In the U.S. Jumbo loans are characterized as mortgage loans that are higher than the conforming loan limits. Jumbo loans are now available up to 95% for borrowers in Cincinnati who need to finance amounts exceeding the conventional loan limit of $484,350. If you reside in Cincinnati and are looking for this loan option, then having a strong credit history will be important. Fulfilling the requirements below will greatly increase the chance of loan approval.
There are sub categories available in the Jumbo loans for the residents of Cincinnati, where they can make the down payment for either 5%, 10%, 15%, 20% + of the total purchase price. 95% jumbo loans are making a strong comeback and very popular for Ohio home buyers with limited down payment, or funds tied up in other investments. This program is available to buyers in all 50 states, please contact below for more information.
Things to remember when applying for Jumbo loans in Ohio
Credit rating is important but it is not the only thing needed to acquire a Jumbo loan these days. Since the loan amount is larger, the risk is obviously higher for banks and lenders. So most mortgage companies have strict policies for scrutiny of the borrowers who actually qualify for Jumbo loans. Loan amount applied for, credit history and income are some of the crucial factors that determine the eligibility of the borrowers of Jumbo loans.
The interest rate on the Jumbo loans will be slightly higher than other conforming loans, due to higher risk associated with them. But not as high as one might think. If you are planning to invest in a luxury property, then you have several options available.
- The option of paying fixed interest or variable interest on the mortgage, whatever suits you. Your experienced mortgage professional will help you come up with the best possible solution to meet your needs. Of course, ARM interest rates will be lower, but lack the long-term security of a fix rate term.
- All the applicants’ income and assets must be documented. Self-employed applicants should be prepared to provide two years of tax returns. Long gone are the days of reduced documentation Jumbo loans
- Borrowers should have a min of 6 months of payment reserves. *Non liquid retirement accounts will meet this requirement.
- Credit score must be 700 or above to be approved for 95% financing. Loan limit of $2,000,000 – Primary residence and second home only
- Borrowers can finance up to 3.0 mil with 10% down payment. Higher loan amounts up to 3.5 mil with 15% down payment
- Credit scores down to 660 can be approved with larger 10% down payment
- Vacation homes are permitted with 10 percent + down payment
- Loan amount can be over $5,000,000 with greater down payment
- No monthly mortgage insurance – this can save over $400 per month
- Great rate-term refinance options for home owners that already have a jumbo loan
- Borrowers with a past short sale also have options, please see video below
- True jumbo mortgage professional that under the complexity of self employed / high net worth loan applicants
We serve buyers across the U.S. including Ohio: Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton, Parma, Canton, Youngstown, Lorain, Hamilton, Springfield, Kettering, Elyria, Lakewood, Cuyahoga Falls.
Call us 7 days a week ph: 800-871-2636 or just submit the Request Contact form at the top of your page.