Jumbo Loan
In need of financing on a high-valued home? Get a quick quote on a Jumbo Loan today. Click below to get started.
Why a Jumbo Loan?
A Jumbo loan is a type of mortgage loan that exceeds the maximum conforming loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac. These loans are typically used to finance luxury homes or properties in high-cost areas. Jumbo loans offer borrowers higher loan amounts, but they also come with stricter underwriting requirements, such as a higher credit score & down payment requirements, and a lower maximum debt-to-income ratio.
Jumbo loans may have fixed or adjustable interest rates and can be used to purchase a variety of property types, including single-family homes, vacation homes, and investment properties. Jumbo loans are a viable option for homebuyers who need to finance a higher-priced property and cannot obtain financing through traditional loan programs.
To get started, click the button below to see if you qualify for one of our jumbo home loan products.
Common Misconceptions
Only For The Wealthy – While jumbo loans are typically used to finance higher-priced properties, they are available to borrowers with a wide range of income levels.
More Difficult To Qualify For – Jumbo loans may have stricter underwriting requirements than conventional loans, but they are still accessible to many borrowers who have good credit and a solid financial profile.
High-Interest Rates – Jumbo loans often have competitive interest rates, and in some cases, they may even have lower rates than conventional loans.
Large Down Payment – While jumbo loans typically require a higher down payment than conventional loans, borrowers can still obtain financing with a down payment as low as 10%.
Primary Residences Only – Jumbo loans can be used to finance a variety of property types, including second homes and investment properties.
Understanding the truth about jumbo loans can help borrowers make an informed decision about their mortgage options.
The Jumbo Loan Process
- Eligibility Check:Review income, credit score, and debt-to-income ratio.
- Select a Lender:Compare lenders offering jumbo loans.
- Pre-Approval:Submit financial details for a pre-approval letter.
- Home Search:Find a property within your budget.
- Application Submission: Complete the application with necessary documents.
- Appraisal:Lender orders an appraisal to assess property value.
- Processing:Lender reviews application and appraisal.
