Home buyers in Memphis and Nashville now have options to secure jumbo home financing up to 95%. Memphis-Nashville 95% Jumbo Loans are starting to make their way back into the mortgage market last during the last few years. After years of overly tight underwriting standards, the mortgage markets are starting to loosen up once again to accommodate high-end buyers.
In the post below we will discuss all the 5% down Jumbo loan options, along with loan amount limits, etc. Please call us at Ph: 888-705-1975 with any questions. Buyers can also submit the short Request Contact form at the top of their screen for fast service.
Five Stars specialized in Jumbo loans and serves buyers across the nation including Tennessee: Memphis, Nashville, Knoxville, Chattanooga, Clarksville, Murfreesboro, Jackson, Franklin, Johnson City, Bartlett, Hendersonville, Kingsport, Collierville, Cleveland, Smyrna.
A jumbo mortgage is a loan amount OVER the conforming financing maximum of $726,200 for TN. Some lenders and banks make it hard to get approved when buyers are well above the typical loan limits that Fannie Mae and Freddie Mac permit. Jumbo loan purchases and refinances truly need a degree of experience and many mortgage companies just don’t have the knowledge and resources to provide you with.
As the housing markets have continued to recover in recent years, so has Jumbo financing options.
Current Jumbo Requirements For TN Home Buyers:
- 95 percent jumbo: Loan amount cap for 95% LTV loans is $1,500,000
- 90 percent jumbo: Loan amount cap for 90% LTV loans is $2,000,000
- 85 percent jumbo: Loan amount cap for 85% LTV loans is $3,000,000
- Many other options for loan amounts up to $8,000,000
- All of the above applies to primary residence-owner-occupied homes.
Nashville Home Buyers Qualification Standards:
- Buyers must have a (700) credit score to finance over 90% loan to value. Credit scores down to (660) are permitted for home buyers putting down 10 percent + down payment
- Buyers must be able to clearly document employment income, assets, etc. This includes W2s for regularly employed buyers and tax returns for self-employed buyers
- Debt to income ratios should be below 42%
- Buyer should have a minimum of (3) months of mortgage payment reserves in savings, or retirements accounts (after the down payment is made)
- U.S. citizens only. Buyers in all 50 states are eligible
- Many Adjustable Rate and Fix Rate programs. All with no monthly mortgage insurance. No PMI saves hundreds each month
- Single-family homes, condos, and townhomes are eligible. The home must be in overall good repair. Homes requiring extensive rehab are not eligible. Land loans, lot loans, high acreage or building on your own land – all not permitted.
- Many Jumbo refinance options – rate reductions, cash out, etc.
Five Stars offers the most up to date info on low-down payment jumbo mortgages. Call us at Ph: 888-705-1975 or just submit the Request Contact Form on this page.