5% Down Payment Jumbo Virginia | FHA Mortgage Source

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:

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, and 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 are needed to obtain loan approval.
Single-family homes, townhomes and condos are eligible.
Primary Residence, vacation homes and investment properties are 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 $2,000,000
No monthly private mortgage insurance (PMI ) option
Both fixed and adjustable-rate mortgage (ARM) options are 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