Jumbo Loan Center offers the latest information on low down payment Jumbo mortgages. A mortgage is considered a "Jumbo" when the loan amount is greater than the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2021, the conforming loan limit is $548,250 in most locations throughout the U.S. Select areas of California, Florida, Virginia, DC, Colorado, etc are deemed "high cost" and allow for conforming loan limits up to $822,375.
Any loan amount that exceeds the conforming mortgage limit is considered a Jumbo mortgage. Today select lenders and banks offer Jumbo financing options with only a 5% down payment - up to 95% loan to value. Low down payment jumbo options with 5%, 10% or 15% down are often desirable for borrowers that have their assets secured in other investments and want to retain as much cash as possible.
Any loan amount that exceeds the conforming mortgage limit is considered a Jumbo mortgage. Today select lenders and banks offer Jumbo financing options with only a 5% down payment - up to 95% loan to value. Low down payment jumbo options with 5%, 10% or 15% down are often desirable for borrowers that have their assets secured in other investments and want to retain as much cash as possible.
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Home buyers today have an assortment of Jumbo financing options to meet every need. Below we will outline the Jumbo loan amount and credit score requirements along with all restrictions. Be sure to also read the Jumbo purchase FAQ's here. 5% Down Payment Jumbo Loan - eligible buyers can finance up to 95% loan to value when the loan amount is below $850,000 or $1,000,000 for high-cost locations.
Do you have questions? Please ask, we are always ready to assist you. Question: L. Keaton - San Antonio, TX: What jumbo financing option will make the most sense for me? the single loan or combo loan option? Answer: The correct loan structure will depend on many different factors like loan amount, property state, down payment and credit profile.
Question: C. Cuthbert / Raleigh, NC: Can I switch my current adjustable loan into a 15-year fix loan? My adjustment period is set to start in a few months. Answer: Yes, assuming you meet the loan qualifying requirements you should have no issue. You may want to also check that your current loan doesn't have any early payoff penalties.
