A jumbo loan is a non-conforming mortgage designed for financing high-value homes that exceed standard conforming loan limits.
- ARM and Fixed Options available
- Up to $3,000,000 loan amounts
- Some offerings over 80% LTV may not require MI
- Purchase, Rate and Term Refi and Cash-Out Refi’s available
- Available for primary, second home and investment properties
PROS
- Easy approval process
- Only 1 year of tax documents is required for W2 borrowers
- Flexible mortgage insurance options for borrowers with less than 20% down
- Easier appraisals for condo financing
- Both ARM and Fixed options are available
CONS
- Harder to qualify with low credit score
- Longer waiting periods after a bankruptcy, loan modification, short sale or foreclosure
- FICO score and loan amount can affect mortgage insurance and rate