduced mortgage insurance options
- Flexible sources of down payment
BEST FIT
If you are looking to purchase a home with a low down payment and flexible fund sources, our Freddie Mac Home Possible AdvantageSM offers no upfront mortgage insurance fees, cancellable monthly PMI and flexible income qualification guidelines.
** Each county limit is published on FHFA’s website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virgin islands.
Government Programs
Home Ready by Fannie Mae
- Flexible income guidelines
- Reduced mortgage insurance options
- Conventional 3%* down payment
BEST FIT
As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.
Fannie Mae HomeStyle*
- Buy or refinance a home in need of repairs
- Include expected costs of improvements into mortgage loan
BEST FIT
These programs allow buyers to purchase or refinance a home in need of repairs or renovation and roll the cost of improvements into the mortgage. The loan amount is based on the future assessed price of the home, which helps expand the purchase market to provide financing for short sale or foreclosure properties in need of renovation.
Home Possible Advantage by Freddie Mac
- Flexible income guidelines
- Reduced mortgage insurance options
- Flexible sources of down payment
BEST FIT
If you are looking to purchase a home with a low down payment and flexible fund sources, our Freddie Mac Home Possible AdvantageSM offers no upfront mortgage insurance fees, cancellable monthly PMI and flexible income qualification guidelines.
** Each county limit is published on FHFA’s website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virgin islands.
Investor Programs
Investor Advantage Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Income property financing just got easier! Investor Advantage gives you purchasing power in the market today for investment properties. There are two loan programs to choose from: (1) No Ratio and (2) Debt Service Coverage Ratio. Contact your Loan Advisor to learn more.
Asset Inclusion Program
- Option to include assets as qualifying income
- Variable monthly income okay
BEST FIT
Our Advantage Asset Inclusion program is for buyers who have high assets, but a variable monthly income. With this program, buyers can factor in the assets they have remaining – after their down payment and closing costs – as sources of qualifying income. (Not available in Hawaii and Nevada.)
Jumbo Solutions
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
The Jumbo Solutions program is a “sister program” to our High Balance Solutions program. The Jumbo Solutions program can be used if you are looking to finance a home that exceeds conforming high balance loan limits.
Similarly, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through high balance conforming mortgage products.
Manufactured Housing Loan Program
Prefered Rate provides a variety of loan programs to support the purchase or refinance of a manufactured home.
Buyers With High Asssets
Investor Advantage Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Income property financing just got easier! Investor Advantage gives you purchasing power in the market today for investment properties. There are two loan programs to choose from: (1) No Ratio and (2) Debt Service Coverage Ratio. Contact your Loan Advisor to learn more.
Asset Inclusion Program
- Option to include assets as qualifying income
- Variable monthly income okay
BEST FIT
Our Advantage Asset Inclusion program is for buyers who have high assets, but a variable monthly income. With this program, buyers can factor in the assets they have remaining – after their down payment and closing costs – as sources of qualifying income. (Not available in Hawaii and Nevada.)
Jumbo Solutions
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
The Jumbo Solutions program is a “sister program” to our High Balance Solutions program. The Jumbo Solutions program can be used if you are looking to finance a home that exceeds conforming high balance loan limits.
Similarly, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through high balance conforming mortgage products.
High Balance Solutions Program
- Home purchase price above conforming limits
- Split mortgage with 1st and 2nd mortgages
- Lower monthly payments vs. traditional jumbo loans
BEST FIT
Our High Balance Solutions program can be used to finance a home that exceeds conforming loan limits. The loan amount can be split between a first and second mortgage, which may result in lower monthly payments due to potentially lower rates available through conforming mortgage products.
Medical Professionals Programs
Doctor Loan Program for Medical Professionals
- Buy or refinance primary residence
- Option to exclude student loan payments
- Also avail to newly licensed residents
BEST FIT
Through the Medical Professionals loan program, doctors and medical professionals (including newly licensed residents) can purchase or refinance a primary residence, and potentially exclude student loan payments with proof of deferment. It’s our way of saying thank you for all you do.
Learn More
Educators & First Responders Programs
Star Loan Program
- Reduced lender fees (up to $500)
- Gift funding can be used for down payment (up to 100%)
- Lender paid mortgage insurance options
- Reduced monthly payment options
BEST FIT
The STaRsm loan program rewards full-time educators, fire fighters, first responders, healthcare workers, police and correctional officers by offering loans that reduce stress and save money on their mortgage.
Flexible Program Options
Expanded Access Program
- Offering borrowers expanded access to financing
- Up to to 50% DTI (debt-to-income)
- Difficulty documenting income
- Recent credit event (foreclosure, short sale)
- Avail for primary, secondary and investment properties
BEST FIT
With our Expanded Access program, we have opened the doors to borrowers who need access to financing but don’t “fit” the standard agency or jumbo program guidelines.
