New low down payment jumbo loan programs are now available for luxury home buyers in Portland and throughout Oregon. These programs allow for reduced down payments and are especially helpful for buyers who have good credit and income but lack the 20 percent down payment often needed by most lenders and banks.
For 2024 in Multnomah County, a jumbo loan is classified as any loan amount that goes beyond the $806,500 Fannie Mae limit. All of Oregon and most of the U.S. follow the same conforming loan limits. The only exception is the high-cost locations of California, Colorado, Florida, etc. These locations permit Conforming loan limits up to $1,209,750. Today, qualified homebuyers have jumbo financing options up to 95%.
The best part is these programs have tremendous flexibility and very low-interest rates. Buyers should understand a few details about the programs that we will list below. If you have questions, please call ph: 800-962-0677 (7 days a week) for more details.
Jumbo Program Requirements:
- All 10% and 5% down options are reserved exclusively for owner-occupied primary homes and vacation homes. Investment properties can be financed with a minimum of 20% down payment.
- Borrowers will be required to document all income and savings to qualify – just like a traditional conventional loan. “Debt to income” limits and payment reserve requirements are set based on credit profile, down payment amount and loan amount.
- Single Family homes, townhome and condominiums are eligible. Vacant land and loans for acreage are not permitted. Want to build on your lot? Learn more about Jumbo Construction Permanent loans in the link at the bottom of this page.
Jumbo Loan Limits, Down Payments, Credit Requirements:
- 95% loan to value – $1.5 mil loan cap. Minimum 700 credit.
- 90% loan to value – $2.0 mil loan cap. Minimum 680 credit.
- 85% loan to value – $3.0mil loan cap. Min credit ranges from 660-740 depending on loan amount.
- 80% and below – contact us to learn more.
Jumbo Loan Benefits:
- All traditional fix rate and adjustable rate terms are available.
- No mortgage insurance or “PMI” costs, even for loans over 80% loan to value.
- First-time home buyers are eligible.
- Rate-Term refinance transactions are permitted for current homeowners. Cash-out refinance transactions are also eligible but limited to 90% loan to value.
- Qualified Veterans and active duty military also have exclusive VA Jumbo Financing options available.
- Closings in as little as two weeks.
Want to learn more or have questions about applying? Visit Jumbo Mortgage Source or call ph: 800-962-0677. Serving all the Portland area including Vancouver, Beaverton, Gresham, Hillsboro, Wood Village, Troutdale, Tualatin, Tigard, West Linn, Battle Ground, Camas and Washougal, Milwaukie, Lake Oswego, Oregon City, Fairview