Private jumbo mortgages can be a great alternative to traditional jumbo mortgages. The advantages to a good no doc jumbo mortgage program is a) A lot less hassle to get, b) Virtually no documentation except for proof of the required deposit, and c) A non-invasive jumbo loan, d) None of those stringent debt ratios which could keep you from buying that dream home. The disadvantages are usually 1) A bit higher rate, and 2) Discount points. So it’s best to weigh the pluses and minuses before you apply.