Jumbo Loan Requirements
Jumbo loans can be used to purchase 1-4 unit properties. The minimum amount for a jumbo loan goes up with the number of units. So, for example, a buyer will need a jumbo loan for a 2-unit property if the desired loan amount exceeds $653,550 ($980,325 in high-cost areas) or for a 4-unit property if the loan amount exceeds $981,700 ($1,472,550 in high-cost areas).
Jumbo loans can be used for primary residences, second homes, or investment properties. Bethpage offers jumbo mortgages on:
- Owner occupied properties: one, two, three or four units, condominiums, planned unit developments and cooperatives (co-ops)*
- Second homes: one unit, condominiums, and cooperatives (co-ops)*
- Non-owner occupied properties: one, two, three or four units, condominiums, and planned unit developments
Because jumbo loans aren’t backed by federal agencies as conforming mortgages are, their credit requirements tend to be more stringent. Borrowers seeking a jumbo loan typically need to have both better credit and larger down payments, compared to those who are applying for a smaller mortgage.