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Jumbo Loans.
Down Payments as low as 5% and Loan Amounts up to $3,000,000
Looking to purchase a home or refinance a high-value property? Our Jumbo Mortgage Loans make it possible with down payments as low as 5% and loan amounts up to $3,000,000. Whether you’re a first-time buyer or a seasoned homeowner upgrading to your forever home, we’ve got flexible options to meet your needs.
Jumbo Loans Program Guidelines
Loan Purpose
- Purchase
- Rate-term or Limited Cash-out refinance
- Cash-out refinance
Transaction Type
| Loan Purpose | Occupancy | LTV/CLTV | Max Loan Amount | Minimum FICO | Months Required Reserves (PITIA) |
|---|---|---|---|---|---|
| Purchase Limited Cash-Out Refinance | Primary Residence | 95% | $1,000,000 | 700 | 12 |
| 80% / 90% | $1,500,000 | ||||
| 90% | $1,500,000 | 720 | 12 | ||
| 85% | $1,500,000 | 700 | 12 | ||
| $2,000,000 | 720 | 18 | |||
| 80% | $2,500,000 | 700 | 6 | ||
| 75% | $3,000,000 | ||||
| Second Home | 90% | $850,000 | |||
| 85% | $1,000,000 | 700 | 12 | ||
| 80% | $1,250,000 | ||||
| 75% | $2,000,000 | ||||
| Cash-Out Refinance | Primary Residence | 80% / 85% | $1,000,000 | 700 | 6 |
| 75% | $1,500,000 | ||||
| 70% | $2,000,000 | ||||
| Second Home | 80% / 85% | $750,000 | 700 | 6 | |
| 75% | $1,500,000 |
Reserve Requirement
No reserves required when LTV < 75% for Purchase & Limited Cash-Out transactions
No reserves required when LTV < 70% for Primary Residence Cash-Out transactions
No reserves required when LTV < 75% for Second Home Cash-Out transactions
Amortization
- 30-year Fixed Rate
- Adjustment Rate:
- 5/6, 7/6, 10/6, 15/6 ARM, fixed for a 5, 7, 10, and 15-year fixed period
- 30-day compounded average of SOFR – Secured Overnight Financing Rate
- 5% initial rate adjustment cap, except 2% for 5/6 ARM
- 1% periodic adjustment cap
- 5% lifetime cap
- 2,75% margin
Credit Profile
- 700 minimum middle credit score with maximum loan amount of $3,000,000
- If more than one borrower on the loan use the lower of the two-middle credit score
- Automated Underwriting System or AUS
- Desktop Underwriter (DU)
- DU finding must show “Approve/Eligible” or “Approve/Ineligible” due to ARM plan, loan amount, or LTV exceeding conforming loan limits only
Loan Amount
- Minimum loan amount is $1 higher than the FHFA Conforming loan limit
- Financed loan amount not to exceed $3,000,000
Mortgage Insurance (MI)
- LTV over 80% must be approved by MI company
- MI factorial 95% LTV – 30%, 90% LTV – 25%, 85% LTV – 12%
Ratios
- Maximum 45% DTI
- 5/6 ARM: Qualify at the higher of the fully indexed rate (index + margin), or note rate plus 2% (max 80% LTV)
- 7/6, 10/6, 15/6 ARMs: Qualify at the note rate
Property Type
- 1-unit property
- 1-unit property with accessory unit
- PUDs
- Condominiums (Fannie Mae warrantable)
- With 20% down payment non-warrantable condos will be reviewed on a case-by-case basis
- No manufactured homes
- No construction/perm
- No rehabs
- With less than 20% down:
- Maximum 10 acres
- No mixed-use properties
Occupancy
- Owner Occupied and Second Homes only
- All borrowers on the loan must have ownership in and occupy the property
- Non-occupant co-borrowers permitted for LTVs < 80% only
Property Valuation
- Full appraisal with interior inspection and photos
- Independent appraiser provided field review supporting value:
- Greater than 80% LTV with loan amounts greater than $1,000,000
- Greater than 75% LTV with loan amount over $1,500,000
Documentation
- All loans must be fully documented per Agency Guidelines
- For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)
Down Payment/Closing Costs
- Minimum borrower contribution for LTV greater than 80%:
- 5% for loan amounts < $1,000,000
- 10% for loan amounts > $1,000,000
- Seller contribution toward buyers closing costs:
- Up to 3% of the purchase price for 90% loan-to-value
- Up to 6% of the purchase price for less than 90% loan-to-value
- Reserve requirements:
- See Above Under Transaction Type
Terms
- Amortization period: 30 years
