Do I have to put 20% down on a Jumbo Loan?
Not anymore. A jumbo mortgage is possible with as little as 10%, or even 5%, down for well-qualified borrowers. A mortgage banker can help you evaluate your income, assets, credit, loan amount, and any geographic restrictions to see which down payment option you qualify for.
What is the minimum credit score for a Jumbo Loan?
Typically, the minimum credit score is 700 for Jumbo Mortgage approval. However, some programs allow a credit score of 680 or lower, but be prepared to pay a higher rate for Jumbo Loans with lower credit scores. Contact a mortgage banker to see what options you may qualify for.
Is it better to get Jumbo Loan at a fixed or an adjustable rate (ARM)?
That depends on your situation and the current interest rate environment. If Adjustable Rate Mortgages are offered at a significantly lower rate, many borrowers will choose to use the extra room in the budget to make additional payments toward the principal every month. Make sure you discuss your plan and financial goals with a jumbo mortgage expert before deciding which option is best for you.