Many home buyers ask what the current jumbo loan limits are for their specific county and state. The fact is, jumbo loan programs do not have a uniform set loan limit like conventional Fannie Mae or Freddie Mac mortgages. Standard conforming loans have loan limits set from $453,100 to $679,650 for high-cost locations in California, Florida, Massachusetts, Connecticut, DC, etc. However, with Jumbo loans, the loan caps are set by individual lenders and banks. Furthermore, the actual mortgage limit is based on many factors like the borrower’s credit profile, down payment amount, among other factors.
Below we have listed the current limits based on down payment and credit. Borrowers can learn more about all the jumbo loan down payment requirements here.
Home Buyers with 5% Down:
- Loan amount limit as of 2018 is $1,500,000
- Borrowers should have a minimum 680 credit score for 95% financing.
- First and Second mortgage (combo) loan structure, along with single loan structures available. Both with zero monthly mortgage insurance costs.
Home Buyers with 10% Down:
- Loan amount limit as of 2018 is $2,500,000
- Borrowers should have a min 680 credit for loan amounts below $1.5mil. Mortgages $1.5-2.5 will require a 720 score for 90% Jumbo financing.
- Just like above, multiple loan structure options with no PMI.
Home Buyers with 15% -20% Down:
- Loan amount limits $3.5mil
- 740 credit required for loans over $2.5mil
- No PMI.
- All the programs listed above are reserved for owner-occupied homes only. Options are available for vacation homes, however, they will require an extra 5% down payment. Investment home purchases start at 80% loan to value.
- All applicants should be able to provide full income and asset verification, as this is a “full doc” loan.
- Borrowers should also demonstrate proper payment reserve savings – after closing and down payment. The amount of reserves (3 months – 18 months) will depend on many variables like final loan amount, credit, and debt to income. Reserves are not required to be “liquid” accounts, retirements accounts are eligible.
- Buyers can choose from traditional fix rate terms like 30 yr, 15 yr, and adjustable rate terms. All programs require full principal and interest payments like regular conventional loans.
- The requirement above also applies to rate-term reduction Jumbo Refinance. Cash out refinance is also available at reduced loan to value. More info refinance options can be found here on the Jumbo Loan page.
- Approved Veterans should also read about special VA Jumbo mortgages for eligible buyers.
Loan specialists can be reached 7 days a week to answer questions. Please call Ph: 800-871-2636 to learn more.