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 $484,350 to $726,525 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 through 2019 is $2,000,000
- Borrowers should have a minimum 700 credit score for 95% financing. 740 credit needed for loans $1.5m-2.0m
- 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 is $3,000,000
- Borrowers should have a min 680 credit for loan amounts below $1.5mil. Mortgages $1.5m-$3.0m 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 and second homes only. Options are available for investor properties, however, they will require 20% down payment.
- 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.