Jumbo Mortgages with as Little as 5% Down
Get flexible jumbo mortgages even when traditional banks say no.
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Our Program Highlights
Perfect for people looking for larger loans, with the flexibility of low down payment options.
- Loan Amounts: $806,500K and up with no limit
- Geography: Nationwide in ALL 50 States
- Property Types: Residential, Commercial
- Occupancy: Long-Term or Short-Term Rentals, Vacancy OK (on Acquisitions), no operating history required on STRs
- LTVs: Up to 95%
- DTI: 45-50%
- Credit Score: 620+
Do You Qualify for this Loan?
Here is what you need in order to qualify for this product. Even if you don’t meet all of these criteria, don’t hesitate to reach out to see how we can help.
You’ll need a 620 score or better to qualify, with flexibility for strong financials.
Down payments start at 5%, depending on credit and loan amount.
You’ll need around 1-3% of the amount you’re financing for closing costs.
Less than 45% of your income should be going to pay debt.
Frequently Asked
Questions
Answers to questions about this loan we heard
from people like you during research.
A jumbo mortgage is a type of home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The current conforming loan limit is $806,500, so any loan amount greater than $806,500 is considered a jumbo mortgage. Jumbo mortgages are not backed by the government and, therefore, typically require a higher credit score and down payment than conventional loans. However, here at Modern Day Lending, we provide jumbo mortgage solutions that allow a lower down payment along with a lower credit score.
For a traditional jumbo loan, here is what you will need to provide:
- 2 years W2
- 2 years personal & 2 business tax returns (If applicable)
- 30 days pay stubs
- 2 months personal asset statements
- Drivers license
For a self-employed jumbo loan, here is what you will need to provide:
- Minimum of 12 months business or personal bank statements
- Minimum of 1 year of Profit and Loss Statement Balance
- Minimum of 1 year 1099
Also required:
- 2 months personal asset statements
- Drivers license
- CPA letter to attest to your ownership
Jumbo loans can be used for primary residences, second homes, and investment properties, but eligibility depends on the lender. Factors like property location, condition, and type (single-family home, condo, multi-unit, etc.) can impact approval.
Most lenders require 6 to 12 months’ worth of mortgage payments in reserves after closing. This ensures you have enough savings to cover payments in case of unexpected financial changes.
All 50 States, Covered.
Our loan officers are licensed in all 50 states, so no matter where you are - we have you covered.
See Our Recent Fundings
We’ve helped hundreds of clients get the funding they need to purchase their next property. You could be next.
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