Bayview Jumbo Plus AUS Purchase Loan
Best For: Large Loan Amounts, Low Credit Scores, Easy Qualification
Fixed-rate jumbo mortgage options for loan amounts up to $2 million allowing for credit scores as low as 661.
Program Description
Bayview Jumbo Plus AUS Loans are for customers who need financing for loan amounts above the conforming Fannie Mae and Freddie Mac loan limits up to $2 million. Lakeview/Bayview has 30 and 20-year fixed-rate terms, as well as second home and investment property options. The minimum down payment for this loan program is is only 10.01%, the minimum credit score is 661, and the maximum debt-to-income ratio is 49.9%—making this program easier to qualify for than other jumbo loan programs.
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Bayview Jumbo Plus AUS Purchase Loan
Min. Credit Score
661
Min. Down Payment
10.01%
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
- Flexible qualification compared to other Jumbo programs
- Competitive interest rates
- Lower credit scores allowed (As low as 661)
- Lower DTI requirements than Bayview Jumbo AUS program (Up to 49.9%)
- Stricter qualification guidelines than conventional
- Significant cash reserves required
- Lower loan amount limits than Bayview Jumbo Plus AUS program
- No adjustable-rate (ARM) options or 15-year option, unlike Bayview Jumbo AUS
Program Availability
Bayview Jumbo Plus AUS Purchase Loans are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“In today's competitive real estate market, many entry-level homes are priced well above the conforming loan limit, often due to location. In higher cost markets, a jumbo loan may be necessary because it allows you to borrow a larger amount towards your home purchase."
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
- Loan amounts up to $2 million
- Also available for second homes (up to $2M) and investments (Up to $1.5M)
- Offers 20, 25 and 30-year fixed-rate terms
Additional Conditions
- Between 3 and 15 months of reserves required, depending on loan amount, FICO scores, and loan-to-value (LTV)
- Maximum loan amount for first time homebuyers is $1.5 million
- No mortgage insurance required, even if down payment is lower 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 AUS Purchase Loan
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores
Fixed and adjustable-rate jumbo mortgage options for loan amounts up to $2.5 million with as little as 10.01% down payments.
AIG Jumbo Purchase Loan
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores, Lowest Rates
Fixed-rate jumbo mortgage 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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