Omaha Jumbo loan programs have recently expanded to accommodate financing up to 95% for eligible home buyers. Flexible Jumbo mortgages have remained popular for many Nebraska home buyers that require a high balance loan.
The standard conforming loan limits in Omaha are currently set at $726,200, so any amount that exceeds this would be considered a “Jumbo” mortgage. In the past jumbo loans required high down payments of 20% or more from many lenders. However, new options have entered the market that permits financing with only 10% and 5% down payment.
Below we will review the requirements home buyers will want to know, please call us at Ph: 800-962-0677 or just submit the Quick Call form to learn more about getting pre-approved.
95% Financing:
- All properties MUST be a primary residence or second home.
- 5% down jumbo options are available for loan amounts up to $2.0mil.
- Mortgage options for investor homes are available but require a min 20% down payment depending on loan size.
- Minimum 680 credit score is required to be approved.
- All programs are fully “documented” loans. Borrowers will need to be able to sufficiently verify income and assets.
- All programs have the availability of 30 yr, 15 yr fix rates, or adjustable interest rate (ARM) terms. The terms are fully amortized with principal and interest. Interest only options are available on a limited basis.
90% Financing:
- 10% down jumbo mortgages are available for loan amounts up to $3,000,000.
- The minimum credit score is 680 unless the loan amount exceeds 2.0mil, in this case, the credit requirements increase to 720.
- All other requirements listed above apply.
- Contact to learn about 80% and 85% options for mortgage amounts over 3mil.
Please note:
- Farms or large acreage tracts are not eligible. The program is strictly for single family homes, condo, townhomes where the land value does not exceed 30%
- All programs are full documentation – reduced doc, stated income or bank statement programs are not available.
Buyers can learn more about the Jumbo Purchase and Refinance requirements here. These programs are available to qualified home buyers nationwide, including Nebraska, Omaha, Douglas County, Lincoln, Bellevue
Just submit the Quick Call Form on this page to be connected to speak with a specialist now.