Jumbo Loans

SPECIFICS

Loan amount above $647,200

DOWN PAYMENT REQUIREMENTS

20% down payment
Funding fee: None
Gifts for down payment is allowed

CREDIT SCORES

Minimum 680

DEBT TO INCOME RATIOS/ FIXED TERM RATES

DTI up to 49%
Fixed rate terms: 30 years

PRIOR LOAN DEFAULT WAITING PERIODS

Bankruptcy- Chapter 7: 3 years from discharge
Bankruptcy- Chapter 13: 12 months with satisfactory payment history & court approval Foreclosure: 3 years from completion date
Short Sale: 3 years
Shorter waiting periods may be considered with extenuating circumstances

OTHER IMPORTANT FACTS

Seller concessions: 3% Owner-Occupied only (No 2nd homes)

MORTGAGE INSURANCE

Not required