85% No PMI
- Able to finance higher value properties or luxury homes
- Allows for the purchase or no cash out refinance of primary residence
- Lower down payment required than for typical for Jumbo Loans
- Seller contributions are allowed
- Available for 10-30 year terms
What is a Jumbo Mortgage 85% No PMI loan?
A Jumbo Loan is a mortgage that exceeds the loan limits set by Fannie Mae and Freddie Mac. They are also considered non-conforming.
How a Jumbo 85% No PMI works:
Typically a Jumbo loan can range up to two million dollars. A Jumbo 85% No PMI mortgage allows the borrower the flexibility of having a lower down payment. However the maximum amount loan amount cannot exceed $1.5 Million.
Purchase and rate/term refinance transactions are eligible for Jumbo Loan programs.
- Require a loan that exceeds Fannie Mae and Freddie Mac loan limits
- Need financing for a jumbo primary residence home up to $1.5 Million
- Have a strong credit history and a good credit score
- Able to provide documentation of income, assets, and liabilities