- Jumbo Loans:
- Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits which is currently $484,350. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes, and usually require a higher down payment than traditional loans. Generally the down payment is 20% of the purchase price. Having said that CM Mortgage has lenders that only require 10% down. We offer adjustable rate mortgage and fixed rate options for this Jumbo product as well.
Qualifying for Jumbo Loans:
Jumbo loans have a more stringent approval process than regular conventional loans have. CM Mortgage will be with you every step of the way to fund that bigger home purchase. Jumbo loans generally have the following guidelines associated with them.
- Need at least 10% down payment
- 680 or higher credit score
- A debt to income ratio lower than 43%
- 12 months of reserves after settlement
- Financial documents for last 2 years
- Proof of liquid assets