Jumbo Home Loans are Back

Mortgage and Lending with The Mortgage Market of Delaware

Jumbo Home Loans are Back in Delaware

Lenders are back to offering jumbo home loans. Jumbo loans are loan amounts over the conforming loan limit of $548,250. This is great news for many home owners and home buyers.

Tthe down payment is lower than what you would traditionally need for a jumbo. Loan to values go up to 89.99% with no mortgage insurance required.

Prime jumbo loans disappeared when the Covid lock down started but are now back and worth considering. 

These are available for primary, second and investment homes. And, can be used for purchase, rate/term and cash out refinances. Thirty year fixed rate terms up to $2,000,000 loan amount.

The minimum credit score is 680 and the maximum debt to income ratio is 45%.  Only one appraisal is needed for loans up to $1,500,000. Two appraisals are required for loan amounts higher than that amount. These loans are readily available at attractive pricing.

A one unit primary or second home can be purchased with a 680 score and 10.01% down. Investment properties can be purchased with 20% down and a 680 score.

A one unit rate/term refinance on a primary home can be done with a 680 score and 10.01% equity. A second home at 20% equity and 680 score. Investment properties can be refinanced with 25% equity and a 700 credit score.

Cash out refinances are quite generous with loan to value ratios. Primary homes at 89.99% LTV and 740 credit score. Second homes at 75% loan to value and 700 score. Investment properties at 75% loan to value and a 720 credit score.

This information is provided to you by:

JoAnn Moore, Licensed Professional Loan Originator, NMLS #165477. The Mortgage Market of Delaware, LLC.  TheMortgageMarketofDelaware.com  Office; 302.855.1306, Cell 302.236.1229, MMODJoAnn@aol.com.

Posted by

JoAnn Moore

Comments (5)

Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor"

Great information!  Thanks for sharing and have a wonderful day!

Mar 24, 2021 05:57 PM
JoAnn Moore

Thank you for stopping by. These loans are available Nationwide but I am only licensed in Delaware.


Mar 24, 2021 06:17 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello JoAnn - nice to "see" you back on the pages of ActiveRain.  Proper mortgage information is important for those considering a purchase - almost as important as the decision to buy/own realestate itself.  Money doesn't grow on trees after all, right?  

Mar 25, 2021 05:48 AM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Hi Michael, 

Nice to hear from you. I am always intend to write blogs but finding the right topic, time and focus is a bit elusive. 

Mar 25, 2021 07:10 AM
Roy Kelley
Retired - Gaithersburg, MD

I was looking for your current posts.

I hope all is going well for you. Have an outstanding summer.

Jun 14, 2021 09:13 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

JoAnn, I did not know they had disappeared.    One of my buyers earlier this year had a VA jumbo loan on a contracted property, but was terminated due to too many inspection issues that would not be fixed per the Seller.

Aug 16, 2021 09:12 AM