Jumbo loans with as little as five percent down
At OCCU, we’d love to make your dream home a reality. If you’re a high-income earner with strong credit and financial history, you could qualify for rates comparable to traditional mortgage loans. If you think an OCCU Jumbo Home Loan aligns with your homebuying journey, let’s talk about how to save you money.
Start here
Spend less on your down payment
While most lenders require 20 to 30 percent down, OCCU Jumbo Home Loans require as little as five percent down, giving you more flexibility in your budget. On a $520,000 loan, that means you could spend $75,000 less on your down payment than with other lenders.
Jumbo loans
While you shop for a home that will meet all your needs, it’s important to know that mortgage options differ based on the amount you’re looking to borrow.
There are criteria that apply only to jumbo loans, including:
- The loan amount must be more than $510,400.
- The property is a single-family, owner occupied residence.
- Second appraisal of the home is required.
- Borrowers have a lower debt-to-income ratio.
Conventional loans
Conventional loans are the most common types of mortgages and either fall into one of two categories: conforming or non-conforming. The main difference between a jumbo loan, a type of non-conforming loan, and a conforming loan is the amount you’re borrowing.
Many conventional loan programs available through OCCU feature:
- Terms between 10 and 30 years
- Fixed and adjustable rate options
- Programs with up to 95 percent LTV available
- Low closing cost programs
- In-house underwriting
- A dedicated local mortgage loan officer
Ready to get moving?
If you’re a high-income earner with strong credit and financial history, you could qualify for rates comparable to traditional mortgage loans. If you think an OCCU Jumbo Home Loan aligns with your homebuying journey, let’s talk about how to save you money.
Calculate your monthly payments
With this calculator, you can see how your payment impacts your principal over time.
Where to begin
If you need a refresher on the homebuying process, visit the OCCU Homebuying 101 Center. You can track your progress all the way from pre-qualification to what happens after closing on your new home.
Get startedWhat you need to know
Home prices in many cities continue to soar. As a result, more and more homebuyers are venturing into jumbo mortgage territory. Here’s what you need to know about jumbo loans.
Learn moreHave questions?
Whether you’re just beginning the process or you’ve already found your dream home and are ready to apply – our loan officers are here to guide you through the homebuying process and answer your questions. Let's connect!
Home ownership resources
Owning a home is a rewarding experience. Learn to make the most of it with our helpful home ownership articles on topics including tips on the homebuying process, using your home equity wisely and upgrading your home with smart home technology.
Home equity line of credit or refinance?
With so many variables to consider, OCCU encourages you to talk with a Mortgage Loan Officer and let them know what you are hoping to do. OCCU will do its best to find the solution that meets your needs.
Jumbo home loans: What you need to know
Bursting at the seams of your current home?