The Following Pertains to Traditional Jumbo Loans

For non-traditional loans, see Specialty Programs.
  • 30-year fixed
  • 25-year fixed
  • 20-year fixed
  • 15 year fixed
  • 10-year fixed
  • 10-yr arm
  • 7-yr arm
  • 5-yr arm
  • Fully Amortizing
  • NO Interest Only

A loan is considered jumbo if it exceeds the conventional High Balance Loan Limits

Jumbo loans are available for primary residences, second homes and investment properties. These loans are a higher risk for lenders and though they are not limited by Fannie Mae guidelines, they tend to have more rigid underwriting and down payment requirements. The typical loan amount ceiling for many lenders is $2 million or below, but some more aggressive lenders may loan upward to $5 million.

A likely applicant would have:

  • A 20-25% down payment and at least¬†six months cash reserves in savings
  • At least 20-25%% equity in property when refinancing
  • Borrower with two year job history and a debt-to-income ratio at 40%
  • A credit score of at least 680 (700-740+ preferred)