Home buyers today in Las Vegas have much more jumbo financing flexibility today when compared to years ago. Jumbo financing used to require large down payments, in some cases over 20% depending on the bank or lender. Today eligible buyers in Las Vegas can secure Jumbo financing with only 5% down payment.
Like any loan, all the loan down payment Jumbo programs has certain qualifying parameters that must be met. The current conforming loan limit for Clark County is $726,200 – any amount above this would be considered a Jumbo mortgage. Below we will discuss all the requirements home buyers will need to know.
- 95% financing options are limited to $2,000,000 loan amounts. Buyers will need a credit score of 700 or above to be eligible.
- 90% financing options are limited to $3,000,000 loan amounts. Buyers will need a credit score of 720 or above when financing over 2.0mil. 10% down payment under 2.0mil will require a 680+ credit score.
- 85% and 80% options available for loan amounts 3mil +
- Buyers should remember the options above apply strictly to owner-occupied and vacation homes.
- All the Jumbo programs will require complete documentation on borrowers income and assets. Two-years tax returns and/or W2, asset statements, etc. Qualifying debt to income ratios does apply, exact limits will depend on borrowers credit profile, down payment, final loan amount, etc.
Ok, now that we have discussed the requirements, let’s talk about the benefits.
- No monthly mortgage insurance PMI required for all 5% down, 10% down, 15% down payment options
- Home buyers can choose between traditional fix rate terms or adjustable (ARM) These options are standard fully amortized – negative amortization or interest-only is not permitted
- Regular single family homes, condo, and town homes are eligible
- Borrowers can get pre approved in under 30 min, 7 days a week
- Closings can happen in as little a two weeks
- Current home owners can read more about all the rate/term and cash out refi options under the Jumbo Refinance Page.
VA eligible Veterans should also be sure to check into special VA Jumbo options that are available. To learn more just click the Jumbo purchase page above. We are happy to assist borrowers nationally, including Nevada, Vegas, Clark County. Call us today with any questions, or just submit the Quick Call form on this page.