National 95% Jumbo Home Loan Mortgage
Five Stars is the leader in national Jumbo loan info | 95 Jumbo Home Loan Mortgage | Jumbo Financing | 5 percent Down Jumbo Loans | 90% LTV, 10 percent down payment. Jumbo Refinance, Cash Out. 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 jumbo mortgage process 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 mortgages.
in 2008 Fannie and Freddie conforming loan limits were increased 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 in higher cost locations. We are happy to provide the latest information on all low down payment Jumbo programs available today. The reduced down payment Jumbo mortgage options are very popular today among Attorneys, Doctors, and Physicians.
Jumbo 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 or 80-10 combo “piggyback” loan options available depending on the state.
- The property must be a Primary residence for 95% financing.
- U.S. properties only. Existing single family homes, townhomes, and select low and high rise condos are eligible. Vacant land, Acreage, Lot loans, Rehab, Manufactured, and Commerical properties are NOT eligible. 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 community spec home for example)
- Adjustable Rate Mortgage (3/1, 5/1, 7/1, 10/1 ARM) or fix rate 15, 20, 30-year terms with no PMI. Interest only type loans are not available.
- Regular home purchase and jumbo rate & term refinance available. See special cash out refi options below.
- 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 reserve requirements.
- Second homes and vacation homes can be financed up to 90% – min 10 percent down payment.
- Loan amounts up to $3.0M (even higher with the Super Jumbo – see page)
Current Jumbo mortgage loan-to-value limits and credit standards for primary residence homes as of 2017. Please submit the quick Request Information form at the top of this page to speak with a specialist. Our goal is to respond to all submitted request within 10 minutes during normal business hours.
- 95% financing: $424,100 – $1,500,000. 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 $2,000,000 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 2mil. Loan amounts over 2mil will require a 720 credit score, NO PMI
- Available in all 50 states
- Second home & Vacation home purchase loans start at 90% financing for loan amounts under $1,000,000
- Investment properties start at 75% LTV
Please be sure to note the following:
- 95% LTV Jumbo programs have a $1,500,000 loan limit cap.
- Owner occupied homes only for 5% down payment options.
- 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 homeowners have options to cash out equity to pay off higher interest debt, home remodel, or new business, 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, should refer to the basic rate-term refinance criteria above.
- Owner occupied homes only
- Full income and asset documentation required on all options
- Max 90% loan to value
- 90% cash out – loan amount limit is $1,500,000
- 80% cash out – loan amount limit is $2,500,000
- Florida homeowners can cash out up to 95% loan to value. *Max $1,000,000 loan amount when the loan to value is between 90 -95%
- 720 credit score required when loan to value exceeds 85%
- Borrowers will need 12 months of payment reserves (savings, 401K, IRA, etc)
- Fix rate or ARM terms available – both with no mortgage insurance
- 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
For loans in excess of $3.0M, we recommend our Super Jumbo Loan programs.
Have questions or want to discuss options in detail? 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 quickly and serve home buyers in all 50 states, 7 days a week.