Monday, February 16, 2015
SunTrust Mortgage has a 90% loan-to-value jumbo loan with NO monthly PMI. This “Select Advantage” loan program offers NO costly monthly PMI fees. And allows the borrower to have one fixed-rate loan, instead of two combination/piggyback loans where the second mortgage is often an ARM, subject to possible rate hikes in the future. Loan programs available are 30- and 15-yr. fixed rates as well as 5/1, 7/1 and 10/1 ARMs. Loan amounts (for 90% LTV) go up to $1,000,000 = a $1,110,000 purchase price is allowed. Interest rates are currently around 4% for the 30-yr. fixed, with zero points/no origination fee. Rates are lower on the 15-yr. fixed and ARMs. Borrowers must have a 740 credit score to borrow 90%. Contact Howard Stanton at 703-593-4273 or at [email protected]
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