Pennymac AUS Jumbo Rate-and-Term Refinance
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores
Pennymac's fixed-rate jumbo refinancing options can go up to $3 million and has options for those with as little as 10.01% equity in their property.
Program Description
Pennymac funds jumbo mortgages for refinancing with loan amounts up to $3 million. 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. Pennymac offers a 15 or 30-year fixed rate-rate term, and has options for second homes and 1-unit investment properties.
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 Rate-and-Term Refinance
Min. Credit Score
700
Min. Equity
10.01%
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
- Flexible qualification compared to other jumbo programs
- Generally lower reserve requirements than other jumbo options
- Credit scores as low as 700
- AUS (Automated Underwriting System) helps speed up the process
- Stricter qualification guidelines than conventional
- Significant cash reserves required
- No 2-4 unit primary or investment property options
Program Availability
Pennymac AUS Jumbo Rate-and-Term 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.
“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, Pennymac's option may 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.
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
- Available for second homes (Up to $3M) and investments (Up to $2.5M)
- Offers 15 and 30-year fixed-rate loan terms
Additional Conditions
- Higher loan amounts have higher retained equity requirements
- Non-occupant co-borrowers allowed
- At least 18 months of reserves required in order to qualify (some exceptions may apply)
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 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.
Chase Jumbo Rate-and-Term Refinance
Best For: Limited Equity, Large Loan Amounts, Rate Reduction
Fixed and adjustable-rate jumbo mortgage options for loan amounts up to $3 million—as little as 10.01% equity in the home and flexible qualification.
Related Resources
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 More
What to Know About the Home Appraisal Process
A home appraisal is an essential part of the home-buying process. It’s important to understand the ins and outs of an appraisal before you make any financial moves.
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