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Jumbo Loans

Jumbo Loans

January 5, 2014


A jumbo mortgage is a loan that exceeds the mortgage loan limits that are not covered by Fannie Mae and Freddie Mac. Since these two agencies purchase the majority of residential mortgages from lenders and banks in the United States, they set the parameters in regard to how much money can be borrowed through a mortgage loan. Any mortgage loan amount above these parameters is considered to be a jumbo mortgage. Loans over the $417,000 limit set for conventional loans are considered jumbo loans.

While jumbo mortgage parameters may change from year to year and may be slightly modified in certain parts of the United States, these loans are currently reserved for those who need to borrow anywhere from $417,000 to $4,000,000. In parts of the United States where housing is typically more costly, however, the bottom end is set at $729,750.

Jumbo mortgage require 15% down payment up to 1 million dollar no mortgage insurance and 20% down payment up to 1.5 million.

  • Eligible loan terms include fixed terms (10, 15, 20, 25 and 30) and adjustable rates (5/1, 7/1, 10/1/)
  • Interest Only on 30 year fixed or 10/1 ARM (10 year I/O period)
  • Up to $4 million loan amounts
  • 85% LTV to $1 million on condos
  • 80% LTV to $1 million on second homes
  • No mortgage insurance
  • Up to 48/58 DTI (vs 35/45 at most lenders)
  • Self-employed okay
  • Income sources include W2, self-employed and liquid assets
  • Liquid assets may be used for income qualification. May be used for both self-employed and W2 borrowers.
  • No seasoning requirements for Cash Out
  • Jr. Liens can be paid off as Rate/Term with 6 months seasoning on the lien
  • Close in the name of an LLC or Corporation
  • No Prepayment Penalty

What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Latest retirement statement for each active account (all pages)
  • Sales contract (purchase)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)
  • Addresses and loan information of other real estate owned (if any)

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