Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

Arizona Jumbo Mortgage Loans: Ballpark Estimates

July 28, 2009

Recently more than one person has called me asking about whether or not they could get a “jumbo mortgage loan” – meaning a loan that was over the Arizona conforming loan limit of $417,000. Since the answer is “yes, assuming that you have good credit, assets and income” I thought that other people may be interested to know what kinds of ballpark numbers we see for Arizona jumbo mortgage loan products from the various lenders.

arizona jumbo loan Arizona Jumbo Mortgage Loan LTV Requirements:

Three years ago, it wasn’t uncommon for a lender to loan up to 100% to millions of dollars. Now, there are significant loan to value restrictions and generally speaking the higher the loan amount, the lower the loan to value ratio.

  • For loans up to $900,000 expect the loan to value ratio to be around 75%.
  • For loans up to $1,200,000 expect the loan to value ratio to be around 60%.
  • For loans up to $1,500,000 expect the loan to value ratio to be around 50%.

Arizona Jumbo Mortgage Loans: Credit Score Requirements

If you are considering a Jumbo mortgage, chances are that you have good credit and know it. If your credit score is over 750, you should be fine. Anything less than 750, double -check. Anything less than 680, your jumbo loan choices are slim.

Arizona Jumbo Mortgage Loans: Income Requirements

Your ability to make your monthly payment for a Jumbo mortgage is something that the underwriters will pay special attention to. Generally speaking, lenders like to see no more than 35% of your total income spent on your monthly mortgage payment and no more than 45% of your total income being spent in monthly bills. For all of the mortgage folks who like to speak in terms of “DTI” (debt to income) that would translate to to a 35% front end DTI and a 45% back end DTI.

Arizona Jumbo Mortgage Rates

So what kind of rates are there currently for Jumbo loans? Generally speaking, the mortgage rates for Jumbo loans in Arizona are in the 5%’s for any adjustable rate (3/1, 5/1 ,7/1) and in the 6%’s for any fixed rate Jumbo loan.

So while the Arizona Jumbo loan market is not completely dead, there are far fewer lenders who are lending money in this market than just a few years ago. If you are in the market for a Jumbo loan, hopefully you will have a pretty good idea of what the “range” is regarding rates, income requirements, credit score requirements and loan to value ratios.

And of course…

These numbers can all change quickly.

Filed Under: Jumbo Loans Tagged With: Arizona Jumbo Loan, Arizona Jumbo Mortgage, Arizona jumbo mortgage rates, AZ jumbo loan, AZ jumbo mortgage

Recent Items

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Latest News

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Search

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us