Jumbo loans are available up to $900,000 with no adjustment to rate, but can go up to $2 million. Available for refinances or purchases, mortgage insurance is not required. Jumbo loans can be financed as a 15 or 30-year fixed rate mortgage or as a competitive ARM product. Jumbo loans have loan amounts in excess of the conforming loan limit (based on property location) set by Fannie Mae and Freddie Mac.
Also known as non-conforming loans
Typically carry higher interest rates
For homebuyers with the following consideration points:
Homebuyers who need financing to purchase a more expensive property
Investment-minded buyers who can make a large purchase, but want to leverage their assets more effectively 203K FHA Streamline
Similar guidelines as the FHA loan but with the ability to finance qualified home improvements on a purchase or a refinance up to $45,000 with approved Energy Efficient improvements. These improvements can be for many different reasons, such as a new roof, gutters, kitchen or bathroom remodeling, finishing a basement, painting, heating / air conditioning, electrical and plumbing repairs -just to name a few. Luxury additions, such as pools and structural repairs are not allowed. The loan offers a 50% draw on the improvements at closing and the remainder once the work has been completed. The work must be completed within 60-days of closing.
Jumbo Loan Qualification Requirements
Jumbo loans require excellent credit history. Jumbo loans also have far stricter requirements on derogatory credit events such as bankruptcy.
In addition to having a large down payment, borrowers need to have substantial reserves. Reserves are funds in savings accounts that can be relied upon in the event that the borrower loses their employment.
When qualifying for a jumbo loan, you must have a strong employment history.
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