Jumbo Loans for purchase are are similar to Prime Home Purchase Loans. The difference is that you need them for larger home loans exceeding the 424,000 threshold for a single unit (the loan limits are higher for 2-4 unit properties). Due to the higher property values in larger cities such as Portland, Jumbo Loans are often required. This loan program is geared to buyers who want a larger, more expensive home. Jumbo Loan may be obtained for owner-occupied or non-owner occupied (i.e. rental) properties.
- Available loan amount of up to $5,000,000
- Self-employment is acceptable
- Fixed rates and adjustable rates available
- No Private Mortgage Insurance (PMI) is required with 20% down
- Interest may be tax deductible for loans up to $1,000,000
- Flexibility for refinancing
- Reasonable closing costs