What is a Jumbo Mortgage?

A Jumbo mortgage loan is any mortgage loan which exceeds the maximum loan amount allowed for a conventional mortgage loan (currently $417,000).

What are some of the requirements for a Jumbo mortgage?

  • Fixed rate, adjustable rate, or interest only loan products are available.
  • Minimum down payment of 10% for a maximum loan amount of $750,000 with no mortgage insurance requirement. The maximum loan amount can be higher with a larger down payment.  
  • Maximum DTI of 43%
  • The minimum FICO score for a Jumbo mortgage loan is 680.
  • Property type can be owner occupied or 2nd home.
  • If you have had a previous foreclosure you must wait 5 years in order to obtain a Jumbo mortgage loan.
  • If you have had a prior short sale the amount of time you must wait to obtain a Jumbo mortgage loan is 5 years.

If you have had a prior Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy you must wait 5 years before obtaining a Jumbo mortgage loan.