Over the last few years, mortgage guidelines have gotten very strick. We’ve seen loan programs completely go away and the ones that are left are more difficult to qualify for. One area of the market that has been dormant for some time is starting to show some life. These are jumbo loans.

Jumbo loans are loans that are above the current conforming loan limits. In the San Francisco Bay Area, the current conforming loan limit is $729,750. Any loan amounts above this would fall under jumbo loans. Most lenders were requiring a minimum of a 25% down payment to qualify for jumbo loans. Until now…

We are now offering a jumbo loan program up 90% financing and a loan amount of $979,750. This means that you can purchase a home for about $1,088,000 with only 10% down payment. There are some restrictions to the loan limits. They are county based so please contact me and I can let you know what the limits are you your county.

Get today’s rates here.

Here is some additional information on this program:

  • Max loan amount of $979,750
  • Debt to income ratio of 45% or less
  • Only two months of reserves
  • Mortgage insurance coverage of 17%
  • Minimum FICO score of 760

Along with this 90% financing program, we have also rolled out a new program for 80% financing up to a loan amount of $1.5M. This means that you can purchase a home for $1.875M with 20% down payment.

If you would like more information on either of these programs, please give me a call.

Get today’s rates here.