Jumbo mortgage options are now available up to 95% financing for approved homebuyers nationwide. That’s right, only a 5% down payment is needed for loans amounts up to $2,000,000. 10% down options are available up to $3,000,000.
As you might expect, the Jumbo loan programs do have minimum requirements that should be met. Below we will list the details.
- Jumbo financing above 80% Loan to Value is only available for primary owner-occupied houses and second homes.
- Vacant land, lot loans, and farms are not permitted. Jumbo construction perm financing is permitted but has its own special requirements. The Jumbo options are for existing single-family, townhomes and select condos. New construction “spec homes” to be built by the builder (on their lot) are eligible.
- Borrowers should be expected to fully document all their income/taxes for the previous 2 years.
- Like income, assets are required to close and reserves will need to be documented. Again, this program is a fully documented loan.
- Credit score requirements: For 95% financing, borrowers will need a min 700-740 credit score depending on the loan amount. 90% financing options are available down to 680 credit scores.
- Jumbo Loan Limits: 95% financing = $2,000,000. 90% financing = $3,000,000. Please note this, and contact us for higher loan amounts.
- Homebuyers can choose from many different loan structures. One single loan, combo loans (80-15 or 80-10, etc)
- Fix rate terms and adjustable rate options (ARM) are available with no early payoff penalty. Move or sell your home anytime.
- Many Jumbo refinance options are available for homeowners who want to reduce rates or cash out.
Learn more about all the Jumbo purchase options here. Proud to serve home buyers across the U.S. including Arizona: Tucson, Phoenix, Mesa, Flagstaff, Tempe, Scottsdale, Maricopa County, and Pima County.
Sammy G says
I have a few question. First, are there any program for 100% jumbo loan? Second, is the program also available in California? In particular LA, Orange County? Third, Do I need to document all my assets for qualify for the loan? thank you.
USDA Mortgage Source says
Thank you for your questions. No, currently there are no 100% Jumbo mortgage options available, 95% (1.5mil loan) is the max. Please check back in the future as this could change in 2019. Yes, the program is available throughout California, nationwide in fact. Lastly, you will need to document all assets needed to qualify for the loan. This includes the down payment money, closing costs and reserves needed. Anything over this amount will not need to be documented, however, it always helps to document as much assets as possible in order to strengthen the loan file.
Donald H says
What kind of adjustable rate options are there. 5 year ? Also, does this apply to cash out refinance?
USDA Mortgage Source says
All your typical programs like 5 year, 7 year, 10 year. Cash out refi is permitted but limited to 90% loan to value for approved homeowners