The luxury housing market in Charlotte has remained strong in recent years. Jumbo loan programs are helping to fuel the high-end market by offering new, expanded low down payment options. In this Charlotte jumbo mortgage review, we will review the latest requirements and loan limits for home buyers in North Carolina.
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Home buyers should first recognize what is considered a Jumbo loan. Any loan amount that exceeds the standard conforming loan limit is considered “Jumbo” in characteristics. The current limit in most of NC is $806,500. Be mindful that this cap is based on the actual loan financed, not the purchase price of the home.
Jumbo loans come in all shapes and sizes today, and most banks, lenders and credit unions can offer financing options up to 80% loan to value. However, a select group of mortgage lenders is offering financing up to 95% – as little as a 5% down payment for approved buyers.
These programs do require the buyer to have good credit, stable income and manageable debt. Below, we will review the requirements in detail.
95% Jumbo Financing:
- Buyers should have a minimum 700 credit score with no recent credit delinquencies.
- Loan amounts are available up to $1,500,000. *Note, loans over $1.0 mil will require a 720 credit.
- Buyers should provide full evidence and documentation of income and assets, just like regular conventional loans.
- Self-employed home buyers should have a min 2-year history.
90% Jumbo Financing:
- Buyers should have a minimum 700 credit score with no recent credit delinquencies.
- Loan amounts are available up to $2,500,000. *Note, loans over $2mil will require a 740 credit.
- Many other financing programs for higher loan amounts of $3m + for borrowers with 15-20% down.
- All other requirements listed above apply.
Please note, all programs apply to owner-occupied and second homes. Rate-Term refinance transactions are also eligible. Cash-out refi transactions are limited to 90% loan to value. Rental and/or investment properties are not eligible.
Jumbo Loan Terms & Details:
- Buyers can pick from many terms options like fix or adjustable rates.
- NO mortgage insurance or PMI for all options.
- Gift funds are eligible for down payment and closing costs.
- First time home buyers are eligible.
- All property types are approved, except the following: Vacant land, manufactured homes and building new on owned property.
- Pre-approvals are completed the same day, and closings are in as little as two weeks.
Contact us today to speak with a specialist and to learn more.
Serving all of NC including Concord, Raleigh, Mecklenburg County, Cabarrus, Gaston, Winston, and Hickory.
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