Need to borrow over the conventional loan limit? Jumbo loans are for you!
Minimum Down Payment: 5%, (higher for larger loan amounts)
Minimum Credit Score: 700
Minimum Loan Amount: $726,200 in Ohio (higher in high cost markets)
Maximum Loan Amount: varies by credit score
Maximum Debt Ratio: 43% (lower for larger loan amounts)
Jumbo mortgages are mortgages for people that are over the conventional loan limits that have excellent credit.
Each lender set their own standards and our minimum credit score for a Jumbo mortgage is 700.
Potential borrowers will need to wait 7 years after a bankruptcy or foreclosure to qualify for a Jumbo Mortgage loan with us.
Depending on the program, you can go as high as a 43% debt ratio but with larger loan amounts this is lower.
Our program starts at 5% down but is higher for larger loan amounts.
If you put down less than 20% then you will need to pay for mortgage insurance. This will be included in your monthly payment and you will know what this amount is when you apply. The PMI gets removed when you get to 20% equity in your home.
Each lender sets their own standards for loan limits on the Jumbo program. Our limit is $3 million.