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.