The Jumbo loan programs are another popular option for any borrower interested in financing a loan above the Conventional County Loan Limits which are currently set at $484,350. This loan is a combination of three (3) offerings which have greater flexibility than High Balance loans and also include an option that comes with no mortgage insurance (PMI). Jumbo loans are offered with a lot of added fixed-rate options and financing up to $2.5 million. Most importantly, these loans can be used by investment properties, first-time homebuyers or as a way to refinance an existing property. Jumbo loan advantages include:
- An ability to exceed the normally restrictive county loan limits.
- A minimum credit score of 661.
- Financing of up to $2.5 million dollars.
- Fixed Rate Mortgage options that are available with 10 to 30 year terms.
- ARMs (Adjust Rate Mortgages) are offered.
- No mortgage insurance required if the loan-to-value (LTV) ratio is > 80%.