The jumbo market changes from time to time – so I thought I would take the time to give you an update of what to expect when it comes to getting jumbo loans done in today’s market. Remember, these guidelines can change at any time, but as of right now here are some of the highlights that you can expect when trying to get a jumbo loan.
Jumbo loans are often done on a loan to value basis as well as credit score – but remember that your credit score should be above 740 when applying for a jumbo loan.
- 100% LTV on Jumbo Loans upto 750K for doctors
- 75% LTV on Jumbo Loans upto 1.5 Mil
- 70% LTV on Jumbo Loans upto 2 Mil
- 60% LTV on Jumbo Loans upto 3 Mil
These guidelines are for something called “relationship based lending” which means that the banks offering these packages want you to have a banking relationship with them where you will need to establish a relationship if you don’t currently have one.
For jumbo and super jumbo loans the amount needed to establish a banking relationship will vary by how much you would like to borrow on your jumbo loan. Be sure to check with an expert when looking into these products – and yes, we are happy to help.
