What is a Jumbo Home Loan?
A Jumbo mortgage is any mortgage that exceeds Fannie Mae and Freddie Mac’s conforming loan limits. The conforming loan limit in Ohio for 2019 is $484,350.
What are the credit score requirements for Jumbo Mortgages?
Credit score requirements for Jumbo loans will vary from lender to lender. In most cases, a 680 credit score will be required.
What are the down payment requirements for a Jumbo Home Loan?
Similar to credit score requirements, the down payment needed to obtain a Jumbo mortgage will fluctuate from lender to lender. You can expect a minimum of 10% down payment, with a 20% down payment being required in some situations.
Do Jumbo Home Loans require mortgage insurance?
Mortgage insurance is not always required on Jumbo home loans. Just like Conventional Home Loans, with a 20% down payment mortgage insurance is never required. Some lenders will require mortgage insurance for down payments less than 20%.
Can I get a Jumbo Home Loan after a bankruptcy or a foreclosure?
The necessary waiting periods will depend on the individual lender. Some lenders do not permit any previous bankruptcy or foreclosure, while others will mirror the conventional home loan waiting periods.
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