Please note the 95% Jumbo loan limits have increased to $2,000,000 for qualified homeowners nationwide. Any loan amount $1.5mil – $2.0mil will require a minimum 740 credit score. Smaller loans below $1,000,000 can be approved down to a 680 credit score.
Please note these programs are limited to regular home purchases and rate reduction refinance transactions. Cash out refinance transactions are permitted, however, the loan to value limit is reduced to 85%-90% depending on the loan amount.
Borrowers can learn more about all 5% and 10%+ down payment programs under the Jumbo Purchase page
Homebuyers can contact us 7 days a week with questions by calling the number above, or just submit the Quick Contact Form on this page.
A jumbo loan is a home loan that is larger than “conforming” loans that banks and lenders sell to Fannie Mae and Freddie Mac. Instead of using loan limits set by government-sponsored entities (GSEs), jumbo loans are issued by private lenders. Mortgage companies set their own guidelines for loan approval and often hold the loans for a period of time.
The current conforming loan amount is $647,200 for a single-family home in all states, except for high-cost locations in Calfornia, Hawaii, Alaska among other high-cost markets. The loan limits in these high-cost locations are typically $970,800
Jumbo loans make it possible for borrowers to purchase expensive luxury homes without a large down payment. If you’re buying a high-priced home and you don’t make a large down payment, a jumbo loan may be your best option. You might even get a lower interest rate with a non-conforming loan. Please read the website to learn more about all the qualifying requirements needed for approval.
Please contact us today with questions and let us know how we can help.