Jumbo Loans for refinancing are for larger loans exceeding 424,100, with higher loan amounts for 2-4 unit properties. Larger cities like Portland, with higher property values, often require Jumbo Loans. This loan program is available for home owners refinancing larger, more expensive homes. Jumbo Loans / Refinances can be used for owner occupied, second homes, or non-owner occupied (rental) properties.
Loan Features
- Available loan amount from 424,100 up to $5,000,000
- Self-employment is acceptable.
- Fixed rates and adjustable rates available.
- No Private Mortgage Insurance (PMI) is required for jumbo loans with an LTV of 80% or less.
- Interest may be tax deductible for jumbo loans up to $1,000,000.
- Flexibility for refinancing
- Reasonable closing costs
Loan Requirements
- No cash-out refinances at 80% LTV or less
- Cash-out refinances at 70% LTV or less
- Capacity for higher interest rates
- Two years of work history with rental income being helpful
- Two appraisals may be necessary
