Homebuyers that want to purchase luxury homes in high-cost locations around Portland – Multnomah County should take notice of the 5% down Jumbo mortgage. Qualified buyers can now finance up to 95% LTV for Jumbo loan amounts up to $1,500,000 with no mortgage insurance required.
Jumbo mortgages are loan amounts that exceed the standard 2026 Conforming loan limits instituted by Fannie Mae and Freddie Mac – generally $832,750 in most locations around the country, Oregon included. Since the current median home price in Portland is near $517,000, it’s pretty easy to exceed the standard conventional loan limit and require Jumbo financing.
Below, we will talk about the Portland Jumbo loan requirements for primary residence homes. Vacation homes and investment homes are also eligible, but will require larger down payments:
- 95% Financing: Up to $1,500,000 with 700+ credit score. Buyers can choose from a single loan of up to $850,000. Or a 1st and 2nd mortgage combo up to $1.5 million. Both Jumbo options have NO monthly mortgage insurance (PMI) which 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, and higher savings reserves than qualifying for a standard conforming home loan.
Jumbo Loan Requirements For Oregon Home Buyers:
- Your credit history: Credit scores of 680 or above are 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. *Investment properties are only eligible with a 20%+ down payment.
5% Down Payment Jumbo Mortgage Benefits:
5% Down Payment Jumbo Mortgage Benefits: - Fast loan approval process that can be completed in minutes. To start the process, please the Quick Contact Form below.
- Single-family homes, Town Homes and approved Condos are 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 with a greater down payment
- No monthly private mortgage insurance (PMI) option
- Both fixed-interest rate and adjustable-rate mortgage (ARM) options are available
- Real Jumbo loan professionals who understand the income complexity of high net worth borrowers.
Want to learn more about any of the programs? Please call us above, or just submit the Quick Contact Form on this page to connect with a specialist 7 days a week.
Serving all of Oregon including: Portland, Eugene, Salem, Bend, Medford, Multnomah County
