Pennymac AUS Jumbo Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option from Pennymac for loan amounts up to $3 million; max cash-out amount is $500,000.
Program Description
Pennymac funds jumbo mortgages for cash-out refinance loan amounts of up to $3 million on a primary residence. A jumbo cash-out refinance can help you access your home equity and use the proceeds however you see fit. Pennymac has 15 and 30-year fixed-rate options and allows for cash-out amounts up to $500,000. Only available for primary residences and investment properties with in between 1 and 2 units (3-4 unit property types not available with this program).
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
Pennymac AUS Jumbo Cash-Out Refinance
Min. Credit Score
700
Min. Equity
20%
Max Loan Amount
$3,000,000
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
- Cash out up to $500,000
- No mortgage insurance
- Comparably higher loan limits than other jumbo programs
- Low debt-to-income (DTI) ratio requirements
- No borrower income or purchase price limits
- AUS (Automated Underwriting System) helps speed up the process
- Stricter qualifying requirements
- Generally around 18 months reserves needed
- Only available for 1 and 2-unit primary residences
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
Pennymac AUS Jumbo Cash-Out Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“Tapping into your home's equity opens up endless possibilities. You'll receive your lump sum of cash 3 days after you close for whatever you wish: home improvements, large purchases or paying off other debts."
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.
Refinancing?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- Loan amounts up to $3 million
- Access your home equity and use the proceeds as you see fit
- Also available for second homes and investment properties
Additional Conditions
- Use cash from your equity for home improvements or paying off high-interest debt (among other uses)
- Cash reserves must cover both the closing costs and the mortgage payments for at least 18 months
- Higher credit score requirements
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.
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.
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.
Related Resources
2023 Cash-Out Refinance Guide
Owning a home is a big investment and like with many long-term assets, it comes with a few added responsibilities. To keep your home appreciating in value and to make sure you continue to enjoy it, it's important to keep it maintained and updated.
Read More
All About Different Mortgage Terms
Buying a home is an exciting opportunity to create financial stability and have a place you can make your own. But if you've started to look at a mortgage, you may be bewildered by the dizzying amount of terms. In fact, getting a mortgage can sometimes feel like you are learning a new language! But don't worry — this handy guide to the most common mortgage guide is here to save the day!
Read More
Different Mortgage Fees to Expect When Financing a Home
When determining the true cost of owning a home, the process starts with fees. Purchasing a home is a form of real estate investing that comes with both benefits and expenses. The full cost to own a home, including all fees paid, is a big part of that. When it comes to personal finance and financial education in general, the more info you have about the transaction, the better.
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
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch