Jumbo Loans are loans that exceed the conforming loan limits. In Arizona, a Jumbo Loan is for mortgages more than $484,350. It also offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
For Purchase transactions Jumbo Loans require the home-buyer to put down at least 5% of the purchase price of the home. Cash out and No cash out refinance are allowable.
Most Jumbo loan programs allow you to purchase single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.