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.
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 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.
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 started
What you need to know
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