Indymac Bank announced this afternoon that it is returning to the jumbo loan market. In other words, if you’re in the market for a mortgage in excess of $417,000, they’re interested. Oh, and you’ve got to have fairly strong credit.

“Given our strong financial position, we are fully committed to the market for prime jumbo home loans,” commented Michael W. Perry, Indymac’s Chairman and CEO. “Until the secondary market recovers, we plan to retain this product in our investment portfolio at what we believe will be attractive returns.”

Here’s what was included in the official release:

These prime jumbo products will be available through all Indymac’s distribution channels for borrowers providing full documentation only.

(That means, no stated income or no doc loans.)

The product offerings include 5/1 adjustable rate mortgages (ARMs), 7/1 ARMs, and 15- and 30-year fixed rate products. Here’s what you need to qualify:

  • A borrower with a FICO score of 680 and above and a down payment, or equity, of 25 percent is eligible for a loan of up to $2 million;

  • A borrower with a FICO score of 680 and above and a down payment, or equity, of 20 percent is eligible for a loan of up to $1 million;

  • A borrower with a FICO score of 700 and above and a down payment, or equity, of 15 percent and mortgage insurance, is eligible for a loan of up to $750,000.

Aug. 22, 2007.