Jumbo Mortgage Source

Low Down Payment Jumbo Home Loans

PH: 800-962-0677
  • Home
  • Quick Contact Form
  • Jumbo Purchase
    • Jumbo Purchase
    • Jumbo Purchase FAQ
  • Jumbo Refinance
    • Jumbo Refinance
    • Jumbo Refinance FAQ
  • Glossary
  • Jumbo Blog
  • Contact Us

Most Common Jumbo Home Buyer FAQs

This page updated and accurate as of February 3, 2023 Jumbo Mortgage Source

Jumbo Loan FAQsEach week we receive many questions about Jumbo mortgages. Below we have composed a list of the most common Jumbo home buyer FAQs. We encourage any home buyers that have questions to connect with us 7 days a week by calling the number above, or just submit the Quick Contact Form on this page.

  • Question: Can I obtain a jumbo loan without a 20% down payment?   A: For sure, depending on the loan amount and borrower qualifications, many jumbo loan programs are available with 10% and even a 5% down payment.

 

  • Question:  Will I be required to pay mortgage insurance on my jumbo loan if I finance more than 80% loan to value? A: No, most lenders utilize a combo loan structure to avoid the PMI costs. Basically, the loan is split into (2) separate loans by keeping the first primary loan at or below 80% LTV. Then a second mortgage is added to make up the difference.

 

  • Question: Can I use the program to finance an investment property?  A: Yes, investment properties are permitted with a jumbo loan. However, these programs will require full documentation and a 20%-25% minimum down payment. For borrowers that are self-employed or have difficulty documenting income, a DSCR investor loan may be the right choice.

 

  •  Question: Are the interest rates a lot higher on jumbo loans?  A: In most cases with the combo loan structure, the first mortgage will be kept at the conforming loan limit. By doing so, the borrower receives regular conventional loan rates.

 

  • Question: I want to have a contractor build my own home on land I already own. The loan amount will be around $1m and exceed the conventional loan limit, can I use a Jumbo loan for new construction?  A: Yes, please read more about Jumbo loans for new construction.

Jumbo Loan FAQs Continued: 

 

Jumbo Mortgage Home Buyer Questions

  • Question:  How much can I qualify for if I put only 5% for the down payment? A: assuming you meet the qualifying criteria required, the loan limit for 5% down is $1.5m -$2m depending on the property location.

 

  • Question:  I’m considering doing a cash-out refinance on my home for some needed improvements. How much can I cash out and how is this determined? A: Generally the limit for cash-out refinance is 80%-90% loan to value depending on the loan amount.

 

  • Question:  I will be relocating due to a job transfer and will be putting my current house for sale soon. Can I still qualify for a new mortgage even if my current house hasn’t sold?  A:  Yes, but you will need to qualify with both the current mortgage (PITI) plus the new home mortgage (PITI)

 

  • Question: At what point is a mortgage considered Jumbo, Georgia specifically.  A:  For GA, and most of the country the conforming loan limit is $726,200. This threshold does increase in more expensive or “high-cost” housing locations like San Francisco for example. In some of these cities, the limit is $1,089,300. So any loan over this amount is considered Jumbo.

Home buyers can read more Jumbo FAQs here. Please contact us with questions, or to learn more about a Jumbo loan approval.

 

 

 

Primary Sidebar

Quick Contact Form

Questions? Please submit the quick form below for a fast response within minutes. (7 days a week)
  • Trusted secure
  • Anti-Spam Question
  • Answer is incorrect. Please try again
  • This field is for validation purposes and should be left unchanged.

Disclosure & Privacy
The use of this web site is for informational purposes only. We are not a lender, bank or government affiliated agency. 

Questions? Please submit the Quick Contact Form on this page to connect with a specialist 7 days a week.