95% Jumbo loans are coming back in Phoenix through a select number of lenders and banks. 95% Jumbo ARM, Fixed Rate Phoenix, AZ: When you talk about jumbo mortgages, the loan amount the lender or bank lends is larger than the standard Conventional loan amount. Jumbo loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac, which is typically $417,000 for most the country. Five Stars offers a number of financing options for the jumbo loans in all 50 states, with as little as 5% down. In addition we have options for no mortgage insurance (PMI) for borrowers with credit scores of 700 or higher. With a jumbo mortgage, buyers will receive a great interest rates with a choice between fixed or adjustable rates terms. Our jumbo loans offer maximum flexibility for home financing for larger loans. There are a few options available for 95% jumbo financing in Phoenix, AZ. Below we will detail the requirements borrowers will want to be aware of.
- First, it’s important to note the 5% down jumbo option is only available for primary homes. Single Family, Town homes and condos. Applicants wishing to purchase a Second home or investment property should plan on a larger down payment of 10% minimum.
- Borrowers will need stellar credit to be approved for the 95% program. Credit scores over 700 is one of the primary requirements.
- The 95 percent Jumbo option is available in both a Fix rate term and Adjustable rate (ARM)
- 95% financing is available up to $1,000,000. Higher loan amount are available to borrowers with 10% – 20% + down payment.
- Most options do not require monthly PMI.
- Full documentation required – this includes proper income and asset documents.
- The Jumbo programs are available for both regular home purchase and home refinancing in Arizona.
- Loan pre approvals are often completed in under 30 min. Please call ph: 800-871-2636 to learn more.
Five Stars is proud to serve home buyers in Arizona and across the nation. Jumbo, Conventional, FHA, USDA and VA financing. Please learn more by calling ph: 800-871-2636 or visit www.FiveStarsMortgage.com