Jumbo loans with as little as 3% down
At OCCU, we’d love to make your Oregon 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% down, OCCU jumbo home loans require as little as 3% down*, giving you more flexibility in your budget. On a $550,000 loan, that means you could spend $80,000 less on your down payment than with other lenders.
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 $548,250.
- The property is a single-family, owner-occupied
- Single appraisal of the home.
- Borrowers have a lower debt-to-income ratio.
Conventional loans are the most common types of mortgages and either fall into one of two categories: conforming or nonconforming. The main difference between a jumbo loan—a type of nonconforming 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% loan to value available.
- Low closing cost programs.
*3% down payment on qualified 1-unit, primary properties.