Jumbo Mortgage Guidelines

Jumbo lending typically refers to any loan amount that exceeds Conventional and/or FHA Loan Limits

Jumbo financing was very difficult to come by in the aftermath of the mortgage and real estate collapse from 2008 until 2014. Only recently are we seeing more private investors bringing competitive Jumbo lending products into the marketplace.

Since 2014, Jumbo mortgages have become more widely available with many more options and features geared toward providing cost effective solutions to high income and high net worth homebuyers and homeowners.

Qualifying Requirements

  • As low as 680 credit score allowed
  • Full income qualifying programs require W2 or tax returns
  • Bank statement and high net worth qualifying programs available – no tax returns
  • Reserve requirements can vary from 6 months to 18 months depending on program
  • 45% maximum debt to income (DTI) ratio in most cases
  • Up to 50% debt to income ratio (DTI) allowed on alternative documentation programs

Loan Terms by Occupancy Type

Primary Residence 

  • 30, 25, 20, 15, 10 Year Fixed
  • 5/1, 7/1, 10/1 ARM

Second / Vacation Home

  • 30, 25, 20, 15, 10 Year Fixed
  • 5/1, 7/1, 10/1 ARM

Investment Properties

  • Typically limited to $1,00,000
  • Cashflow qualifying options available – no income documentation required

Loan Terms by Loan Type

Fixed Rate Mortgage

  • 30,25,20,15, 10 Year Amortized

ARM – Adjustable Rate Mortgage

  • 30,25,20,15, 10 Year Amortized

Interest Only Options

  • 30 Year Fixed
  • 5/1, 7/1, 10/1 ARM

Jumbo Property Requirements

Primary Residence 

  • 1 family residence – single family residence (SFR)
  • 2-4 family residence – duplex / triplex / fourplex
  • Single family Condominium
  • Single family Townhouse

Second / Vacation Home

  • 1 family residence – single family residence (SFR)
  • Single family Condominium
  • Single family Townhouse

Investment Homes

  • Available for alternative documentation loan programs

Jumbo Lending | Loan Limits

  • $650,000 to $3,000,000 Generally

Waiting Periods after Credit Hardship

  • 4 Years from Discharge of any Chapter Bankruptcy
  • 5 Years from Discharge if Multiple Bankruptcy
  • 7 Years from Foreclosure

Jumbo lenders for the most part do not adhere to Fannie Mae waiting period guidelines.  Because jumbo financing investors vary so greatly, so do the waiting period guidelines after a hardship.

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