Utah 95 percent Jumbo Home Options: Jumbo loans are reserved for buyers that need to borrow over the standard conventional mortgage limits. The conforming loan limit is currently $484,350 in most locations in the U.S. So what about buyers of higher costs properties, what financing options do they have? Jumbo mortgage loans have been evolving recently and now permit up to 95% financing for Utah home buyers. That’s right, buyers can finance their dream home with only 5% down payment. Jumbo loans are available in both 15, 30-year fix terms along with a verity of adjustable rate terms.
There are many aspects to obtaining a jumbo mortgage in Utah. Below we will outline some of the latest requirements buyers will want to know. If you have questions about applying, please call us 7 days a week at ph: 800-871-2636 – we serve buyers nationwide.
Ensuring You Qualify:
Jumbo mortgage loans have the capacity to create bad economic conditions if borrowers default on their payments due to their larger size. Mortgage companies now only give jumbo loans to buyers who have just the right credentials. At present, you need to satisfy a few important requirements if you are looking to get a jumbo loan in Salt Lake City:
- For most jumbo mortgage loans, an average credit score of 700 is needed to get the approval, but this value should be used as a guide as requirements can/do change based on the down payment. Example: Buyers financing 95% will need a min 700 credit score. Buyers financing 80% can often times get approved with only a 660 score.
- You have to completely document your income and assets. Generally, two years of tax returns will be required.
- The monthly mortgage payment (with taxes, home insurance, etc) should not be greater than 38% of your documented monthly income. Please see our helpful mortgage calculators here to calculate payments.
- Depending on the loan to value and down payment (5% down, 10%, 15%, 20%, etc) you will need to show adequate payment reserves. These are normally explained in terms of monthly payments. Most lenders ask for asset reserves of 3-6 months, which mean that borrowers have to show the financial capacity to be able to pay that many monthly installments of the mortgage either through cash reserves or retirements accounts.
- Borrowers must be U.S. citizens
Listed below contains the latest LTV / Credit / Loan amount limits. Jumbo 80/15 combos or single 95% options can vary by states. Most options do NOT require private mortgage insurance and have no pre payment penalty.
Loan amounts up to $2,000,000
- 95% ( 5 percent down) requires a 700 credit score. Loans from $1.5m-$2.0m require a 740 score.
- 90% (10 percent down) requires a 680 credit score.
- 85% (15 percent down) requires a 660 credit score.
Loan amounts $2,000,000 – $3,000,000
- 90% financing requires a 720 credit score.
- 85% financing requires a 700 credit score.
- 80% financing requires a 680 credit score.
Please contact us for Super Jumbo loan amounts over $4,000,000. Just call ph: 800-871-2636 or submit the Request Contact form at the top of this page – just look for the orange icon. Five Stars serves buyers across the U.S. including Utah: Salt Lake City, West Valley City, Provo, West Jordan, Orem, Sandy, Ogden, St. George, Layton, Millcreek, Taylorsville, South Jordan, Logan, Lehi, Murray, Bountiful