Chicago 5% Down Jumbo Loan

A Chicago 5% down jumbo loan is a mortgage amount over the conforming loan limit (set by the Federal Housing Finance Agency), which is currently set at $806,500 for a one-unit property in most of the country, Cook County included.  If a home buyer’s mortgage amount is $806,500 or higher, the loan is considered jumbo.

The good news is 95% Jumbo mortgage financing is available in Chicago. Home buyers with little down payment now have some great financing options with as little as a 5% down payment.

Below, we have listed our current Jumbo loan to value credit requirements for primary homes loans in 2025:

• 95% Loan to value: Up to $1,500,000 with 700+ credit score. Buyers can choose one loan up to the loan limit, or a 1st and 2nd mortgage combo.  Both Jumbo options have no monthly PMI
• 90% Loan to value:  Up to $2,500,000 with 720+ credit score.
• 85% Loan to value: Up to $3,000,000 with 740+ credit score.

The same factors examined when applying for any home loan are looked at when applying for a jumbo loan. However, qualifying for a jumbo loan often requires higher FICO credit scores, lower debt-to-income ratios, higher savings reserves than qualifying for a standard conforming home loan.

Jumbo Mortgage Requirements For Chicago Home Buyers:

• Income must be documentable with W2 and pay stubs.  Self-employed borrowers will need to provide two years of tax returns, unless using bank statement deposit qualifying options.
• Assets must be documented – two months of savings, retirement accounts, etc.
• Your credit history (this is important, but Jumbo’s credit standards are flexible). A FICO score of 680 or above is needed to obtain loan approval.
• Single-family homes and condos are eligible.
• Primary Residences, second homes and investment properties are eligible.  Down payment requirements will increase 10%-20% when the property is not a primary residence.

Chicago Jumbo Loan Benefits:

There are many benefits jumbo loans offer when compared to other methods for financing more expensive homes.

• Financing available up to $6+ million
• The convenience of one loan for the entire loan amount instead of having multiple mortgages
• No monthly PMI option
• 5% down payment for amounts to $1.5mil
• 100% for amounts up to 1mil (Chicago area only)
• Fixed and adjustable-rate mortgage (ARM) options are available
• Same day pre-approvals, with in-house underwriting

To ask questions or apply for a Jumbo loan in Chicago, please submit the “Request Contact” form at the top of your screen. Please also feel free to call us 7 days a week.

Serving all of Illinois:  Chicago, Cook County, Aurora, Rockford, Joliet, Naperville, Springfield, Peoria, Elgin, Waukegan, Cicero, Champaign, Bloomington, Decatur, Arlington Heights, Evanston, Schaumburg IL.