A Jumbo Mortgage is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is $417,000 in most parts of the United States, but is $625,500 in the highest-cost areas and in-between in others. Jumbo Mortgages enable borrowers to purchase large, high-end, single-family homes or condominiums.

There is no private mortgage insurance with a Jumbo Mortgage, so down payment requirements are typically at least 20%. The borrower’s credit score should be no lower than 700. The maximum debt-to-income ratio for a Jumbo Mortgage borrowers is 45%. Additionally, Jumbo Mortgage borrowers need to document their income and have at least 6-months of reserves in their bank accounts after closing.

Purchase your high-end dream home with a loan up to $5 million.Jumbo Mortgage

Features and Benefits

• Fixed or adjustable rate
• Loan amounts up to $5 million
• Purchase, rate/term refinance, and cash-out refinance options for primary residences
• Purchase and rate/term refinance options for second homes

Calculate monthly payment and amortization.

Eligible Property Types

• 1-2 units
• Warrantable condos (low/mid/high rise)
• Planned Unit Developments
• Leaseholds

Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.

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