Non-Prime Jumbo Loans 

If you would like to get a jumbo loan, but do not qualify for a prime jumbo loan, you may consider a non-prime jumbo loan.  These programs are helpful for people with various credit issues, as well as borrowers that need to use alternative income documentation in order to qualify.

What Do Non-Prime Jumbo Loans Offer?

Non-prime jumbo loans provide much more flexible qualification requirements than prime jumbo loans.  Several mortgage lenders offer non-prime jumbo loans, which have the following potential features:

  • Qualify with a credit score as low as 580.
  • No waiting periods after bankruptcies, foreclosures, or short sales.
  • LTVs as high as 95%.
  • Loan amounts available up to $5,000,000.
  • DTI ratios as high as 50% accepted.
  • Foreign nationals and ITIN borrowers may be eligible.
  • Asset depletion allowed (use your assets instead of income to qualify).
  • Options to use your bank statements instead of tax returns (bank statement loans for self-employed borrowers).

The exact requirements to get a non-prime jumbo loan vary from lender to lender.  You can view 5 of the best non-prime jumbo lenders below.  If you would like some assistance finding a lender, we can help match you with a lender.

Click here to get matched with a jumbo mortgage lender

Non-Prime Jumbo Lenders

Below are 5 of the top mortgage lenders that offer non-prime jumbo loans:

1 – Acra Lending

Acra Lending offers a non-prime jumbo program to borrowers with credit scores as low as 650.

Details of Acra Lending’s Jumbo Program:

  • Loan amounts are available up to $3,000,000.
  • The minimum credit score is 650.
  • The highest LTV allowed is 90%.
  • The maximum DTI ratio is 50.49%.
  • Available for purchases, rate/term refinances, and cash out refinancing.
  • No waiting periods after a bankruptcy, foreclosure, or short sale.
  • Foreign national / ITIN borrowers are eligible.
  • You can use your assets instead of income to qualify (asset depletion).
  • Self-employed borrowers can use their bank statements to qualify (bank statement loan).
  • They offer these loans in the following states:  AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, and WY.

Click here to learn more about Acra Lending’s jumbo program

2 – First National Bank of America

First National Bank offers a non-prime jumbo program to borrowers with credit scores as low as 640.

Details of First National Bank’s Jumbo Program:

  • Loan amounts are available up to $6,000,000.
  • Credit scores as low as 640 are accepted.
  • LTVs up to 75%.
  • Available for purchases, rate/term refinances, and cash out refinancing.
  • No waiting periods after a bankruptcy, foreclosure, or short sale.
  • Foreign national / ITIN borrowers are eligible.
  • You can use your assets instead of income to qualify (asset depletion).
  • Self-employed borrowers can use their bank statements instead of tax returns to qualify (bank statement loans).
  • Financing is available nationwide (minimum 30% down payment required in CA, IL, NY, and OH).

Click here to learn more about First National Bank’s jumbo program

3 – Sprout Mortgage

Sprout Mortgage offers a non-prime jumbo program to borrowers with credit scores as low as 580.

Details of Sprout Mortgage’s Jumbo Program:

  • Loan amounts are available up to $2,000,000.
  • Credit scores as low as 660 are accepted.
  • Up to a 85% LTV (with a 660 credit score).
  • Full doc is required for this program (no bank statement or asset depletion).
  • DTI ratios up to 50%.
  • Available for purchases, rate/term refinances, and cash out refinancing.
  • No waiting periods after a bankruptcy, foreclosure, or short sale.
  • They offer these loans in the following states:  AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, NJ, NV, NC, OK, OH, OR, PA, SC, TN, TX, UT, VA, WA and WI.

Click here to learn more about Sprout’s jumbo program

4 – Caliber Home Loans

Caliber Home Loans offers a non-prime jumbo program to borrowers with credit scores as low as 580 with their Fresh Start Program.

Details of Caliber’s Fresh Start Program:

  • Loan amounts are available up to $1,000,000.
  • Credit scores as low as 580 are accepted.
  • Low down payment option.
  • Available to finance the following types of properties: single family residences, 2-4 unit properties, condominiums, co-ops, or a home in a Planned Unit Development (PUD).
  • Purchases, rate/term refinances, and cash out refinancing.
  • No waiting periods after a bankruptcy, foreclosure, or short sale.
  • They offer these loans in the following states:  AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KT, LA, MA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SD, SC, TX, UT, VA, VT, WA, WV, WI, and WY.

Click here to learn more about Caliber’s Fresh Start Program

5 – Angel Oak Mortgage Services

Angel Oak offers a non-prime jumbo program to borrowers with credit scores as low as 600 with their Portfolio Select Program.

Details of Angel Oak’s Jumbo Program:

  • Loan amounts are available up to $3,000,000.
  • Credit scores as low as 600 are accepted.
  • Up to a 90% LTV with no MI.
  • DTI ratios up to 50%.
  • Available for purchases, rate/term refinances, and cash out refinancing.
  • A 2 year waiting period is required after a bankruptcy, foreclosure, or short sale.
  • Foreign national / ITIN borrowers are eligible.
  • You can use your assets instead of income to qualify (asset depletion).
  • Self-employed borrowers may be eligible for a 1 year tax return option.
  • They offer these loans in the following states:  AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, NJ, NV, NC, OK, OH, OR, PA, SC, TN, TX, UT, VA, WA and WI.

Click here to learn more about Angel Oak’s jumbo program

Need Help Finding a Jumbo Lender?

The above lenders are just some of the best options for borrowers looking for a non-prime jumbo loan.  If you would you like some assistance finding a jumbo mortgage lender, we would be glad to help you.  Please fill out this form, in order to be matched with a lender.