The Benefits of the EPM Jumbo Express Loan Program

When purchasing a high-value property, standard loan limits can be restrictive. The EPM Jumbo Express Loan Program is tailored to meet the needs of buyers looking to finance luxury homes or properties in expensive markets. Here are the specific benefits of this program:

High Loan Amounts

The Jumbo Express Loan Program offers significantly higher loan amounts than conventional loans, accommodating the needs of borrowers looking to purchase expensive properties. Borrowers can finance up to $3,000,000 for primary residences, and up to $2,500,000 for second homes and investment properties. This is particularly useful for buyers in high-cost areas where property prices exceed conventional loan limits​​.

Competitive Loan-to-Value (LTV) Ratios

Borrowers can take advantage of high LTV ratios with the Jumbo Express Loan Program. The program allows up to 89.99% LTV for primary residences and up to 80% for cash-out refinances. This means borrowers can secure a large portion of their home's value, reducing the amount of upfront cash needed for down payments​​.

Flexible Property Types

The program is versatile in terms of property eligibility, covering single-family homes, 2-4 unit properties, and condos, including non-warrantable condos in some cases. This flexibility allows borrowers to choose from a variety of property types that best meet their needs and investment goals​​.

Efficient Underwriting Process

The Jumbo Express Loan Program uses automated underwriting systems (AUS) like Desktop Underwriter (DU) and Loan Product Advisor (LPA). These systems streamline the approval process, making it faster and more efficient than traditional manual underwriting methods. This is particularly beneficial for borrowers who need a quick turnaround on their loan applications​​.

No Private Mortgage Insurance (PMI)

A major advantage of the Jumbo Express Loan Program is the elimination of private mortgage insurance (PMI) requirements, even for loans with high LTV ratios. This can result in significant savings over the life of the loan, as PMI can add considerable cost to monthly mortgage payments​​.

Variety of Loan Terms

The program offers a range of loan terms to suit different financial situations. Borrowers can choose from 15- and 30-year fixed-rate options, as well as adjustable-rate mortgage (ARM) options like 5/6, 7/6, and 10/6. This variety allows borrowers to select the loan term that best fits their financial plans and market conditions​​.

Stringent Credit and Income Requirements

The program requires borrowers to have a minimum of two credit scores and meet specific credit history criteria. This includes having no more than one 30-day late payment in the past 24 months. Additionally, income and employment documentation must adhere to guidelines set by Fannie Mae and Freddie Mac, ensuring thorough verification and reliability in borrower eligibility​​.

Conclusion

The EPM Jumbo Express Loan Program provides an ideal financing solution for borrowers seeking to purchase or refinance high-value properties. With higher loan amounts, competitive LTV ratios, and flexible property type eligibility, the program is designed to meet the unique needs of luxury homebuyers and investors. The efficient underwriting process, lack of PMI requirements, and diverse loan terms further enhance its appeal, making it a strong option for financing high-end real estate. If you're looking to finance a luxury property, the EPM Jumbo Express Loan Program offers the flexibility and support you need to achieve your homeownership goals.