A jumbo mortgage is any mortgage above the conventional conforming loan limit ($510,400) set by the government.
Why choose DuPage Credit Union for your jumbo mortgage?
Get help with Jumbo Mortgages.
There are a few special requirements for a Jumbo Mortgages. Jumbo Mortgages can range range from $510,400 to $1,000,000. They require a minimum down payment of 20% (80% Loan-to-Value) and a minimum credit score of 720. However, Private Mortgage Insurance (PMI) is not required. All required documents for a conventional mortgage still apply.
Homeowners insurance required. We lend in all of Illinois on primary and secondary residence, Single-Family homes only. Minimum credit score of 720. Does not include 2-4 flat or apartment complex financing. Consult a tax adviser regarding deductibility of interest. Must be a Member in good standing. Other restrictions may apply.
$510,400 minimum loan amount that is set by the government with a $1,000,000 maximum.
The rate lock period is 50 days.