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.
High Balance Conventional Loan
Ask about our High Balance Conventional program that has:
