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Availability: All U.S. states Loans offered: Conventional, jumbo, FHA, VA, USDA Credit requirements: 620 for conventional and VA loans Down payment minimum: 3% for conventional loans, 3.5% for FHA ...
Down payment – The minimum down payment on a jumbo loan varies by lender. While lenders often approve down payments as low as 3 percent for conventional loans, jumbo loans typically have much ...
Another mortgage lender asks for a 700 minimum score for a jumbo loan (again, vs. 620 for a conforming loan). ... The down payment on a jumbo loan is typically 10 percent to 20 percent (and ...
Loan-to-value ratio: The maximum LTV determines the down payment you need to qualify for the loan. That ratio is 75% at Rocket Mortgage, which means you’ll need 25% down.
In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. [1] This standard is set by the two government-sponsored enterprises (GSE), Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.
Credit requirements: 620 for conventional loans, 740 for jumbo loans. Down payment minimum: 5% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans. Where to find: ...
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