By ANYA MARTIN
Jumbo loans often come in three sizes: small, medium and large. The bigger the loan size, the tougher the lending requirements.
At national lender EverBank, a jumbo loan up to $1.5 million requires a 20% down payment and 12 months of reserves, or enough money in liquid accounts to pay the mortgage for a year if something happened to the borrower’s cash flow. For a loan of $1.5 million to $2.5 million, buyers are required to make a 30% down payment and have 18 months of cash reserves. Anything above $2.5 million will see thresholds climb to 35% down, with two years of cash reserves…
Read more: http://online.wsj.com/article/SB10001424127887324600704578402593937787524.html
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