Jumbo mortgage requirements have continued to relax across the nation. Approved home buyers in Virginia & Washington DC can now finance up to 95% Loan To Value. All the latest requirements are listed below, home buyers that have questions are encouraged to contact us 7 days a week at ph: 800-871-2636 or just submit the Request Contact form found at the top of this page.
Home loans are considered “Jumbo mortgages” when the loan amounts that exceed the standard conforming loan amount limits. In Virginia, the current Fannie Mae loan limits top out at $484,350 with some higher costs locations like Richmond, Virginia Beach, DC, Arlington and Alexandria as high as $726,525. Please learn more about conventional loans here if your home purchase falls within the loan amount limits.
Current Jumbo Financing Options:
5% down payment (95 percent Jumbo financing)
- Minimum 700 credit score
- Max loan amount $2,000,000
- All borrowers must fully document income with (2) years W2 and/or tax returns
- Assets for down payment and closing costs must be verified. Borrowers will be required to document mortgage payment reserves. The exact amount will depend on the home buyers profile, down payment, etc
- Borrowers must be U.S. citizens
- Eligible properties include single family, condos, and town-homes. Vacant Land, Lot or building on your own property is not approved. This does not include new construction when the home is initially built and sold by the home builder.
- Single loan and combo loan structures (80/15) available. An assortment of fix rate and ARM options available. All 95% financing options apply to both purchase & rate and term (non cash-out) refinance options
10% down payment (90% percent financing)
- Minimum 680 credit score when the loan amount is below $1,500,000. 720 credit score required for loan amounts up to $3,000,000
- All the other restrictions for 95% options apply
Buyers also have a variety of 15% and 20% down options for credit scores down to 660
Please contact us today with any questions by submitting the Short Request above, we generally respond to all requests in minutes during standard business hours. Buyers can also learn more about all the Jumbo loan requirements here.
Serving buyers across the nation including: VA – Virginia Beach, Norfolk, Chesapeake, Arlington, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, Lynchburg, Centreville, Dale City, Reston, Harrisonburg