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Jumbo & Super Jumbo Loan Programs:

Jumbo Mortgage Loans - These loans do not conform to the guidelines established by Fannie Mae or Freddie Mac or exceed the conventional loan limit which is called a Jumbo loan. Associate Mortgage provide loans and programs for loan amounts up to 6 million dollars, and more on occasions, in Florida and now New York. All loans below $2,000,000 are considered Jumbo Loans and above $2,000,000 to $6,000,000 are considered Super Jumbo Loans. Loan to value limits for all Jumbo loans range from 50% to 95% depending on the loan amount - but call if you need something else not mentioned (Last Updated: 09/29/06).

COMMITMENTS OVERVIEW

At the heart of Associate Mortgage are the 'Jumbo Commitments', five service guarantees so powerful, you won't find another broker or lender with the courage to offer them—or back them up.

 

The 5 Commitments:

1. 2 Day Underwriting to $2 Million

2. Same Condition Sign-Off

3. Same Day Doc Drawing

4. Same Day Review of Signed Docs

5. Same Day Funding

These 'Jumbo Commitments' are applicable to the 5/1 I/O Arm posted on our rate box and quotes are provided for our other programs (there is just so much time in our day, so we cannot post all our rates). The Assumptions and Closing Costs (*) for this program's posted rate are below.

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These 'Jumbo Commitments' are subject to Terms & Conditions¹.

Our other Jumbo and Super Jumbo Programs include:
 

No Doc Loans – 95% LTV

Stated Income & No Ratio – 95% LTV

2nd Home Stated & No Ratio – 90% LTV

Investor Stated & No Ratio – 85% LTV

Stated Income Construction Perm – 95% LTV on 3 Yr. Fixed/ARM

Interest only – 30 year fixed (10 year interest only, 20 year amortization)

Big Fixed Rate - Fixed rate mortgage in a variety of terms, e.g., 30 Year, 15 Years.

6 Month LIBOR ARM - Six month adjustable rate mortgage that adjusts semi-annually

3/6 Month LIBOR ARM - Adjustable rate mortgage that has a fixed rate for the first three years and adjusts semi-annually afterward

5/6 Month LIBOR ARM - Adjustable rate mortgage that has a fixed rate for the first five years and adjusts semi-annually afterward

7/6 Month LIBOR ARM - Adjustable rate mortgage that has a fixed rate for the first seven years and adjusts semi-annually afterward

3/1  Year ARM - Adjustable rate mortgage that has a fixed rate for the first three years and adjusts annually afterward

5/1 Year ARM - Adjustable rate mortgage that has a fixed rate for the first five years and adjusts annually afterward

7/1 Year ARM - Adjustable rate mortgage that has a fixed rate for the first seven years and adjusts annually afterward

10/1 Year ARM - Adjustable rate mortgage that has a fixed rate for the first ten years and adjusts annually afterward

Interest Only Loans - Fixed and Adjustable rate mortgages which require payment of interest only, you may elect to pay towards the principal if you desire

1 Month COFI, MTA and LIBOR Loans - Adjustable rate mortgages that adjusts monthly throughout the life of the loan

1 Month and 6 Month No-Negative Amortization Loans - Adjustable rate mortgages that adjusts monthly or every 6 months but you your loan balance does not increase due to deferred interest. We have some programs amortized for 25 Years with 10 Year Interest Only Option.

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If you don't see what you want, just ask. There was just so much room...We have many many programs for real estate in Florida and now, through my new affiliation, in New York too!

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'Jumbo Commitment' Terms & Conditions:

  1. EST (Eastern Standard Time) used for all posted commitments.

  2. Original loan packages must be received via Fed Ex by 12:00 noon for next day guaranteed underwriting.

  3. All required documents must be received; see Required Submission Docs or materials

  4. Prior-to-Doc (PTD) Conditions must be received via Fed Ex/E-mail by 10:00 a.m. for same day sign off.

  5. Signed loan documents must be received by 12:00 noon for same day review.

  6. All PTFs (Prior-to-Funding) Conditions must be received by 9:30 a.m. for same day funding.

  7. Additional restrictions may apply.

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REQUIREMENTS FOR SUBMISSION

  1. Pre-Approval or Electronic Register or Prelock Form.

  2. Typed 1008 & 1003 and Handwritten 1003

  3. Credit Report

  4. 2 Years' Income (if Full Documentation Loan)

  5. 2 Months' Assets (if full doc, SIVA or NIVA [No Income, Verified Assets])

  6. Purchase Contract and/or Escrow Instructions (if purchase)

  7. Preliminary Title Report (if refinance)

  8. Disclosures w/ Credit Authorization

  9. Appraisal (not required but preferred) emailed

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STANDARD PRIOR-TO-DOC CONDITIONS

  1. NOTE: Responsible party for each conditions is listed within parenthesis, e.g., (Broker) means Associate Mortgage is responsible (the Broker) for obtaining this information.

