Jumbo Loans

SPECIFICS

Jumbo loans provide financing for eligible loan amounts that exceed the applicable conforming loan limits established by the Federal Housing Finance Agency (FHFA). Conforming loan limits vary by year, property type, and location.

DOWN PAYMENT REQUIREMENTS

Down payment requirements vary by loan program, property type, occupancy, and borrower qualifications.

Eligible gift funds may be permitted under certain jumbo loan programs when applicable lender and investor guidelines are met.

CREDIT REQUIREMENTS

Credit score and credit history requirements vary by jumbo loan program and borrower qualifications. Jumbo financing may require borrowers to meet additional credit, income, asset, or reserve requirements.

DEBT-TO-INCOME RATIOS / RATE OPTIONS

Debt-to-income requirements vary based on the selected jumbo loan program, borrower qualifications, and underwriting guidelines.

Fixed-rate and adjustable-rate options may be available depending on the program and borrower qualifications.

PRIOR CREDIT EVENT WAITING PERIODS

Borrowers with a prior bankruptcy, foreclosure, short sale, or other significant credit event may still be eligible for certain jumbo loan programs.

Applicable waiting periods vary based on the type of credit event, borrower circumstances, loan program, and lender or investor guidelines.

OTHER IMPORTANT FACTS

Jumbo loan programs may be available for eligible primary residences, second homes, and investment properties, depending on the program and borrower qualifications.

Seller and other interested-party contributions toward eligible closing costs may be permitted subject to applicable program and investor requirements.

Closing costs, fees, reserve requirements, and other loan expenses vary by transaction and loan program.

MORTGAGE INSURANCE

Mortgage insurance requirements, if any, vary by loan program, loan-to-value ratio, property type, occupancy, and lender or investor guidelines.

IMPORTANT INFORMATION

Loan amounts, rates, fees, down payment requirements, qualification standards, and program availability vary and are subject to change.