Fico minimums for jumbo refi in California

[Anonymous]

What is the minimum FICo score for refi of a jumbo loan (1.2 million roughly) with 20% equity in the loan.  Currently at 680 due to high utilization due to AMEX CLD's.  Otherwise scores would be in the low to mid 700's. (this is for my boss)

I know other things count in too, but there are uaully minimums.  I beleive all other factors should end up OK. 

[BrianB_The_Loan_Professor]

I am seeing

720 with a limit of 75% LTV for over 1.1

1.1 to 80% with a 720

1.0 m to 80% with 720

all rate and term

for cash out

1.1 to 75% but lower score 660

to 1.5% 65% LTV 700 score

Max cash out 250k

These are 3 yr arms in the 6's havent seen anything else even close

Brian

[Anonymous]

What about a refi to a 30 year fixed jumbo?

[BrianB_The_Loan_Professor]

Havent seen any lately for those loan amounts the only Jumbo 30's i still see only go to 729K

[BrianB_The_Loan_Professor]

I need to change that

I have seen them but everyone gets scared away when they hear what the rates are

EX 7.375% with a cost of 2.5% thats 25k

and not a great rate

B

[Anonymous]

I think he might be better to hold off.  It is an ARM that resets in a few months, but I doubt it is going to jump that much anytime soon as I know it was down in the 5% or so area before now. 

[BrianB_The_Loan_Professor]

who knows if he will ever be able to get a decent rate on a 30 with that size loan? We are barely seeing the ARMs at a half way decent rate.

The par rate for that loan is somewhere around 8% right now

B

[Anonymous]

His saving grace is that he bought it probably 10 years ago new in a very nice area of San Diego for about 1.2 million and he did a 300K cash out refi about 3 years ago (reset coming up) for a business venture.  Even with the market down, it is worth over 2 million.  Neighborhood home just sold for 2.2 and was if anything less house than he has.

So, equity is definitely on his side.  He just needs to probably wait for 6 months to a year (unless rates really start jumping) and hopefully things will calm down ont he jumbo loans...

[ShanetheMortgageMan]

It's tough to find investors who want to tie up money at fixed rates for 30 years on those size loan amounts.  Most lenders of those loan amounts are only doing ARMs, 3/1, 5/1, 7/1 & 10/1... probably be able to find those in the upper 5's now.  Portfolio lenders or a broker is where he'd want to look.  700 scores are more or less the norm.