Low down payment jumbo loans provide buyers the flexibility needed to purchase the home of their dreams. Today there are jumbo purchase solutions up to 95% loan for qualified borrowers. This is great for home buyers that wish to retain their cash savings for other investments. Contrary to popular belief, jumbo mortgage interest rates are pretty low these days and not much different when compared to standard conforming loans.
Jumbo Mortgage Features:
- Financing on Primary Residences, examples of the maximum loan to value:
- Loan amount up to $2,000,000 – Up to 95% financing, 5% down payment
- Loan amount up to $3,000,000 – Up to 90% financing, 10% down payment
- Loan amounts over $3,500,000 – Up to 85% financing, 15% down payment. Larger down payment required for larger loan amounts.
- Financing on Second Homes and Vacation Homes
- Loan amounts up to $2.0m – 5% down payment, 95% financing
- Loan amounts up to $3.0m – 10% down payment, 90% financing
- Loan amounts over $3,000,000 – 20% + down payment
- Financing on Investment Home Purchase
- 20% down payment required on investment home purchases
- Loan amounts over $1.5m mil will require a higher down payment – 25% +
- 700+ FICO credit score required anytime a buyer is financing the maximum loan to value 95% (owner-occupied homes only) 95% loan amount between $1.5m-$2.0m will require a minimum 740 score.
- Borrowers with lower credit scores (down to 660) generally have options with a higher 10% down payment.
- Borrowers financing over 80% loan to value have the option of one single loan, or 80-15 or 80-10 combo “piggyback” 1st and 2nd mortgage. The 5% down payment option is fantastic for Doctors or Physicians with good income but limited cash reserves.
- Many fix rate and adjustable interest rate mortgage terms available for all programs
- Special VA Jumbo loan options for eligible Veterans nationwide. High balance VA loans can provide great benefits for eligible Vets.
- Jumbo loan amounts up to $10 million+ available, please call
- Plenty of refinancing options available, please see the Jumbo refinance page for more information
Building on your own lot? Please read the separate requirements for Construction Permanent Jumbo Loans.
The Advantage of True Jumbo Loan Specialist:
- Loan officers and underwriters who understand complex financial situations of high net worth borrowers, self-employed borrowers, and fluctuating incomes
- Local and timely decision-making
- A team of dedicated Jumbo Loan Specialists assigned to your purchase and available 7 days a week
- Familiarity with local markets, especially the luxury home markets
Special Options For Buyers With Previous Short Sale:
Are you a home buyer with a past short sale? You now have options to finance up to 85% loan to value. Please see the special guidelines below.
- 700 credit score required
- Short sale must be a minimum of TWO years since completion. Perfect credit history after short sale required.
- No foreclosure or bankruptcy in the previous 5 years.
- Minimum 12 months mortgage payment reserves required (after down payment) Non-liquid retirement accounts like IRA, 401K will meet this request.
Down payment and loan amount limits: (below guidelines only apply to borrowers with a previous short sale)
- 720 credit score – up to 85% financing, limit $1,000,000, 12 months reserves.
- 720 credit score – up to 85% financing, limit $1,500,000, 18 months reserves
- 720 credit score – up to 70% financing, limit $2,000,000, 18 months reserves
- 700 credit score – up to 80% financing, limit $1,000,000, 12 months reserves
Please take a moment to view the video below for more details on the latest requirements:
Please be sure to utilize the helpful Jumbo Mortgage Payment on this page. Please contact us 7 days a week with questions at ph: 800-962-0677 or just submit the Quick Contact form located on this page. We strive to process submitted requests within minutes during normal business hours.