Also referred to as Non-Conforming Loans, these loans exceed the conventional conforming limits and reach up to $3M for primary, secondary and investment properties. Many borrowers don’t know that the guidelines have relaxed in recent years for these larger loans.
Depending on the loan size, qualified borrowers can get a Jumbo loan without Mortgage Insurance for as little as 10.01% down payment! Another thing that surprises lots of people is that lenders often willing to accept credit scores starting at 680.
Similar to conventional loans, our lenders do offer fixed and adjustable rate Jumbo loans. Keep in mind that it is not uncommon for lenders to require that a borrower have cash reserves to prove their capability of making the payments.