Some portfolio jumbo programs allow unlimited cash in hand on a cash-out refinance up to $5 million and 80% LTV, and also finance property types that standard jumbo lenders decline. That includes acreage, hobby farms, mixed-use buildings, and homes already listed for sale.
For San Luis Obispo County, where rural and agricultural properties are common outside the city limits, those property types matter more than they do in a typical suburban market.
Typical cash-out terms
- Up to $5,000,000 in loan amount and up to 80% LTV
- No cap on cash in hand within the LTV limit
- No title seasoning required for cash-out on many programs, including delayed financing
- Primary residences, second homes, and investment properties; 2–4 unit residences allowed
- Cash-out proceeds can be used to meet reserve requirements
Unique properties
Homes on acreage and hobby farms may have no acreage limit on some programs, and agricultural or other zoning restrictions are considered. Unpermitted additions, single-family homes with manufactured outbuildings, mixed-use properties, and properties with deed restrictions can also be reviewed — usually at a reduced LTV.
Flexible income rules
- A one-year self-employed or one-year tax return program is available on many products
- One-time expenses, one-time losses, and carry-forward losses can sometimes be removed from income calculations
- Part-time income with a one-year history may be allowed
- Alimony and child support can be treated as an income reduction rather than a liability
For some self-employed borrowers, those add-backs can make a full-doc portfolio loan a better answer than a bank statement loan, because pricing is closer to full-documentation loans.
Cash-out and asset depletion together
On a case-by-case basis, cash-out proceeds can be added to an asset depletion calculation — a possible alternative to a reverse mortgage for borrowers who need qualifying income.
See the full jumbo cash-out loan page.
Programs, rates, and terms are subject to change. This is not a commitment to lend.