The Following Pertains to Traditional Jumbo Loans
For non-traditional loans, see specialty programs.
| 30-Year Fixed Rate |
| 15-Year Fixed Rate |
| 10/1 Adjustable Rate |
| 7/1 Adjustable Rate |
| 5/1 Adjustable Rate |
A mortgage is considered Jumbo loan if it exceeds the conventional High Balance Loan Limits.
Jumbo loans are available for primary residences, second homes, and investment properties. These loans are a higher risk for lenders and though they are not limited by conventional guidelines, they tend to have more rigid underwriting and down payment requirements. The typical loan amount ceiling for many lenders is $2 million, but some more aggressive lenders will loan upward to $5 million.
Entertainment Mortgage has Jumbo loan programs with as little as 5% down payment for loans under $1,500,000. Higher down payments are required or larger loan amounts.
A likely applicant would have:
- Six to twelve months of cash reserves after down payment and closing costs.
- Credit Score of 700+.
- A two-year job history.
- Liquid assets to satisfy “reserve requirements”.
