Are things loosening up in mortgage-land? The 10% down JUMBO loan option points to yes. Another bonus is that this JUMBO home loan does NOT require mortgage insurance. JUMBO loans (loans over $453,100,100 in Maricopa County) are known for having tougher mortgage regulations. Well, not this time!
10% Down Jumbo Loan Basic Guidelines
In addition to a low down payment and no mortgage insurance, this JUMBO mortgage offers flexible underwriting making it easier to qualify. For example:
Minimum Down Payment:
10% – no mortgage insurance required
Minimum Credit Score:
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1 full appraisal required for loans up to $1.0 million
1 full appraisal and 1 field review required for loans > than $1.0 million up to $1.5 million
2 full appraisals required for loans over $1.5 million
Maximum Loan Amount:
10% Down JUMBO Loan Post-Derogatory Credit Waiting Periods
Specifically, our 10% down JUMBO loan offers flexible post derogatory credit guidelines as well. Below is a list of how long a borrower must wait after a major derogatory event before they are eligible for this JUMBO loan option in Arizona.
- Post Chapter 7 bankruptcy: 4 years
- Post Chapter 13 bankruptcy: 4 years
- After foreclosure: 8 years
- Following short sale with no late mortgage payments made: 0 years
- Following short sale with no late mortgage payments made: 4 years
Finally, financing a home with a JUMBO loan in Arizona just got easier. Even more, Arizona home-buyers have the option to finance over $453,100 with less cash exposure.
By Jeremy House