<p>Jumbo Elite is a mortgage loan intended for well qualified buyers that are looking for a mortgage higher than the conventional limit (currently $548,000 in most areas). Borrowers can choose from 30-year fixed product or three different ARM programs. Usually, a 20% down program is required, however, there are programs that require only 5% down payment.</p>
<ul>
<li>Down Payment: Usually 20% or more down, but less down payment options are available</li>
<li>Credit Scores: Ideal for borrows with credit scores greater than 760 (Lower credit scores in a range of 720 to 759 are accepted with pricing adjustments.) Middle score of highest income earner will be used.</li>
<li>Loan Limits: Up to $5,000,000</li>
<li>Occupancy: Owner occupied or second residence</li>
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