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Guidelines
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Loan limits
Your loan limit is determined by calculating the percentage of your new loan compared to its existing market value or purchase price. For example, if your home is worth $500,000 and you owe $400,000 then you have an 80% Loan-to-Value.
If the loan is for a new purchase most banks will only accept the lower of the purchase price or the appraised value. If the appraised value comes in higher than the purchase price most lenders will not accept the higher value for calculating your down payment requirements. Remember that your loan to value is based on the lower of the two. If you are putting 20% down on a $500,000 home and the appraisal comes in at $475,000 - the bank will only loan you 90% of the $475,000 so you have to come up with 100% of the change in value .
Below are highlights of some programs available to SINGLE FAMILY RESIDENCES. This information does not represent an offer to lend and should only serve as a tool for viewing some available limits in today's marketplace. To learn more about the "Interest-Only" programs for your unique scenario please contact a mortgage professional in your state .
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PURCHASE / RATE & TERM REFINANCE
LIBOR / "INTEREST-ONLY" LOAN-TO-VALUE MATRIX
(should be used as a reference only - each lender has different guidelines.
Not all products are available in all states)
LTV = Loan to Value
CLTV = Combined Loan to Value
(Total of all Liens - 1st, 2nd, Home Equity Line etc...
also known as TLTV - Total Loan to Value)
Assumptions: Full Documentation for Income and Assets, New Home Purchase, Single Family Residence, Acceptable Credit and Employment History and other standard underwriting guidelines for US citizens.
For a Cash Out Refinance Loan-to-Value Matrix please click here
* Investment properties are limited to only some of the products listed.
Contact a mortgage professional for more info. *
Please follow this link for more information on Total Loan to Value (CLTV)
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| Loan Amount |
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First Mortgage
Loan to Value (LTV) |
Total Loan to Value (CLTV) |
Second Home |
Investment |
| Up to $400,000 |
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97% |
100% |
95 / 100 % |
90 / 90 % |
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For a Cash Out Refinance Loan-to-Value Matrix please click here
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| $400,000 - $650,000 |
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90% |
100% |
90 / 100 % |
90 / 90 % |
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| $650,000 - $750,000 |
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80% |
100% |
80 / 100 % |
80 / 90 %
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| $750,000 - $1,000,000 |
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80% |
100% |
80 / 100 % |
80 / 90 % |
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For a Cash Out Refinance Loan-to-Value Matrix please click here
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| $1,000,000 - $1,500,000 |
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75% |
100% |
75 / 100 % |
75 / 90 % |
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| $1,500,000 - $2,500,000 |
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70% |
100% |
70 / 100 % |
70 / 90 % |
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Over $2,500,000
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70% |
100% |
70 / 100 % |
70 / 90 % |
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Learn how to Calculate Interest Only Loan Payments
Please note that this information should be only used for reference and is not an offer to loan at the published guidelines. Each lender will define their own unique underwriting guidelines which may or may not be equal to the ones above. Interest Only Loans reviews information provided by mortgage lenders and has created this section to provide potential mortgage applicants only with a general idea of what loan programs may be available. The final details of any loan offering can only be made by licensed mortgage lenders, brokers, bankers and other institutions/individuals with the authority to do so. In addition, not all lenders offer the same programs in all states. Certain risks are associated with any kind of adjustable rate mortgage. The information contained in this site should be used only for reference. Before entering into an agreement with any financial institution please consult your financial planner, accountant or any other person who is familiar with your financial profile for further information. For more information on the terms and conditions of this website and the use of information contained please visit our legal section by clicking below.
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