We’re Invested in Your SUccess
Whether you’re purchasing your first investment property or your hundredth, you know the value of a reliable, smooth mortgage transaction. With your livelihood on the line, you need a trusted partner to ensure your loan is handled professionally and efficiently.
Here at Ark, we are proud to specialize in home loans that are streamlined and close quickly, accompanied by the best customer service in the industry. Already have a mortgage guy or gal? We know you’ll rethink that relationship after experiencing loans aboard the Ark.
Many of our loans close in 30 days or less. We know how important that is to an investor because the sooner you close, the sooner your investment property can be rented out and the quicker you’ll be depositing those rent checks and securing your family’s future.
Calculate your potential new monthly mortgage payment in seconds with this handy calculator so you can make sure you have enough money left over each month for all your other expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home in less time than you thought. See how much interest you’ll pay over the life of the loan, and enter prepayment amounts to calculate their impact on your mortgage.
What is a jumbo mortgage loan?
A jumbo mortgage loan is a mortgage that exceeds “conforming” loan limits. Conforming loan limits were established in 2006 by Fannie Mae and Freddie Mac, and new limits were established in 2018. The current conforming loan limit for a single-family home is $453,100. This means that any loan of more than $453,100 is considered a jumbo or non-conforming loan. That limit can vary however, depending on the county the home is located in. There are roughly 200 counties in the U.S. where the loan limits are higher due to higher home prices.
What are the conforming mortgage loan limits in my county?
You can use this link for a map detailing each state’s individual requirements: fhfa.gov/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx
What type of house can I buy using a jumbo mortgage loan?
In addition to financing single-family homes for your primary residence, you may also use a jumbo loan to buy a second home or personal investment properties.
What are the down payment or equity requirements for jumbo mortgage loan?
Fannie Mae has made some changes recently to the down-payment requirements for purchasing property with a high balance mortgage. The amount of equity required for a refinance is lower than it is for a purchase.
Here is a quick look at the down-payment and equity requirements for fixed rate mortgages.
|Mortgage Type||Mortgage Purpose||Number of Units||Loan-To-Value (LTV)|
|Primary||Purchase||3 to 4||75%|
|Primary||Rate and Term Refinance||1||95%|
|Primary||Rate and Term Refinance||2||85%|
|Primary||Rate and Term Refinance||3 to 4||75%|
|Primary||Cash-Out Refinance||2 to 4||75%|
|Second Home||Rate and Term Refinance||1||90%|
|Second Home||Cash-Out Refinance||1||75%|
|Investment Property||Purchase||2 to 4||75%|
|Investment Property||Rate and Term Refinance||1||75%|
|Investment Property||Rate and Term Refinance||2 to 4||75%|
|Investment Property||Cash-Out Refinance||1||75%|
|Investment Property||Cash-Out Refinance||2 to 4||70%|
What does LTV (Loan-to-Value) mean?
Loan-to-value (LTV) ratio is a term used by mortgage lenders to show the ratio of a loan or loan balance to the value of a property purchased or refinanced. The term is commonly used by mortgage lenders, banks, and other financial institutions to represent the ratio of the first mortgage line as a percentage of the total appraised value of real property.