Bayview Jumbo Plus AUS Cash-Out Refinance
Best For: Large Loan Amounts, Low Credit Scores, Easy Qualification, Cash-Out
Cash-out jumbo refinance option for loan amounts up to $2 million; allows for credit scores as low as 661.
Program Description
Lakeview/Bayview's Jumbo Plus is for cash-out refinance with loan amounts of up to $2 million. A jumbo cash-out refinance can help you access your home equity and use the proceeds however you see fit. Lakeview has 20 and 30-year fixed-rate options for credit scores as low as 661, low reserve requirements, as well as no cash-out limit for the program (subject to loan-to-value and loan limits requirements). Upon closing on your loan, you’ll get the funds for you to use as you see fit.
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Bayview Jumbo Plus AUS Cash-Out Refinance
Min. Credit Score
661
Min. Equity
20%
Max Loan Amount
$2,000,000
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
- No maximum cash-out limit
- Convert an adjustable rate mortgage (ARM) to a fixed-rate mortgage
- Take advantage of lower interest rates, if available
- Lower DTI requirements than Bayview Jumbo AUS program
- Lower reserve requirements than other jumbo programs
- Lower loan amount limits than Bayview Jumbo AUS program
- Generally higher rates than rate-and-term refinance programs
- Significant cash reserves required
Cash-Out Refinance
Your Current
Equity %
- 20%
Minimum RetainedEquity
=
Your Available
Cash-Out
A cash-out refinance allows you to access equity in your home and use the proceeds as you see fit. By registering for a free account, you can get a better idea of how much cash you could access when refinancing your home.
Program Availability
Bayview Jumbo Plus AUS Cash-Out Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“Jumbo Plus is a good option for accessing the equity in your home even if your credit score is in the lower range."
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
49.99%
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
- Cash-out funds received at closing
- Cash-out options up to 80% of property value
- Low reserve requirements
Additional Conditions
- Must have sufficient available equity to provide the cash-out option
- Cash reserves must cover both the closing costs and the mortgage payments for at least 6-15 months
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 AUS Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option for loan amounts up to $2.5 million; also available for second homes and investment properties.
Wells Fargo Jumbo Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option for loan amounts up to $2 million; also available for second homes and investment properties.
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* 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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