National 95% Jumbo Home Loan Mortgage
Five Stars is the leader in low down payment Jumbo loans| 95 Jumbo Mortgage | 5 percent Down Jumbo| 90% LTV, 10 percent down payment. VA Jumbo Loans, Jumbo Cash Out Refinance. Serving buyers all across the U.S including Chicago Illinois, Miami, Tampa Florida, Los Angeles Califonia, Seattle, Phoenix Arizona, Dallas Texas, St. Louis, Kansas City, Denver, Charlotte, Atlanta, Boston, Philadelphia, Tampa, Orlando, New York, San Antonio, Cleveland, Portland, San Francisco, Las Vegas, San Diego, Grand Rapids
A Jumbo mortgage is a mortgage with a loan amount that exceeds the industry-standard definition of a conventional loan limit. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. As of 2018, conforming loan limits are capped at $453,100 for most locations across the country, with the exception of certain “high cost” counties in California, Florida, Colorado, Virginia, etc. The high costs locations have conforming mortgage limits up to $679,650. Any loan amount above this will be considered a Jumbo loan.
Please read more about the latest 2018 Jumbo loan requirements below. Please submit the quick Request Contact form at the top of this page anytime to speak with a specialist, 7 days a week. Our goal is to respond to all submitted request within 10 minutes during regular business hours, we serve buyers nationwide.
The actual jumbo mortgage process is not very different from conforming loans. The biggest difference is the loans are being bought by investors other than Fannie Mae & Freddie Mac and historically have required a greater down payment. However, today there are many new options for home buyers that are seeking Jumbo financing without 20% down.
Conforming loan limits were increased years ago in order to combat the liquidity fears in the mortgage markets due to the subprime mortgage problems. This has led to even lower mortgage interest rates for high balance financing and a new breed of Jumbo loans known as “conforming jumbo” loans in high-cost locations. We are happy to provide the latest information on all low down payment Jumbo programs available today. The reduced down payment options are very popular today among Doctors, Physicians, Attorneys and other professionals that have strong documented income, but reduced savings. Active and past military Veterans are also encouraged to learn more about special VA jumbo mortgages here.
Jumbo Purchase & Rate-Term Refinance Mortgage Highlights:
- Jumbo loans up to 95% financing with NO mortgage insurance “PMI” Please see the video below for more information.
- Single loan and 80-15 or 80-10 combo “piggyback” loan options available depending on the property state.
- The home must be a Primary residence for 95% financing.
- U.S. properties only. Existing single family homes, townhomes, and most low and high rise condos are eligible. Vacant land, Acreage, Lot loans, Rehab, Manufactured, and Commerical properties are NOT eligible. Construction to permanent financing (build on your own lot) is also not permitted. The exception to this is new construction that is initially financed and sold by a new home builder (new community spec home for example)
- Adjustable Rate Mortgage (3/1, 5/1, 7/1, 10/1 ARM) or Fix Rate 15, 20, 30-year terms with no PMI. Interest-only and negative amortization terms are not available.
- Full income and asset documentation required for all jumbo programs.
- Payment reserves required after down payment and closing costs: 0-24 months depending on the state and loan amount. Smaller loan amount under $750,000 may require no reserves from the home buyers. However, larger loan amount over $750,000 will require some reserves -anywhere from 3-12 months depending on the exact loan amount and applicants credit profile. Non-liquid retirement accounts like 401K and IRA satisfy these requirements.
- Second homes and vacation homes can be financed up to 90% LTV.
- Loan amounts up to $3.0M (even higher with the Super Jumbo – see page)
- Regular home purchase and jumbo rate & term refinance available. See special cash out refi options down below.
Current Jumbo mortgage loan-to-value limits and credit standards for primary residence homes as of 2018.
- 95% financing: $453,100 – $1,500,000. 700 credit score required on all 95% Jumbo mortgages. Only 5% down payment with no monthly mortgage insurance (PMI)
- 90% financing: $453,100 – $3,000,000. 10% down Jumbo requires 680 credit score for loan amounts below 1 mil. Loan amounts that exceed $2,000,000 will require a 720 credit score, NO mortgage insurance on all options
- 85% financing: $453,100 – $3,500,000. 15% down Jumbo requires 660 credit score for loan amounts below 2mil. Loan amounts over 2mil will require a 700 credit score, NO PMI
- 80% financing: Options to over $3,500,000
- Available in all 50 states
- Second home & Vacation home purchase loans start at 90% loan to value
- Investment property purchases start at 75% LTV
Please be sure to note the following:
- 95% LTV Jumbo programs have a $1,500,000 loan limit cap.
- Owner occupied homes only for 5% down payment options.
- All the financing limits are based on the final loan amount, not the sales price of the home.
- No past short sales or foreclosures in the previous 5 years regardless of credit score. *Special short sale financing options listed below.
Jumbo Cash Out Refinance Options:
Existing homeowners have options to cash out equity to pay off higher interest debt, home remodel, or new business venture, etc. The loan amount limits and LTV caps vary depending on the state. The basic highlights are listed below. Please note the requirements below only apply to cash-out refinance. Borrowers that are only reducing their interest rate or term, should refer to the basic rate-term refinance criteria above.
- Owner occupied homes only
- Full income and asset documentation required for all options
- Max 90% loan to value for cash out refi programs, except Fla.
- Florida homeowners can cash out up to 95% loan to value. *Max $1,000,000 loan amount when the loan to value is between 90 -95%
- 90% cash out – loan amount limit is $1,500,000
- 80% cash out – loan amount limit is $2,500,000
- 720 credit score required when loan to value exceeds 85%
- Borrowers will need 12 months of payment reserves (savings, 401K, IRA, etc)
- Fix and adjustable interest rate terms available – both with no mortgage insurance
- In certain cases buyers closing costs can be included (rolled into) new mortgage limiting out of pocket costs
Additional jumbo financing options for buyers with past short sale:
Home buyers with a previous short sale can now finance up to 85% loan to value. Please see the special guidelines below.
- Short sale must be a minimum 2 years discharge (not filed date) clean credit post short sale required
- 700 credit score required
- No foreclosure or bankruptcy in the previous 4 years
- Minimum 12-month payment reserves required (after down payment) Retirement accounts like IRA, 401K satisfy this request
LTV and loan amount limits: *This only applies to buyers with a previous short sale:
- 720 credit score – up to 85% LTV, loan limit $1,000,000, 12 months reserves
- 720 credit score – up to 85% LTV, loan limit $1,500,000, 18 months reserves
- 720 credit score – up to 70% LTV, loan limit $2,000,000, 18 months reserves
- 700 credit score – up to 80% LTV, loan limit $1,000,000, 12 months reserves
For loans in excess of $3.0M, we recommend our Super Jumbo Loan programs.
Have questions or want to discuss options in detail? Please submit the Request Contact form at the top of this page so we ensure the correct loan specialist contacts you ASAP. The short form only takes seconds to complete and no personal info is ever required. We strive to respond to all requests quickly and serve home buyers in all 50 states, 7 days a week.