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 that want to reduce rate 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, Pima County.