Jumbo Mortgage 10% Down w/ No MI up to 2 Million

9.Jumbo Mortgage 10 Down w- NO MI up to 2 Million

Jumbo Mortgage 10% Down w/ No MI up to 2 Million

A jumbo mortgage is a special type of mortgage that exceeds lending limits. In most cases, mortgage loans are limited to $417,000 in much of the United States, although some of the areas where housing costs are exceptionally high may have as high as a $625,500 limit. Because the loan will exceed these limits, lenders typically are very cautious when making them. The qualifications for jumbo mortgages, then, are stricter than those for standard mortgages.

How to Qualify for a Jumbo Mortgage

While much of the underwriting process is the same as that of a traditional mortgage, there are some differences. Most lenders require the property to be appraised twice by two different appraisers rather than the single appraisal needed for a conventional mortgage. A borrower must also have a higher credit score—more lenders require a minimum score of 700. Borrowers will also need to have a debt-to-income ratio that is no higher than 43% and will need to show that they have enough funds on hand to make their mortgage payments for anywhere from six months to a full year. Some lenders have even tighter debt-to-income ratios

The Down Payment and Other Differences

Another major difference between a conventional mortgage and a jumbo mortgage is the size of the down payment. Jumbo mortgages require a minimum payment, and it may be higher than that of a standard mortgage. In some cases, the down payment can be as much as 30% of the total home cost. Most lenders require at least 20%.

Most jumbo mortgages are adjustable-rate loans rather than fixed-rate mortgages, but the interest rates on these loans are often fairly low, at least in the beginning. Many are 5/1 mortgages, which means that the interest rate will be locked in for five years, then may change every year following that.

In most cases, only the biggest lenders offer jumbo mortgages. It may be difficult to find small banks or other financial institutions that offer jumbo mortgages simply because of the large amount of money involved. Most lenders will also only make jumbo mortgages for the borrower’s primary residence, not a second home or an investment property.

*The down payment associated with this offer is from the borrower’s funds (the borrower’s funds must be sourced and can include gift funds or funds from approved Down Payment Assistance program). The down payment cannot be from the lender credit or a seller credit. Restrictions apply, consult your Personal Mortgage Advisor for details.

All home lending products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Corporate NMLS Unique Identifier # 32416. Verify a mortgage company or individual license on the Nationwide Mortgage Licensing System Consumer Access site: www.nmlsconsumeraccess.org. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax-deductible for Federal income tax purposes: and the consumer should consult a tax advisor for further information regarding the deductibility of interest and charges. U.S. Dept. of Housing & Urban Development Mortgagee-FHA Lender ID # 23773-0000-0, 23773-00017 (Unconditional Direct Endorsement Approved), USDA SFHGLP Approved, Department of Veterans Affairs VA Automatic Lender 56997-00-00. Nations Lending Corporation®

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John Yurkovich

John Yurkovich

My name is John Yurkovich. I am a branch manager and licensed loan officer NMLS # 206495. I have a passion for helping people obtain the American Dream of homeownership. I work extremely hard in becoming an expert in the available loan program guidelines, analyzing credit reports and understanding our clients financial picture.

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