Purchase a Home

What Types of Jumbo Loans Are Available For My Home Purchase?

Conventional Jumbo (High Balance) Loans - Ideal for Borrowers with Excellent Credit and a Substantial Down Payment
Conventional Jumbo Loans are credit score driven and it is usually required to have at least a 620 FICO score to obtain an approval. Conventional Jumbo Loan guidelines are currently written in a way that a borrower with a 740+ credit score can usually obtain the best interest rate possible. As a borrowers credit score decreases below a 740, sizable fees and rate increases could be added, in excess of the 1-2 percent range. If your credit score is less than perfect, an FHA Loan, USDA Loan or VA Loan could be a better fit for you.

FHA Jumbo Loans - Ideal for Borrowers who have Less Than Perfect Credit and a Small Down Payment
FHA Jumbo Mortgage Loan requirements will require a 620 FICO score for approval with most lending institutions. FHA Jumbo Loans are often the best and only option given the borrowers credit profile and desired loan amount.

VA Jumbo Loans - Ideal for Borrowers who are Veterans of the US Armed Services
Jumbo VA Loans require no down payment and no mortgage insurance. It is required to have a 620 FICO score to obtain a VA loan approval and VA jumbo loans often can reach $1,000,000 or greater if certain conditions are met.

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What Types of Mortgages are Available for my Jumbo Home Refinance?

Conventional Jumbo Loans
Conventional Loan requirements are more credit score driven than other loan types and it is usually required to have at least a 620 FICO score to obtain an approval. Conventional Loan guidelines are currently written in a way that a borrower with a 740+ credit score can usually obtain the best interest rate possible. As a borrowers credit score decreases below a 740, sizable fees and rate increases could be added, in excess of the 1-2 percent range. If your credit score is less than perfect, an FHA Loan, USDA Loan or VA Loan could be a better fit for you.

FHA Jumbo Loans
FHA mortgage loan requirements are not totally credit score driven, although it is required to have at least a 620 FICO score to obtain an approval.

VA Jumbo Loans
VA Loans require no down payment and no mortgage insurance. It is required to have a 620 FICO score to obtain a VA loan approval.

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