Jumbo Loans

10% DOWN JUMBO 

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $548,250, is considered a jumbo loan. 

Advantages: 

• Able to finance a home that is over the maximum loan amount of $647,200 established by Fannie Mae and Freddie Mac 
• Enables a borrower to purchase “more house” 
• Loan amounts up to $3M
• 680+ FICO and up to 45% DTI
• Up to 89.99% LTV and no MI required
• Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances
• One appraisal required for purchases up to $3M and refinances up to $2M*
• Two appraisals from two different appraisers required for refinances over $2M*
• Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by Automated Underwriting System