Great news, the 5% down payment (95%) Jumbo mortgage loan limits have been increased from $1,000,000 to $2,000,000 in most locations. This applies to approved home buyers nationwide. This is especially good news for home buyers in more expensive locations of California, Florida, and the North East (San Francisco, Orange County, LA)
Home buyers will want to keep in mind the following requirements listed below:
- Any home purchase over 90-95% loan to value must be a primary owner-occupied or second home
- All jumbo programs regardless of down payment require full documentation in relation to the borrower’s income and assets
- Jumbo loans that exceed 80% loan to value can be structured in multiple ways – single loan options, or combo (80/15, 80/10) options with no monthly mortgage insurance. What option makes the most sense for you will depend on many factors like credit, loan amount, property state, etc
- All programs have fixed interest rate or adjustable rate (ARM) term options
- Loan pre-approvals are often completed on the same day. Have questions about getting started? Please submit the Quick Call Form on this page – or call the number above 7 days a week.
