A jumbo loan is a loan for a home where the loan amount falls outside of the conforming loan limits. In most counties the conforming loan limit is $548,250 (higher in other counties).
A jumbo 30-year fixed-rate mortgage1 is a convenient way to finance your dream home without requiring a second mortgage or tying up cash. If you are looking to buy a high-priced or luxury home and have a lower debt-to-income ratio, a higher credit score, and a larger down payment, a jumbo loan may be right for you.
We have an entire suite of Jumbo products designed to help you finance your dreams. Let’s take a look:
· Prime Non-Conforming
· Max 90% LTV
· Loan Amounts up to $3,000,000
· Cash-Out up to 80% LTV
· Condos up to 85% LTV
· DTI up to 43%
· Credit Score Down to 660
· AUS (DU or LP) Findings for Income and Asset Requirements
· Max 90% LTV
· Loan Amounts up to $3,500,000
· DTI up to 50%
· Credit Score Down to 660
· Low Reserves Based on AUS and Loan Amount
· Loan Amounts up to $3,000,000
· Credit Scores Down to 620
· Bank Statements and Full Doc Income for Qualifying
· 30-Year Fixed with 10 Year Interest Only Option available
· Purchase, Rate & Term, and Cash-Out
· Non-Warrantable Condos Permitted
· First Time Homebuyers Allowed
· Texas Cash-Out available
· LTV up to 90% (Champion Only)
· Asset Utilization up to 90% LTV (Champion Only)
· No MI Required
If you are a veteran looking for a home loan that has a purchase price above the conforming loan limit, you’ll want to look into a VA Jumbo loan program.
This is designed for loan amounts above$548,250 and may reach $822,375 in high-cost areas. Using your benefits as a veteran allows for you to have less strict qualifying requirements. Depending on your credit score, you may still qualify for no down payment- even on a higher loan amount!
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