95% Jumbo loans are back in Las Vegas. This is great for home buyers that need to borrower more than the conventional or FHA loan limits permit and have limited down payment. The current conventional loan limit in Nevada is $510,400. FHA is capped at $322,000 in Clark County. Below we have listed all the details and requirements for the 95% Jumbo Home Financing Las Vegas. Mortgage applicants that have questions can contact us at Ph: 800-962-0677
- Good credit history is a must. Applicants will need a 700 credit score to be eligible for the 5% down payment Jumbo. Lower credit scores down to 680 are acceptable for borrowers that have 10%+ down payment. Special options up to 85% loan to value are available to borrowers that have a previous short sale – and maintain a 700+ credit score. Please see the video below for all the LTV details.
- Homebuyers must be able to document income and savings assets. Borrowers should have ample reserves (min 6 months) and debt to income ratios under 45%. Remember, this program is not stated income, etc. Only full documentation.
- Any single-family home, townhome or approved condo in Las Vegas is eligible, regardless of the seller. The home must be in good overall condition and not require extensive work. This program is for move-in ready homes, not rehab homes.
- 95% Jumbo mortgage available on for primary residences and second homes/vacation homes.
- NO PMI or mortgage insurance on most jumbo loan programs that exceed 80% loan to value. Finance up to 95% without PMI!
- Applicants can choose between a variety of fix rate and adjustable loan rate terms – 5/1, 7/1 ARM, etc.
- No origination fees which greatly reduce buyers closing costs
- No early payoff, or prepayment penalty.
- This 95% program is also available for refinance transactions. Great for homeowners that want to refinance from ARM into fix rate term. * Mortgage payments must be on time for the previous 12 months, regardless of credit score.
Note – as of 2020 the 95% jumbo loan limit has increased to $2,000,000. 90% limits are now $3.0m.