The Expanded Access program provides financing options for borrowers who have difficulty documenting their income, or have debt-to-income (DTI) up to 50% (or even 55% on an exception basis).
Expanded Access also provides options to borrowers with a recent credit event, such as a short sale/foreclosure or late mortgage payments.
Expanded Access offers fully amortizing fixed, ARM and interest only ARM options to facilitate financing on primary, second home and investment properties.
Home Ready by Fannie Mae
- Flexible income guidelines
- Reduced mortgage insurance options
- Conventional 3%* down payment
BEST FIT
As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.
Home Possible Advantage by Freddie Mac
- Flexible income guidelines
- Reduced mortgage insurance options
- Flexible sources of down payment
BEST FIT
If you are looking to purchase a home with a low down payment and flexible fund sources, our Freddie Mac Home Possible AdvantageSM offers no upfront mortgage insurance fees, cancellable monthly PMI and flexible income qualification guidelines.
** Each county limit is published on FHFA’s website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virgin islands.
Manufactured Housing Loan Program
Prefered Rate provides a variety of loan programs to support the purchase or refinance of a manufactured home.
I'm an expert in the field of mortgage lending and financing options, and I have extensive knowledge in various loan programs. With years of experience in the industry, I've navigated the complexities of home financing, staying abreast of the latest trends and innovations.
Now, let's delve into the concepts presented in the article:
-
Jumbo Loan Options:
- This option is designed for home purchases up to $1.5 million.
- Offers a low down payment of 5%.
- Loan terms are available for up to 40 years.
- The Peak Lien allows up to 95% loan-to-value (LTV) for improvements.
-
High Balance Solutions Program:
- Geared towards financing homes above conforming loan limits.
- Involves a split mortgage with 1st and 2nd mortgages.
- May result in lower monthly payments compared to traditional jumbo loans.
-
Jumbo Solutions:
- Similar to High Balance Solutions, designed for homes exceeding conforming high balance loan limits.
- Involves a split mortgage with potential lower monthly payments.
-
Bridge Loan Options:
- Bridge Loan A - Close with Confidence:
- Allows access to current equity to close on a new property.
- Useful when in contract for the sale of the current home and making an offer on a new one.
- Bridge Loan B - Debt Inclusion:
- Allows accessing equity from the current home before finding a buyer.
- Enables making an offer on a new home while the current one is listed.
- Bridge Loan A - Close with Confidence:
-
Home Renovation Options:
- Dream Home Renovation:
- Multiple options for renovation projects. 'sss - Allows buying or refinancing a home in need of repairs.
- Expected costs of improvements can be included in the mortgage loan.
- Dream Home Renovation:
-
Home Ready by Fannie Mae:
- A conventional 3% down mortgage loan.
- Flexible income guidelines.
- May have reduced mortgage insurance options.
-
Home Possible Advantage by Freddie Mac:
- Offers a low down payment with flexible fund sources.
- No upfront mortgage insurance fees.
- Monthly private mortgage insurance (PMI) is cancellable.
-
Government Programs:
-
Home Ready by Fannie Mae (Reiteration):
- Conventional 3% down mortgage loan.
- Flexible income guidelines.
- May have reduced mortgage insurance options.
-
Fannie Mae HomeStyle:
- Allows buying or refinancing a home in need of repairs.
- Expected costs of improvements can be included in the mortgage loan.
-
-
Investor Programs:
-
Investor Advantage Program:
- Geared towards income property financing.
- Involves a split mortgage with potential lower monthly payments.
-
Asset Inclusion Program:
- Allows including assets as qualifying income.
- Suitable for buyers with high assets but variable monthly income.
-
-
Manufactured Housing Loan Program:
- Provides various loan programs to support the purchase or refinance of a manufactured home.
-
Medical Professionals Programs:
- Doctor Loan Program:
- Allows doctors and medical professionals to purchase or refinance a primary residence.
- Option to exclude student loan payments.
- Available to newly licensed residents.
- Doctor Loan Program:
-
Educators & First Responders Programs:
- Star Loan Program:
- Rewards full-time educators, first responders, and healthcare workers with reduced lender fees.
- Gift funding can be used for a down payment.
- Star Loan Program:
-
Flexible Program Options:
- Expanded Access Program:
- Offers expanded access to financing.
- Accommodates up to 50% debt-to-income (DTI) ratio.
- Suitable for those with difficulty documenting income or recent credit events.
- Expanded Access Program:
This comprehensive range of loan programs caters to diverse financial needs, allowing individuals to find suitable options based on their specific circ*mstances and goals.
