Updated for 2019: Jumbo loans are designed for home buyers who are purchasing or refinancing a home that is priced higher than the conforming loan limit set by Fannie Mae and Freddie Mac. Five Stars is a leader in financing Jumbo loans up to $15 million. We offer the best terms and lowest interest rates for owner occupied and second home Jumbo mortgages.
Please call or submit the Request Contact Form at any time if you have questions. Specialists are standing by 7 days a week to serve you.
Below we will take a look at the newly updated Jumbo Loan Guidelines. Before we start, let’s review exactly what a Jumbo loan is. A jumbo mortgage is any single loan amount over the conforming loan limit of $484,350 throughout most of the United States. When Fannie Mae and Freddie Mac limits do not cover the full loan amount on high valued homes, the loan is referred to as a “Jumbo Loan”
While jumbo loan guidelines may change from year to year, these loans are currently reserved for those who need to borrow anywhere from $484,350 to $15,000,000. In parts of the United States where housing is high cost (parts of California, New York, Florida) the bottom end is set at $726,525. In addition, FHA even still offers 3.5% and 5% down payment in high costs location with loan amounts of over $729,000. Contact us to learn more about FHA high costs loans.
Jumbo Loan Guidelines – Available in all 50 states.
- 95% Jumbo financing up to $2,000,000 – primary home, full documentation, 700+ credit score. *Note: 95% loans $1.5-$2.0m require a 740 score.
- 90% LTV to $3.0 million on condos
- 90% LTV to $3.5 million on primary single family homes
- Eligible loan terms include fixed rate terms – 10, 15, 20, 25 and 30. In addition to adjustable rates (ARM) 5/1, 7/1, 10/1
- Up to $15 million loan amounts
- No mortgage insurance
- Higher DTI allowed with higher credit scores
- Self-employment with 2 years tax returns okay
- Income sources include W2, self-employed and liquid assets
- No seasoning requirements for cash out refinance
- No Prepayment Penalty
Some notes: Borrowers will want to ensure they have a 680+ credit score to take advantage of the lowest interest rates. Higher down payments will likely be required for home buyers that have credit scores below 680.
Homeowners that already have a conventional loan or jumbo can contact us below to learn about Jumbo Cash Out refinance options. Interest rates are still low as we start 2019, and a cash out refinance / debt consolidation could save you hundreds each month.
Home buyers can contact us by calling Ph: 800-871-2636 (7 days a week) to start the pre-approval process or to learn more about the latest lender and bank Jumbo loan requirements. For fast service please submit the “Request Contact” form at the top of your screen.
Be sure to view the helpful video below that recaps all the latest Jumbo and non-conventional loan guidelines:
Serving all of Jumbo Home Buyers Nationally including Florida 2019 – Boca Raton , Bradenton , Brandon , Cape Coral , Clearwater , Clermont , Cocoa Beach , Coral Gables , Crestview , Crystal River , Daytona Beach , DeLand , Deltona , Delray Beach , Destin , Dunedin , Englewood , Fernandina , Flagler Beach , Fort Lauderdale , Fort Myers , Fort Pierce , Fort Walton Beach , Gainesville , Green Cove Springs , Hallandale , Hobe Sound , Hollywood , Homestead , Inverness , Jacksonville , Lakeland , Lake City , Lake Mary , Live Oak , MacClenny , Melbourne , Miami , Milton , Mount Dora , Naples , Ocala , Ocoee , Orange Park , Orlando FL , Ormond Beach , Palm Bay , Panama City , Pensacola , Pompano Beach , Port Charlotte , Port St. Lucie , Punta Gorda , Santa Rosa , Sarasota , Siesta Key , Springhill , St. Augustine , St. Petersburg , Sunny Isles , Tallahassee , Tampa , Titusville , Venice , Vero Beach , Wesley Chapel , West Palm Beach , Winter Garden , Winter Haven , Winter Park , Winter Springs , Zephyrhills