Program Features
First-time buyer | Primary home purchase | Primary home refinance |
Second home purchase | Second home refinance | Investment purchase |
Investment refinance | Short-term solution | Long-term solution |
Less-than-perfect credit | Recent financial hardship | Self employed |
Program Overview
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.
Qualifying Basics
AUS | Portfolio |
Manual Underwriting | Yes |
Mortgage Insurance | Not required |
Maximum Loan | Program Limits Vary |
Minimum Credit Score | 680 |
Minimum Down Payment | 10% down payment |
Maximum DTI | Determined by program |
Special Features | Not specified |
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