Jumbo Loans

Go big and get a home.

Jumbo Loans just for you.

There are many benefits, including financing available up to $2.5 million, the convenience of one loan for the entire loan amount instead of having multiple mortgages, competitive pricing, and more.

We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.

Our Jumbo rates are low.

A Jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $510,400 in most counties (as of 2020), as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.

Also called non-conforming conventional mortgages, Jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.

What’s required for a Jumbo Loan?

Underwriting criteria for Jumbo loans are stricter because the loans are larger and riskier for lenders.

Credit score: Lenders may require your FICO score to be higher than 700, and sometimes as high as 720, to qualify for a Jumbo loan.

Debt-to-income ratio: Lenders will also consider your debt-to-income ratio (DTI) to ensure you don’t become over-leveraged, though they may be more flexible if you have plentiful cash reserves. Some lenders have a hard cap of 45% DTI, however.

Cash reserves: You’re more likely to be approved for a Jumbo loan if you have ample cash in the bank. It’s not uncommon for lenders to ask Jumbo loan borrowers to show they have enough cash reserves to cover one year of mortgage payments.

Documentation: To prove your financial health, you’ll need extensive documentation, perhaps more than for a conforming loan. You should be prepared to hand over your full tax returns, W-2s and 1099s when applying, in addition to bank statements and information on any investment accounts.

Appraisals: Some lenders may require a second appraisal of the home you’re planning to purchase.

Our Jumbo Loan Process

Here’s how our home loan process works:

  • Complete our simple Jumbo Loan Qualifier
  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the mortgage loan offer that best fits your needs

If purchasing a home, you can now start shopping with confidence to find your perfect home.

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