Jumbo Mortgage Loans refer to all loans that exceed Fannie Mae’s loan limits. This program requires a larger down payment and is more commonly used to purchase or refinance single-family homes or condos.
Minimum FICO score is 620.
Minimum Down payment is 10% unless required (ie. When the purchase price exceeds the appraiser value).
One-Time VA Funding fee is required on most VA loans, though this is waived for some.
A Certificate of Eligibility is required, our loan officers can help you obtain this.
Jumbo Fixed Rate Mortgages
Jumbo Fixed Rate Mortgages are available in 15-30 year loan terms. They have traditionally been the most popular choice for people who intend to own their property for 7 years or more. Due to the fixed interest rate, the monthly mortgage payment remains consistent over the life of the loan.
Jumbo Adjustable Rate Mortgages (ARMs)
Jumbo Adjustable Rate Mortgages (ARMs) are based on a 30-year loan term, with the interest rate adjusting to market rates over the life of the loan. Adjustment periods can range from 1-10 years. These loans are attractive to borrowers who don’t plan to keep their property over the long term and can benefit from a lower initial interest rate. Typically, initial adjustable rates are lower than comparable fixed rates.
