Jumbo mortgages do not conform to Fannie Mae and Freddie Mac conforming guidelines due to mortgages being larger than the conforming limits. Normally, lenders require 20% down payment, but we do not.
Borrower contribution minimum of 5%. If appraiser notes a decline market, reduce the loan to value by 5%.
Property types include single family (detached, semi attached, attached), PUD (detached, attached), and Warrantable Condominiums (detached, attached). Occupancy allows 1-4 unit primary residence (First Time Homebuyer is limited to a primary residence), 1 unit second home, and 1 unit investment.
The minimum loan amount is the conforming limit +$1.
Jumbo lenders set their own lending guidelines. In order to get the lowest rate possible, borrowers should put as much as a down payment as possible.
All loans are subject to credit, underwriting and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator atwww.dora.state.co.us/real-estate/index.htm. Also licensed in: FL. VA, and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857