National 95% Jumbo Home Loan Mortgage
Five Stars is the leader in national Jumbo home loans | 95 Jumbo Home Loan Mortgage | Jumbo Financing | 5 percent Down Jumbo Loans | 90% LTV, 10 percent down payment. Jumbo Refinance. Serving Jumbo buyers all across the U.S including Chicago Illinois, Miami Florida, Los Angeles Califonia, Seattle, Phoenix Arizona, Dallas Texas, St. Louis, Kansas City, Denver, Charlotte, Atlanta, Boston, Philadelphia, Tampa, Orlando, New York, Houston, Cleveland, Portland, San Francisco, Las Vegas, San Diego, Grand Rapids
A Jumbo mortgage is a mortgage with a loan amount above the industry-standard definition of conventional loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. Conforming loan limits are currently $424,100 in most locations throughout the country with the exception of some higher costs locations in California, Florida, Virginia, etc. Please read more about the latest 2017 Jumbo loan requirements below.
The actual loan process of Jumbo loans is not very different from conforming loans. The biggest difference is that they are being bought by investors other than Fannie Mae and Freddie Mac. Because of this, the funds are not as readily available and therefore rates are generally slightly higher when compared to conforming loan limit mortgages.
in 2008 Fannie and Freddie conforming loan limits have been raised in order to combat the liquidity fears in the mortgage markets due to the subprime mortgage problems. This has led to even lower mortgage rates for Jumbo financing and a new breed of Jumbo loans now known as “conforming jumbo” loans. We are happy to offer the lowest down payment Jumbo loan options in the market today. The low down payment Jumbo mortgage options are very popular today among Attorneys, Doctors and Physicians.
Jumbo home purchase & rate/term refinance mortgage highlights:
- Jumbo loans up to 95% financing with NO mortgage insurance “PMI” Please see the video below for more information.
- Single loan and 80-15, 80-10 combo “piggyback” loan options available depending on the state.
- The home must be a Primary residence for 95% financing.
- U.S. properties only. Existing single family, low and high rise condos, townhomes are eligible. Land and lot loans are not permitted. Construction to permanent financing (build on your own lot) is also not permitted. This does NOT apply to new construction that is initially being financed and sold by a new home builder (new spec home for example)
- Second homes and vacation homes can be financed up to 90% – min 10 percent down payment
- Adjustable and fix rate terms available
- 1-4 family residences
- Adjustable Rate Mortgage (3/1, 5/1, 7/1, 10/1 ARM) or fix rate terms with no PMI. Interest only type loans are not available
- Regular purchase and jumbo rate & term refinance available
- Loan amounts up to $3.0M (even higher with the Super Jumbo – see page)
- Full income and asset documentation required on all jumbo programs.
- Payment reserves required after down payment and closing costs: 0-24 months depending on the state and loan amount. Smaller loan amount under $750,000 may require no reserves from the home buyers. However, larger loan amount over $750,000 will require some reserves anywhere from 3-12 months depending on the exact loan amount and applicants credit profile. Non-liquid retirement accounts like 401K and IRA satisfy the reserve requirements.
Current Jumbo mortgage loan-to-value limits and credit standards for primary residence homes as of 2017. Please submit the Request Information form at the top of this page to speak with a specialist today.
- 95% financing: $424,100 – $1,000,000. 700 credit score required on all 95% Jumbo mortgages. Only 5% down payment with no monthly mortgage insurance (PMI)
- 90% financing: $424,100 – $2,500,000. 10% down Jumbo requires 680 credit score for loan amounts below 1 mil. Loan amounts that exceed 1 mil will require a 720 credit score, NO mortgage insurance on all options
- 85% financing: $424,100 – $3,000,000. 15% down Jumbo requires 680 credit score for loan amounts below 1 mil. Loan amounts over 1 mil will require a 720 credit score, NO PMI
- Available in all 50 states
- Second home & Vacation home purchase loans start at 90% financing for loans under $850,000
- Investment properties start at 75% LTV
Please be sure to note the following:
- 95% LTV Jumbo program has a $1,000,000 loan limit cap
- All the financing limits are based on the final loan amount, not the sales price of the home
- No past short sales or foreclosures in the previous 5 years regardless of credit score. *Special short sale financing options listed below
Jumbo Cash Out Refinance Options:
Existing home owners have options to cash out equity to pay off higher interest debt, or start a home remodel, etc. The loan amount limits and LTV caps vary depending on the state. The basic highlights are listed below. Please note the requirements below only apply to cash-out refinance. Borrowers that are only reducing their interest rate or term, please refer to the basic rate-term refinance criteria above.
- Owner occupied home only
- Full income and asset documentation
- Max 85% loan to value in most states. * Florida homeowners can go up to 95% loan to value on jumbo cash out refinance. Max $750,000 loan amount for Fla homeowners
- Fix rate or ARM terms available
- In certain cases buyers closing costs can be included (rolled into) new mortgage limiting out of pocket costs
Additional jumbo financing options for buyers with past short sale:
Home buyers with a previous short sale can now finance up to 85% loan to value. Please see the special guidelines below.
- Short sale must be a minimum 2 years discharge (not filed date) clean credit post short sale required
- 700 credit score required
- No foreclosure or bankruptcy in the previous 4 years
- Minimum 12-month payment reserves required (after down payment) Retirement accounts like IRA, 401K satisfy this request
LTV and loan amount limits: *This only applies to buyers with a previous short sale:
- 720 credit score – up to 85% LTV, loan limit $1,000,000, 12 months reserves
- 720 credit score – up to 85% LTV, loan limit $1,500,000, 18 months reserves
- 720 credit score – up to 70% LTV, loan limit $2,000,000, 18 months reserves
- 700 credit score – up to 80% LTV, loan limit $1,000,000, 12 months reserves
Five Stars strives to offer the most aggressive jumbo programs available in 2017. We have many years of National Jumbo mortgage funding experience. For loans in excess of $3.0M, we recommend our Super Jumbo Loan programs.
Have questions or want to get started? Please submit the Request Information form at the top so we ensure the correct loan specialist contacts you ASAP. The request form only takes seconds to complete and no personal info is ever required. We strive to respond to all requests within 15 min during regular business hours. We serve home buyers in all 50 states, 7 days a week.