Welcome to Jumbo Mortgage Source, we are a leading resource specializing in Jumbo home loan information nationwide. Please check the pages above anytime to learn more about the Jumbo purchase and refinance benefits currently available. Borrowers with questions are encouraged to contact us 7 days a week at ph: 800-962-0677
A jumbo mortgage is a high balance loan that exceeds the standard conforming loan limits established by entities like Freddie Mac and Fannie Mae. In most locations, the current conventional loan limit in 2017 is $424,100. Select high-cost locations in parts of New York, South Florida, San Francisco, Los Angeles California, DC and the North East have higher conventional loan limits up to $636,150. Any loan amount exceeding these conforming loan limits would be considered a jumbo loan.
A jumbo loan is a great way to purchase a higher priced luxury home or refinance a larger mortgage. If you have manageable debt-to-income ratios, higher credit scores and at least a 5% down payment, the jumbo loan program may be right for you. We encourage you to reach out to us by calling ph: 800-962-0677. For fast service, you can also submit the Quick Contact form on the right side. Mobile users will find the Quick Contact form at the bottom.
Below we will look at the current Jumbo loan benefits:
- Financing up to 95% loan to value – only a 5% down payment required for loan amounts under $1,500,000. This low down payment Jumbo program is very popular among Doctors, Physicians, and Attorneys.
- Financing up to 90% loan to value available up to $2,500,000
- Financing up to 85% loan to value available up to $3,000,000
- Loan amounts up to $10,000,000 available with higher down payment – please contact us
- Most programs do NOT require private monthly mortgage insurance or “PMI” This alone will save borrowers $375 per month on average. Depending on the property state, most home buyers have the option of a single loan or “piggyback” combo loan option like the 80/10 or 80/15 – first and second mortgage combo option.
- Adjustable rate (ARM) 3/1, 5/1, 7/1, 10/1 and 30, 15-year fix rate terms available.
- No pre payment penalties on any Jumbo loan options. Move and sell your home anytime without an early payoff penalty.
- Pre-approval and qualifying is easy and often take less than 20 minutes.
Now let’s review the basic Jumbo lender guidelines for 2017:
- Full documentation only:
- Full income documentation required for all programs. This includes pay stubs, two years of W2, and/or tax returns for self-employed 1099 applicants.
- Asset documentation will be required – generally previous two months asset statements.
- Credit score requirements:
- 700 credit score required for max 95% Jumbo financing
- Lower credit scores down to 660 can be approved with 10% + down payment.
- Loan to value parameters:
- 95 percent financing only available on primary owner-occupied homes. Loan amount limit for 5 percent down payment option is $1,000,000 – please note this. Read more options under the Jumbo Purchase page above.
- Second home/vacation homes are permitted with minimum 10 percent down payment, 90% LTV max.
- Investment properties are also permitted but require a minimum 25% down payment, 75% LTV max.
- Qualifying properties:
- Single Family, Town Homes and select Condos only
- Only existing homes only in overall good repair, overall decent move in condition
- Lot loans, rehab homes, or “build on your site” construction financing not permitted. *Exception to this would be one-time close spec homes being sold by a home builder
Applicants with a past short sale also have Jumbo financing options with greater down payments. Please learn more about special short sale Jumbo financing options under the Jumbo Purchase page above.
Questions? Please contact us by calling Ph: 800-962-0677 or just submit the Quick Contact form on the right side for expedited service. *Mobile users will find the Quick Contact form at the bottom of this page. We try to respond to all submitted requests within 10 minutes during normal business hours.
Proud to serve Jumbo home buyers nationally including: Atlanta, New York, Los Angeles CA, Miami, Chicago, Houston, Phoenix, Philadelphia, San Antonio TX, San Diego, Dallas, San Jose, Detroit, Jacksonville , Indianapolis, San Francisco, Columbus, Austin, Memphis, Fort Worth, Baltimore, Charlotte, Austin, Boston, Seattle, Washington, Milwaukee, Denver, Virginia Beach, DC, Miami , Greenwich, Stamford, Tulsa, Honolulu, Minneapolis, Colorado Springs, Grand Rapids, Wichita, Raleigh, St. Louis, Tampa, Orlando FL, Louisville, Las Vegas, Nashville, Oklahoma City, Portland, Tucson , Albuquerque, Santa Fe, Scottsdale, Tempe, Sacramento, Kansas City , Cleveland, Cincinnati, Pittsburgh, Jumbo Mortgage Company Lender Bank Financing 2017