Am I limited to purchasing a single-family home with a Jumbo Mortgage?
In addition to single-family homes, a jumbo loan may also allow borrowers to buy second homes and personal investment properties.
What is the minimum down payment required for a Jumbo loan?
The minimum down payment will depend on your credit score and other factors. 95% Jumbo financing is popular for home buyers that have a credit score over 700. However, borrowers that have lower credit scores or are financing property types other than primary residences will likely be required to have a higher down payment.
What kind of savings do I need to have in order to get approved?
It really depends on your loan amount. For loan amounts under $1,000,000 you should plan on at least 3-4 months of mortgage payment reserves after your down payment is made. For higher loan amounts you may be required to have 12 months payment reserves. Non-liquid retirement accounts like 401K, IRA do satisfy this request.