What is a Jumbo Loan?

 

  • The Jumbo Loan is for loan applicants with above average credit. Loan applicants considering a Jumbo Loan typically have a relatively large down payment and will avoid paying mortgage insurance purchasing a new residence of up to $2.5 million.

Key Aspects of a Jumbo Loan

  • May borrow more than $417,000
  • May borrow up to $2.5 million
  • Minimum 700 FICO score required
  • Minimum 20% down payment required
  • Fixed-rate terms available: 30 or 15 year
  • Adjustable-rate  term available: 5/1 and 10/1

 

Jumbo Mortgage Loan

 

Document Checklist

  • Full and complete online loan application
  • 2 years recent tax returns w/ W2’s
  • Business returns if self employed w/ 1099’s
  • 2 recent pay stubs
  • Home Insurance Dec Page
  • Mortgage Statement
  • Copy of Executed Purchase Agreement, only if Purchasing
  • Copy of Earnest Money Deposit, only if Purchasing
  • 2 months recent bank statements, only if Purchasing
  • Driver’s License
  • Social Security Card