Most jumbo loan programs require 3 active “Trade lines” , we have a solution that does not require any trade lines.
If you only have 1 or 2 active trade lines most Jumbo mortgage lenders will reject your mortgage application.
Why do lenders want you to have trade lines?
Jumbo lenders have investors that either purchase the loan or lend the money to the lender to fund the loan. These investors are interested in the borrower having trade lines as part of the risk profile. If you have several trade lines and have been making payments on them on time for several years, the assumption is that you know how to manage your money and pay bills on time. While it’s hard to argue with that logic, there are many people who pay bills in cash, or simply do not like credit cards ( a very common trade line ).
Introducing the “No Trade Line Required Jumbo Mortgage”
Ok, so that’s not really the name of the program, but it is a unique feature of this portfolio mortgage.
Here’s the basics –
- 680 mid FICO ( can do exceptions to 670 )
- At least 2 FICO scores ( don’t need all 3 )
- 20% downpayment on loans up to $1.5 mil (loans up to $4 mil available)
- 10% downpayment in some areas with an equity share program
- NO Tradelines Required
- Available in 46 States ( not available in AL, AR, MS, LA )
NOTE: Not all applicants will qualify. These Programs may have a higher interest rate, more points or more fees than other Programs requiring documentation. Minimum FICO, reserve, and other requirements apply. Programs may not be available in all states. Contact your Loan Officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change at any time without notice.