The housing market has continued to show signs of improvement in Ohio. As a result, select mortgage companies are starting to loosen mortgage qualifying requirements and allowing for lower down payments on Jumbo loans. A Jumbo loan is a loan amount that exceeds the conforming loan limits of $484,350. Some high-cost locations in OR can exceed this limit, but most of the country is at $484,350.
Down payment requirements for non-conforming Jumbo are generally always higher, until now. Jumbo loans all the way up to 95% loan to value are now available to approved buyers in Cleveland and throughout Ohio. Additionally, existing homeowners that want to refinance can also benefit from the higher loan to values. Here is a listing of the latest jumbo qualifying criteria: This applies to both Jumbo purchase and rate-term refinance transactions nationwide. Questions? Please call us at ph: 800-840-6449 for the latest info.
Jumbo Mortgage Requirements:
- Credit: Credit scores of 700 or above to be approved, unless the buyer is putting down more than 10% down payment. In those cases, credit scores down to 680 can be approved.
- For Income: buyers must document with W2 and 3 months pay stubs. Self-employed borrowers will need to provide two years of tax returns.
- Bank Saving and assets: must be well documented. Two months of savings, retirement accounts statements, etc.
- Single-family homes, townhomes and condos eligible
- Primary Residence, vacation homes. Down payment requirements will increase to 5% when the property is a second home
Mortgage Loan To Value Caps:
- 95% Loan to value, only 5% down payment: Up to $2,000,000: min 700+ credit score. Buyers can choose from a single loan up to $1,000,000 or a 1st and 2nd mortgage (80/15/5) combo up to 1 million. Both Jumbo options have NO monthly mortgage insurance (PMI)
- 90% Loan to value, 10% down payment: Up to $3,000,000 with 740+ fico score
Jumbo loans are ideal for home buyers looking for luxury homes in higher-cost locations in Ohio. These loans are designed to simplify home buying in pricey markets by covering the full cost of the loan, so there is no need for borrowers to drain their cash reserves. Similar to conventional type mortgages, jumbo loans can be obtained at a fixed and an adjustable-rate 3/1, 5/1, 7/1 or 10/1 term. The interest rates on a jumbo loan are slightly higher due to the added risk, but not by much. Listed below you will find some of the benefits of the Jumbo loan.
- Fast loan pre approval process – takes only 10 min. To begin just visit our website below.
- 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 terms and adjustable-rate mortgage terms available
- No monthly private mortgage insurance (PMI) option
- NO origination fee on Jumbo fixed-rate or adjustable-rate mortgage home loans for purchase transactions. This significantly reduces closing costs and saves you money
We serve home buyers 7 days a week - visit www.JumboLoanCenter.com
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