What are Jumbo Loans?
Jumbo loans are loans above the Fannie Mae/Freddie Mac conforming loan limit. For most of the country these are loans above $453,100. Jumbo loans generally look and act just like conventional, conforming loans, but since they are held on bank portfolios rather than by Fannie Mae/Freddie Mac there are often a few differences.
Jumbo loans typically require a larger down payment than conventional, conforming loans. A minimum of a 10% down payment is often required with some programs requiring a 20% down payment or more. Jumbo loans also commonly require slightly higher credit scores than conventional, conforming loans.
In most cases, a well-qualified conventional, conforming borrower would have no trouble qualifying for a jumbo loans as long as they are able to afford the higher payment associated with a bigger loan amount.
Jumbo Loans with 10% Down Payment
We offer jumbo loans up to $2,000,000 with only 10% down and no mortgage insurance!
- Primary Residences and Second Homes
- Purchase or Refinance transactions
- No Mortgage Insurance
- Seller can pays costs up to 6% of value
- Single-Family Homes, Townhomes, warrantable Condominiums
- Title can be held in a revocable trust
- Eligible for Power of Attorney Closing