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Alabama Jumbo Home Financing Requirements

This page updated and accurate as of February 25, 2021 Jumbo Mortgage Source

Birmingham Alabama Jumbo LoanJumbo financing options continue to gain popularity for luxury home buyers across Alabama. Qualified homebuyers in Birmingham, Montgomery, Mobile, Huntsville, etc, have new financing options up to 95%.  As of 2021, the standard conforming loan limit in Alabama (1 unit property) is set to $548,250. Multi-unit properties have higher loan limits, please see the complete county list below. Any mortgage that exceeds this amount would be considered a “Jumbo” loan.

Below we will review things that applicants should know before applying. Please note, due to ongoing market changes, some loan limits cap could change. Call us at the number above, or just submit the Quick Contact form on this page to learn more and get the latest updates about any program.

In the past, most jumbo loans required a minimum 20% down payment from many banks and lenders. The new good news is there are still select 10% and even 5% options available to qualified homebuyers.

95% Financing:

  • 5% down jumbo mortgage options are available for loan amounts up to $1.0mil.
  • All properties MUST be owner-occupied, or vacation homes. Financing options for investor/rental properties are available, but require a min 20+% down payment.
  • A minimum 700 credit score is generally required to be approved.
  • All the jumbo programs are fully “documented” loans. Buyers will need to be able to properly verify income (paystubs, W2, and/or tax returns) and assets.
  • Buyers will need to document mortgage payment “reserves” after closing.  This is the amount of assets or savings that remain after the buyer’s down payment and closing costs are deducted.  The amount of reserves will depend on the loan amount, credit, etc. 95% financing programs typically require a min of 3 months of reserves. Non-liquid retirement accounts often satisfy these requirements.
  • All programs have the availability of 30 yr, 15 yr fix rates, or adjustable interest rate (ARM) terms. The terms are fully amortized with principal and interest.

90% Financing:

  • 10% down jumbo options are available for loan amounts up to $1.5mil.
  • The minimum credit score is 670, unless the loan amount exceeds $1mil, in this case, the requirements increase to 700.
  • All other requirements listed above also apply.
  • More expanded options available to borrowers with 15% or 20% down payment.

The programs listed above apply to both standard purchase and rate-term refinance.  Cash-out refinance is limited to 80%-90% for qualified homeowners. Read more about all the jumbo loan programs here.

Serving all of Alabama including Birmingham, Tuscaloosa, Jefferson County, Montgomery, Mobile, Huntsville.

AUTAUGA $548,250 $702,000 $848,500 $1,054,500
BALDWIN $548,250 $702,000 $848,500 $1,054,500
BARBOUR $548,250 $702,000 $848,500 $1,054,500
BIBB $548,250 $702,000 $848,500 $1,054,500
BLOUNT $548,250 $702,000 $848,500 $1,054,500
BULLOCK $548,250 $702,000 $848,500 $1,054,500
BUTLER $548,250 $702,000 $848,500 $1,054,500
CALHOUN $548,250 $702,000 $848,500 $1,054,500
CHAMBERS $548,250 $702,000 $848,500 $1,054,500
CHEROKEE $548,250 $702,000 $848,500 $1,054,500
CHILTON $548,250 $702,000 $848,500 $1,054,500
CHOCTAW $548,250 $702,000 $848,500 $1,054,500
CLARKE $548,250 $702,000 $848,500 $1,054,500
CLAY $548,250 $702,000 $848,500 $1,054,500
CLEBURNE $548,250 $702,000 $848,500 $1,054,500
COFFEE $548,250 $702,000 $848,500 $1,054,500
COLBERT $548,250 $702,000 $848,500 $1,054,500
CONECUH $548,250 $702,000 $848,500 $1,054,500
COOSA $548,250 $702,000 $848,500 $1,054,500
COVINGTON $548,250 $702,000 $848,500 $1,054,500
CRENSHAW $548,250 $702,000 $848,500 $1,054,500
CULLMAN $548,250 $702,000 $848,500 $1,054,500
DALE $548,250 $702,000 $848,500 $1,054,500
DALLAS $548,250 $702,000 $848,500 $1,054,500
DEKALB $548,250 $702,000 $848,500 $1,054,500
ELMORE $548,250 $702,000 $848,500 $1,054,500
ESCAMBIA $548,250 $702,000 $848,500 $1,054,500
ETOWAH $548,250 $702,000 $848,500 $1,054,500
FAYETTE $548,250 $702,000 $848,500 $1,054,500
FRANKLIN $548,250 $702,000 $848,500 $1,054,500
GENEVA $548,250 $702,000 $848,500 $1,054,500
GREENE $548,250 $702,000 $848,500 $1,054,500
HALE $548,250 $702,000 $848,500 $1,054,500
HENRY $548,250 $702,000 $848,500 $1,054,500
HOUSTON $548,250 $702,000 $848,500 $1,054,500
JACKSON $548,250 $702,000 $848,500 $1,054,500
JEFFERSON $548,250 $702,000 $848,500 $1,054,500
LAMAR $548,250 $702,000 $848,500 $1,054,500
LAUDERDALE $548,250 $702,000 $848,500 $1,054,500
LAWRENCE $548,250 $702,000 $848,500 $1,054,500
LEE $548,250 $702,000 $848,500 $1,054,500
LIMESTONE $548,250 $702,000 $848,500 $1,054,500
LOWNDES $548,250 $702,000 $848,500 $1,054,500
MACON $548,250 $702,000 $848,500 $1,054,500
MADISON $548,250 $702,000 $848,500 $1,054,500
MARENGO $548,250 $702,000 $848,500 $1,054,500
MARION $548,250 $702,000 $848,500 $1,054,500
MARSHALL $548,250 $702,000 $848,500 $1,054,500
MOBILE $548,250 $702,000 $848,500 $1,054,500
MONROE $548,250 $702,000 $848,500 $1,054,500
MONTGOMERY $548,250 $702,000 $848,500 $1,054,500
MORGAN $548,250 $702,000 $848,500 $1,054,500
PERRY $548,250 $702,000 $848,500 $1,054,500
PICKENS $548,250 $702,000 $848,500 $1,054,500
PIKE $548,250 $702,000 $848,500 $1,054,500
RANDOLPH $548,250 $702,000 $848,500 $1,054,500
RUSSELL $548,250 $702,000 $848,500 $1,054,500
ST. CLAIR $548,250 $702,000 $848,500 $1,054,500
SHELBY $548,250 $702,000 $848,500 $1,054,500
SUMTER $548,250 $702,000 $848,500 $1,054,500
TALLADEGA $548,250 $702,000 $848,500 $1,054,500
TALLAPOOSA $548,250 $702,000 $848,500 $1,054,500
TUSCALOOSA $548,250 $702,000 $848,500 $1,054,500
WALKER $548,250 $702,000 $848,500 $1,054,500
WASHINGTON $548,250 $702,000 $848,500 $1,054,500
WILCOX $548,250 $702,000 $848,500 $1,054,500
WINSTON $548,250 $702,000 $848,500 $1,054,500

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