Bayview Jumbo AUS Rate-and-Term Refinance
Best For: Large Down Payments, Large Loan Amounts, Rate Reduction, High Credit Scores
Fixed and adjustable-rate jumbo mortgage refinancing for loan amounts up to $2.5 million with flexible qualification guidelines.
Program Description
Lakeview/Bayview funds jumbo mortgages for refinancing with loan amounts up to $2.5 million, and as little as 10.01% equity in your property. A jumbo refinance can help you to change the terms of your mortgage when the loan amount exceeds the conforming loan limits for the county where the home sits. Flagstar has a 15 or 30-year fixed rate term, as well as options for second homes and investment properties.
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Bayview Jumbo AUS Rate-and-Term Refinance
Min. Credit Score
680
Min. Equity
10.01%
Max Loan Amount
$2,500,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Flexible qualification compared to other Jumbo programs
- Ability to change your current loan terms
- Credit scores as low as 680
- Higher loan amount limits than Bayview Jumbo Plus AUS program
- As little as 10.01% equity required in property
- Stricter qualification guidelines than conventional
- Significant cash reserves required
- Higher DTI requirements than Bayview Jumbo Plus AUS program
Program Availability
Bayview Jumbo AUS Rate-and-Term Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“Utilizing a jumbo rate-and-term refinance is a loan improvement option for borrowers—it can provide lower rates or different terms than originally financed for larger loan amounts. When available, the Bayview Jumbo AUS program can be a great fit."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Loan amounts up to $2.5 million
- Also available for second homes (up to $2.5M) and investments (Up to $1.5M)
- Offers 15 and 30-year fixed and adjustable-rate loan terms
Additional Conditions
- Cash reserves must cover both the closing costs and the mortgage payments for at least 6-36 months
- No mortgage insurance required, even if down payment is less than 20%
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Bayview Jumbo Plus AUS Rate-and-Term Refinance
Best For: Large Loan Amounts, Rate Reduction, Low Credit Scores, Easy Qualification
Fixed-rate jumbo mortgage refinancing for loan amounts up to $2 million allowing for credit scores as low as 661.
Wells Fargo Jumbo Rate-and-Term Refinance
Best For: Large Loan Amounts, Rate Reduction, High Credit Scores
Fixed and adjustable-rate jumbo refinancing for loan amounts up to $3 million—flexible qualification and competitive interest rates.
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Purchasing a home and selecting a mortgage is one of the biggest financial decisions most people will make. Many potential buyers, especially first-time home buyers, mistakenly believe that finding the lowest interest rate is the most crucial aspect of securing the best mortgage possible. There are several aspects of mortgages, loans, and interest rates that individuals need to understand to make the best decisions possible when buying a home
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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