Jumbo mortgage requirements have continued to ease across the nation. Approved homebuyers in Houston now have finance up to 95% Loan to Value. Many of these low down payment options do not require mortgage insurance each month, saving buyers even more.
Harris County home loans are considered “Jumbo mortgages” when the loan amounts exceed the standard conforming loan amount limits. The current Fannie Mae loan limits are capped to $510,400 with some higher costs locations like outside of Texas as high as $726,525.
Low Down Payment Jumbo Financing Options & Requirments:
- 95% Loan to value: Up to $2,000,000: min 700+ credit score. Buyers can choose from a single loan up to $1,500,000 or a 1st and 2nd mortgage (80/15/5) combo up to $2.0m. Both Jumbo options have NO monthly mortgage insurance (PMI)
- 90% Loan to value: Up to $3,000,000 with 720+ fico score
- 85% Loan to value: Up to $3,500,000 with 720+ fico score
Jumbo Home Buyer Requirements:
- For Income: buyers must document with W2 and pay stubs. Self-employed (1099) borrowers will need to provide two years of tax returns.
- Bank Saving and assets: must be well documented (only what’s needed to close) Two months of savings, retirement accounts, etc.
- Reserves: buyers should plan to have a min of 6 months reserve savings (after the down payment is made) Some programs with a higher loan amount may require 1 year + reserves.
- Your credit history: Credit scores of 700 or above to be approved
- Single-family homes, townhomes and condos eligible
- Primary Residence, vacation homes only to 95%. Down payment requirements will increase to 15% when the property is an investor purchase.
The advantage of 5% down payment:
- Single Family Homes, Town Homes and approved Condo eligible
- Same day loan pre-approvals, with in-house underwriting
- The convenience of one loan for the entire loan amount instead of having multiple mortgages
- Financing available up to $5,000,000
- Fix and adjustable-rate mortgage (ARM) options available
- No monthly private mortgage insurance (PMI) option
- NO origination fee on Jumbo fixed-rate or adjustable-rate mortgage home loans for purchase transactions. No origination fee significantly reduces closing costs and saves you money.
Buyers also have a variety of 15% and 20% down options for credit scores down to 660
Please contact us today with any questions by visiting https://JumboLoanCenter.com
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