Jumbo loans are available in both fixed-rates and ARMs. No Origination Fees. BECU is excited to announce yet another way we can save our members’ money: NO origination fee on conventional fixed-rate or adjustable-rate mortgage home loans for purchase and refinance transactions*. No origination fee significantly reduces closing costs.
That contributes to making Jumbo loans riskier for your lender, and as a result they typically carry higher mortgage interest rates, require higher down payments and have stricter qualifying criteria.
Rates, terms, and fees as of 6/28/2019 10:15 AM Eastern Daylight Time and subject to change without notice. Select a product to view important disclosures, payments, assumptions, and APR information. Please note we offer additional home loan options not displayed here.
That said, jumbo loans do require significantly higher credit scores, typically 700 or above, and at least 10% equity in down payment. Keep in mind that any loan with less than 20% equity in the.
Loan Qualifying Restrictions: 5%, 10%, 15% and 20% Down Programs. All programs are "full doc" and require buyers to properly show income and assets. Debt to income restrictions is generally limited to 38%. However, the limits can be exceeded in certain cases to 45%+ depending on factors like the loan amount, credit score, down payment, etc.
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Jumbo Loan Down Payment Requirements – Five Stars Mortgage Loan – The remaining 5% would be John’s down payment of $35,000. 2019 Jumbo Loan Requirements: Credit – Good credit is required, which should be at a minimum of 700 or higher for the 5% down payment option. Buyers with 10% down payment must have a credit score above 660.
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Jumbo loans, like conforming loans, provide different rate structures for the same program based on credit scores and down payment amounts. The very best rates are reserved for those with a down payment of at least 20% and a credit score at or above 740 for most programs.
10% Down Jumbo Loan. This is our most popular Jumbo Loan program. This allows the purchase of a higher priced home with only a 10 percent down-payment. Terms are available on 5 and 7 year ARMS. Amortized over 30 years. Rates are excellent. 15% Down Jumbo Loan. With a 15 percent down-payment 30 year fixed rate options are also available.