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 $647,200).
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 $1,000,000 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.