Jumbo loans are used for mortgage loans over $510,400. A strong FICO score, generally 680 or better, is required to qualify for a jumbo loan. Lenders will also take a closer look at your credit profile; many will want to see a debt-to-income ratio under 40-43%. Jumbo loans typically require more extensive documentation, especially if you are self-employed. Lenders may want to see six to twelve months of reserve payments, as opposed to two to four for a conventional loan.
Benefits & Features
Minimum FICO® credit score of 680
10% minimum down payment required on purchase
Closing costs of up to 6% may be rolled into the mortgage amount
Most jumbo loans do not require PMI
Programs
12- and 24-month bank statement program
12- and 24-month bank statement program
No income verification investment property
Foreign National program
Interest Only
