Jumbo mortgage requirements have continued to relax across the nation. Approved home buyers in Virginia & Washington DC can now finance up to 96.5% Loan To Value. All the latest requirements are listed below, home buyers that have questions are encouraged to contact us 7 days a week at ph: 800-840-6449 or just submit the Quick Call form found on this page.
Home loans are considered “Jumbo mortgages” when the loan amounts exceed the standard conforming loan amount limits. In Virginia, the current Fannie Mae loan limits top out at $726,200 with some higher costs locations like Arlington and Alexandria as high as $1,089,300. Please see DC and all the surrounding county loan limits below.
|STATE||COUNTY||2023 CONFORMING LOAN LIMIT|
|DC||District of Columbia||$1,089,300|
Any loan amount higher than this would be classified as a Jumbo mortgage. Jumbo loan limits will vary based on many multiple factors, most importantly the down payment amount. 96.5% and 95% financing are currently available up to $1,750,000. 90% loans can go higher up to $2,500,000
5% down payment
- Minimum 740 credit score (700 score for 5% down)
- Max loan amount $1,500,000
- 24 months of reserves required (3mo reserves for 5% down)
- All borrowers must fully document income with (2) years W2 and/or tax returns
- Assets for down payment and closing costs must be verified. Borrowers will be required to document mortgage payment reserves. The exact amount will depend on the home buyers profile, down payment, etc
- Borrowers must be U.S. citizens
- Eligible properties include PRIMARY single-family and townhomes. Condos are not permitted
- Vacant Land, Lot, or building on your own property is not approved under this program.
- Single loan and combo loan structures are available. An assortment of fix rate and ARM options are available.
10% down payment (90% percent financing)
- Minimum 680 credit score when the loan amount is below $1,750,000. 720 credit score required for loan amounts up to $2,500,000
- All the other restrictions for 95% options apply
Buyers also have a variety of 15% and 20% down options for credit scores down to 660
Please contact us today with any questions by calling the number above or just submit the Quick Call Form on this page
Serving buyers across the nation including, Virginia Beach, Norfolk, Chesapeake, Arlington, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, Lynchburg, Centreville, Dale City, Reston, Harrisonburg