JUMBO MORTGAGE LOANS OFFER LARGER LOAN AMOUNTS FOR DREAM HOMES.
Jumbo loans offer financing for more expensive homes that exceed the conventional loan limit and typically come with higher interest rates but flexible financing features and benefits. If your property is worth more than most, consider a jumbo, or non-conforming loan. Perfect for loan amounts that exceed Fannie Mae and Freddie Mac’s maximum conforming limits. If you can handle higher monthly mortgage payments, this program is for you.
WHAT IS A JUMBO LOAN?
Jumbo mortgage loans work like other traditional home loans. You will have to go through the application, underwriting, and approval process, but the eligibility criteria for jumbo loans are stricter than traditional conforming loans. Jumbo loans are specifically designed for houses requiring a loan greater than the current Conventional Loan limit of $766,550 for 2023.
HOW TO QUALIFY FOR A JUMBO LOAN:
- A satisfactory credit score (680 or higher)
- A lower Debt-to-Income ratio, ideally under 43%
- Proof of income and employmentDocumentation of assets and cash reserves.
Program Advantages:
- Fixed or adjustable rate
- Maximum loan-to-value (LTV) of 90%, no MI required
- Loan amounts greater than $766,550
- Purchase, rate/term refinance, and cash-out refinance options for primary residences
- Purchase and rate/term refinance options for second homes & investment properties
Eligible Property Types:
- 1-2 units
- Warrantable condos (low/mid/high rise)
- Planned Unit Developments (PUDs)
- Leaseholds
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. See your Loan Officer for complete program guidelines costs, fees, and annual percentage rates (APRs).
Details
If your property is worth more than most, consider a jumbo or non-conforming loan. Perfect for loan amounts that exceed Fannie Mae and Freddie Mac's maximum conforming limits. If you can handle higher monthly mortgage payments, this program is for you.
- For primary residences, vacation homes and investment properties
- An alternative financing option that's ideal if you:
- Borrow an amount above conforming loan limits
- Lack sufficient funds
- Wish to use funds in a non-traditional way
Ready to Apply? Click the Apply Now button to get started.
Need Help? Click Request Info, and one of our mortgage loan officers will reach out to you.
