A jumbo loan is a type of home mortgage that allows financing for loan amounts that exceed the conforming maximum of $484,250. Since home prices for larger, luxury and second homes can often surpass this amount, this loan might be perfect for the house of your dreams.
A jumbo loan is your best (or only) option if you need to borrow between $484,250 and $3,000,000 for a home purchase or refinance.
It’s the 50th Anniversary of Woodstock!
What does that have to do with JUMBO loans? Because many who remember Woodstock are now at retirement age. The lender can use a retired person’s assets as income. Lets say that your only source of income is social security (or a pension) and a 401K. We can calculate a monthly income from the 401K. We can also calculate a monthly income from other non-retirement assets! It’s called an asset depletion loan.
VA JUMBO Loans
That’s right! You can even use your VA benefit to obtain a JUMBO loan!
FHA JUMBO Loans
FHA does offer JUMBO loans with just 3.5% down payment!
(not available in all markets)
Mini-Jumbo
Conventional Loans through Fannie Mae and Freddie Mac allow just 5% down. Click this link to find out more.
JUMBO for low credit scores
620 Credit Scores with 20% down (primary residence to $2M)
Options for JUMBO Financing
• Owner occupied, second homes & investment properties
• Fixed-rate and adjustable-rate mortgage options
• Purchase and Refinance
• 10% down* up to $1,500,000 (primary & second home)
• 15% down up to $3,000,000 for primary residences
• 20% down up to $3,000,000 for second homes
• Loan amounts to $5,000,000 with larger down payments
• Debt-to-income** up to 50% of monthly income
• Second home credit score as low as 661 (up to $2M)
• Larger Lots Up to 40 acres
• Alimony can be subtracted from income
• Non-conforming condos and condotels
• Refinances allowed right away on cash purchases