Updated for 2019: Home buyers that want to purchase luxury homes in high-cost locations around Portland, etc, should take notice of the 5% down Jumbo mortgage. Qualified buyers can now finance up to 95% LTV for loan amounts up to $1,950,000 with no mortgage insurance required.
Jumbo mortgages are loan amounts that exceed the standard conventional mortgage limits instituted by Fannie Mae and Freddie Mac – generally $484,350 in most locations around the U.S. Below we will talk about the Oregon Jumbo loan requirements for primary residence homes. Vacation homes and investment homes can be financed, but will require larger down payments:
- 95% Financing: Up to $1,950,000 with 700+ credit score. Buyers can choose from a single loan up to $850,000. Or a 1st and 2nd mortgage combo up to 2 million. Both Jumbo options have NO monthly mortgage insurance (PMI) this can save hundreds each month. Your mortgage specialist will review the numbers to help you determine what loan structure is best.
- 90% Financing: Up to $3,000,000 with 720+ credit score.
- 85% Financing: Up to $3,500,000 with 740+ credit score.
Applying for a Jumbo loan is very similar to other loan programs as certain lender guidelines must be met. However, qualifying for a jumbo loan often requires higher fico credit scores, lower debt-to-income ratios, higher savings reserves than qualifying for a standard conforming home loan.
Latest Jumbo Loan Requirements For Oregon home buyers:
- Your credit history: Credit scores of 680 or above is needed to obtain loan approval.
- Your Income: must be documented with two years W2 and pay stubs. Self-employed borrowers will need to provide two years of tax returns.
- Bank Saving and Assets: must be well documented (only what’s needed to close) Two months of savings, retirement accounts, etc.
- Payment Reserves: must have six months of payment reserves (retirement accounts will satisfy this requirement)
- Single family homes, town homes, and most condos are approved.
- Primary Residence, vacation homes, and investment properties eligible. Down payment requirements will increase when the property is an investment home.
5% down payment Jumbo loan benefits:
- Fast loan approval process, can be done in minutes. To start the process please call ph: 800-962-0677 days a week
- Single Family Homes, Town Homes and approved Condo eligible.
- Same day loan pre-approvals, with in-house underwriting
- The convenience of one loan for the entire loan amount instead of having multiple mortgages
- Financing available up to $5,000,000
- No monthly private mortgage insurance ( PMI ) option
- Both Fix and adjustable rate mortgage (ARM) options available
- Real Jumbo loan professionals that understand the income complexity of high net worth borrowers.
Want to learn more about the 95 percent Jumbo loan? Call Jumbo Mortgage Source at ph: 800-962-0677 or just submit the Quick Contact form on the right side (Mobile users will find the Quick Contact form at the bottom of this page)
Be sure to also view the Jumbo Purchase FAQ here.
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