A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $484,350 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $726,525).Footnote 1
- Full Doc - Paystubs, W-2's, Tax Returns
- 12 Month Personal Bank Statement
- 24 Month Personal Bank Statement
- 24 Month Business Bank Statement
- Loan amounts up to $2,500,000
- Fixed, ARM, and Interest Only options
- Housing Ratio up to 40% Debt Ratio up to 53%
- Qualify with credit scores as low as 660
- As little as 10% down payment
- No prepayment penalties
Large loan amounts with less hassle
- Allows borrowers to go outside of Fannie and Freddie limitations.
- Finance more of the home cost rather than tie up cash
- One loan instead two.