Good news for homebuyers purchasing luxury properties around Richmond, Arlington, Virginia Beach, etc, that exceed the standard conventional and FHA loan limits. 5% down payment jumbo loans are once again available through select lenders and banks in Virginia. Qualified buyers can now finance up to 95% LTV for loan amounts up to $2,000,000.
Below we will discuss the Virginia Jumbo loan requirements for primary residence homes & vacation homes. Investment homes will vary, but can be financed with higher down payments:
Update 2021: Due to recent fiancing guideline changes, some of the loan amount limits noted below may be temporarily reduced.
- 95% Loan to Value: Up to $2.0m with 700+ credit score. Loans from $1.5m- $2.0m will require a 740 credit score. Buyers can choose from a single loan or a 1st and 2nd mortgage combo loan depending on the state. Both Jumbo options have NO monthly mortgage insurance (PMI) Your mortgage loan officer will review the numbers to help you determine what option is best.
- 90% Loan to value: Up to $3,000,000 with 720+ credit score.
- 85% Loan to value: Up to $3,500,000 with 740+ credit score.
Applying for a Jumbo loan is very similar to other loan programs as certain guidelines must be met. However, qualifying for a jumbo loan often requires higher fico credit scores, lower debt-to-income ratios, higher savings reserves than qualifying for a standard conforming home loan.
Jumbo Loan Requirements For Virginia home buyers:
- Income: must be documented with W2 and pay stubs. Self-employed / 1099 borrowers will need to provide two years of tax returns.
- Bank Saving and assets: must be well documented (only what’s needed to close) Two months of savings, retirement accounts, etc.
- Your credit history: Credit scores of 680 or above is needed to obtain loan approval.
- Single-family homes, townhomes and condos eligible.
- Primary Residence, vacation homes and investment properties eligible. Down payment requirements will increase to 10-15% down when the property is not an owner-occupied residence.
5% down payment Jumbo loan benefits:
- Fast 15 min loan approval process – to begin just call Ph: (800) 962-0677 (7 days a week)
- Single Family Homes, Town Homes and approved Condos are eligible.
- Same day loan pre-approvals, with in-house underwriting
- The convenience of one loan for the entire loan amount instead of having multiple mortgages
- Financing available up to $3,000,000
- No monthly private mortgage insurance ( PMI ) option
- Both Fix and adjustable-rate mortgage (ARM) options available
Have questions about the 95 percent Jumbo loan? Please learn more here. Serving VA: Virginia Beach, Norfolk, Chesapeake, Arlington, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, Lynchburg, Centreville, Dale City, Washington DC, Reston, Harrisonburg, 5% Down Payment Jumbo Virginia