Home buyers in Raleigh, NC have some new mortgage options that are available up to 96.5% loan to value. These programs are especially helpful for home buyers who have limited down payments or just don’t want to put down 10, 15, or 20% required by many lenders and banks. The best part is most of the 3% – 10% down jumbo options do not require monthly mortgage insurance (PMI)
Below we will review the basic program guidelines, home buyers who have questions should contact us by calling the number above, or just submit the Quick Call form on this page. We are happy to assist home buyers throughout North Carolina including Raleigh, Durham, Wake County, Charlotte, Greensboro, Asheville, and Wilmington.
Below we will look at all the most popular Jumbo options for North Carolina residents. Please note, that all the options listed apply strictly to primary homes or second homes. Also please note these options are only available for fully documented loans (income and assets)
Raleigh 96.5% Jumbo Loan:
- $1,500,000 loan amount limits. No PMI.
- 740 minimum credit score required for 3% down options.
- Common 30, 15, etc, fix rate terms and adjustable rate 5/1, 7/1, etc options available. No “interest only” options.
- Single Family, Townhomes eligible. Condos are NOT eligible. Manufactured homes, vacant land, acreage or “building on your own site” are all NOT permitted.
- Two years of employment are required.
- Asset reserves are required (amount of savings after down payment) 24 months. Retirement accounts (401K, IRA, etc) do satisfy this requirement.
Update Jan 2024: Please note the 96.5% option has been postponed until further notice.
Raleigh 95% Jumbo Loan Options:
- $1,500,000 loan amount limits. Single loan and combo 80-15 loan options are available depending on credit, term, etc. No PMI.
- 700 minimum credit score required for 5% down options. 740 required for loans over $1.25m
- Common 30, 15, etc, fix rate terms and adjustable rate 5/1, 7/1, etc. options available. No “interest-only” options.
- Single Family, Townhomes, and Condos are ok. Manufactured homes, vacant land, acreage or “building on your own site” are all NOT permitted.
- Two years of employment are required.
- Asset reserves required (amount of savings after down payment) The amount will depend on the loan amount, down payment, etc. Generally 3-12 months. Retirement accounts (401K, IRA, etc) do satisfy this requirement.
Raleigh 90% Jumbo Loan Options:
- $3,000,000 loan amount limits. Variable options for loan structure depending on terms and qualifying. No PMI
- 720 credit required for loan amounts above 2.0 mil. 680 credit is required for loan amounts below $2.0m
- All other requirements listed above apply.
85% and 80% Jumbo Loan Options:
- Loan amount limits $3,000,000 +
- Credit scores down to 660 – no serious financial hardships in the previous 3 years.
- All other requirements above apply.
Current homeowners can read about Jumbo Refinance programs here. Both rate & term and Jumbo cash out refinance options are available to qualified homeowners nationwide.
Contact us today to learn more about all the Jumbo financing options listed above.
