Jumbo Loans

JUMBO LOANS BLISSFUL MORTGAGE

Jumbo Loans Guidlines

15 and 30 Year Fixed

1-2 unit properties, townhomes and warrantable condos

10.1% down  – loans up to $2,000,000 680 credit score primary and second homes

20% down – loans up to $3,000,000 740 credit score primary and second homes

Cash out refinances to 75% loan to value

For Investment properties 35% down-payment – Min FICO 760

 

What Is a Jumbo Loan?

A jumbo loan is also known as a jumbo mortgage. This is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased. It can not be guaranteed, or securitized by Fannie Mae or Freddie Mac. Designed to finance luxury properties and homes in highly competitive local real estate markets. Jumbo mortgages come with unique underwriting requirements and tax implications. These kinds of mortgages have gained traction as the housing market continues to recover following the Great Recession.