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Interest Only Mortgage Calculator
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LiquidityMany lenders will require jumbo and super jumbo borrowers to have liquid reserves that are verified. Retirement assets typically are not counted in the reserve calculation. Many lenders will require either 12 or 24 months. Multiple Appraisals & ReviewsDue to the difficulty of setting market values for luxury homes, it is not unusual for super jumbo mortgage lenders to require 2 full appraisals at a minimum for properties valued at $1,500,000 or more. Should the subject property be unique, or comparable sales be difficult to obtain for the purpose of deriving value, additional field review appraisals, desk review appraisals, and broker price opinions may be ordered to substantiate the property's value. This is a significant concern for the lender as the asset in which they are taking a security interest must have a reasonable value to justify their risk and associated premiums. Property Types Super jumbo loans are usually only available on primary residence and second homes. Second homes should not be part of a rental pool or any kind of rental income from that property can be used in qualification for the loan. No investment properties are allowed for jumbo and super jumbo mortgage financing. Eligible property types include:
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