Jumbo Loans

A Jumbo Loan is a nonconforming conventional loan that allows a borrower to finance a home up to $3,000,000 and is commonly used in the luxury home market.

Traditionally Jumbo Mortgages required 20% and sometimes even 30% down, with significant cash reserves required as well. At PIF Lending, we have a unique and spectacular Jumbo loan program that allows for as little as 10% down for well-qualified borrowers. 

Typically regardless of where you live the maximum loan amount for a Jumbo Non Conforming Loan is $3,000,000

On Jumbo loans, most lenders require a 720 credit score as these loans are not government-backed and are riskier for the lender. 

Absolutely! A Jumbo Loan is still a conventional loan product it just falls outside of the parameters set in order to be purchased by a government agency on the secondary market and is therefore considered non-conforming. 

There is a major difference here in two very specific areas of financing. An FHA loan has a much lower loan limit and typically will not work for many luxury home buyers. FHA Loans also can not be used to purchase an investment or second home. Jumbo loans can be used to purchase a primary residence, investment property, or a second home. Nonconforming conventional loans such as the jumbo home loan can also be used to purchase a home up to $3,000,000 

This answer really depends on how long it has been since the credit event occurred and what the specific lender overlays are for the amount being financed with a jumbo loan product.