  2. Flood Determination & Appraisal Review.

  3. (Broker) Processor's Certification.

  4. (Broker) Estimated HUD-1.

  5. (Broker and/or Borrower) Letter of Explanation for:
    - Derogatory Credit Explanation
    - Recent Inquiries Explained
    - Purpose of Cash Out

  6. CPA Letter.

  7. (Broker) Final Vesting on Preliminary or Broker Demand matching 1003.

  8. (Broker/Appraiser) Electronic appraisal (PDF), w/digital signatures, supporting value.

  9. (Broker) Title to verify property address ("Alta Supplement") matching appraisal and 1003.

  10. (Escrow/Title) Hazard insurance required (Refi = 3 months) w/ proof of payment. If purchase, see PTF (Prior-to-Funding) below.

  11. (Lender) Verbal VOE 48 hours prior-to-close & NRT final audit.

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STANDARD PRIOR-TO-FUNDING CONDITIONS

NOTE: Responsible party for each conditions is listed within parenthesis, e.g., (Broker) means I am responsible (the Broker) for obtaining this information.

  1. (Escrow/Title) Original Corrected Final Typed 1003/1008 signed/dated by borrower(s).

  2. (Escrow/Title) Hazard insurance required (Purchase = 12 months) w/ proof of payment. If Refi, see PTD (Prior-to-Doc) above.

  3. (Escrow/Title) Certified copies of escrow instructions & amendments for lender, terms & vesting.

  4. (Escrow/Title) Approved "Closing Protection" letter from title company.

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Closing Costs: Loan Fees, Settlement Fees & Prepaid Fees

Closing costs are mortgage fees over and above the price of the property, which you will be expected to pay at (or prior to) closing.

There are fees you will be responsible for, either by paying them from your cash-out, savings, financing them in the loan or with a higher interest rate to cover the expenses. To learn more about Closing Costs and the details about Closing Costs go to our page here...

 

GUARANTEED Closing Costs*

for 'Jumbo Commitment' Loans

* Program Closing Costs from Rate Sheet *
 

Appraisal Fee due Appraiser (can shop for qualified appraiser; estimated cost) $450.00
Credit Report $37.00

Paid Outside of Closing (POC)

$487
Application Fee -0-
Points Fee -0-
Processing Fee $425.00
Administration Fee to Lender -0-
Warehouse/Table Funding to Lender -0-
Courier/Overnight Fee $40.00
Flood Certification to Lender -0-
Document Preparation Fee $150
Underwriting Fee $470
Tax Service Fee to Lender
(Loan amounts > $500k, add $10 per $100k)
$100.00

Closing Costs

$1,185

TOTAL Closing Costs w/ POC

$1,672

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To obtain an accurate quote we recommend your completing our Online Application

Please submit as much detailed information as possible regarding your loan needs, income and employment. The more information provided the more accurate the quote.

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Written Explanations: Often required by lenders to inform them of prior or current conditions of credit, future plans and events that occurred.

  1. A satisfactory written explanation signed by the applicant explaining the reason(s) for adverse credit is required if the determination is made that the adverse credit has a significant negative impact on the creditworthiness of the applicant.

  2. The explanation must satisfactorily identify the reason(s) for the adverse credit and the timing of the event(s) must be consistent with other application information.

  3. Documentation supporting the applicants explanation(s) is required.
    An applicant with an unfavorable credit history may be deemed acceptable if the occurrences of adverse credit use do not appear to be typical for the borrower and are due to circumstances beyond the applicants control. Additionally, the instances should not be indicative of the applicants negligence or unwillingness to repay.

If you have any questions or need more information please Contact Us!

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Call us for more information and a free consultation.

Apply Now OnLine: Secure Mortgage Application for Purchase or Refinance of Real Estate in Florida and New York

 

When you get a Florida mortgage through us, we want it to be a great experience!

Contact us directly at (561) 228-8563 or (888) 431-6387, ask us a question or two. Or, click on our Live Chat to message us now!
 

We look forward to hearing from you,
our most important client!

Page Updated: 07/31/2007

First Published: 2001


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