Jumbo loans are loans that exceed the loan limits of Agency or conforming loans ($417,000 in South Carolina) and are therefore considered “non-conforming” loans. While the underwriting guidelines vary between the different investors offering these larger loans, the underwriting guidelines are more stringent than those of conforming loans.
After the mortgage crisis of 2008 it was almost impossible to get a jumbo loan without a down payment of 20% or more. In addition, multiple appraisals were often required, as well as, large cash reserves and an excellent credit history.
Today, guidelines for jumbo loans are beginning to relax a bit more and the down payment can be as low as 10 % for qualified buyers. We expect this trend to continue.
First Nations Home Mortgage has established relationships with investors offering jumbo loans. Call us today to discuss your options.