Jumbo loans are coming back, including to Arizona.
Here are the requirements for Arizona jumbo loans from one Arizona loan officer.
- 90% Loan-to-value (only 10% down payment!)
- Credit scores allowed down to 680 middle FICO
- Bankruptcy seasoning of 2-4 years depending on circumstances
- Loan amounts up to $3 million
- One one appraisal required for loan amounts up to $2 million
- No first time homebuyer restrictions
- Up to 9% seller concessions
Although, some loans have become harder to get because of the new QM rules and lower FHA loan limits, the number of jumbo loans has actually increased.
2 Responses to Arizona Jumbo Loans
John, thanks so much for sharing this info regarding my post. Another reason jumbo loans are making huge strides right now is that the interest rates are actually currently better than conventional loans! I.e. for a comparable borrower and situation, a 30 year fixed jumbo loan has lower rates than a 30 year conventional loan. Strange times. I remember when jumbo rates were 2% higher than conventional after the real estate collapse.
John, Thanks for the comment. Amazing that jumbo rates are lower than conventional!
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