Jumbo Mortgage

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We focus on helping you find the right solution for your needs. Our Mortgage Loan Originators can help you weigh your options so you can make a well informed decision.

Qualifying for a Jumbo Mortgage

The underwriting process for jumbo mortgages is similar to that of a conforming mortgage, except that jumbo lenders sometimes require 2 appraisals instead of just 1.

Down payment requirements differ in many cases. Jumbo loans generally require higher down payments — depending on the lender, the minimum down payment could be 15%, 20% or 30% for home purchases. Many lenders require a credit score of 700 or higher, a debt-to-income ratio of 43% or less, and 6 to 12 months’ worth of reserves.

Conforming loan limits are set by the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy mortgages from lenders.

How A Loan Is Considered Jumbo

A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $424,100 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $636,150).

Jumbo mortgages are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms, including fixed-rate and adjustable-rate loans. A jumbo loan will typically have a higher interest rate, stricter underwriting rules and require a larger down payment than a standard mortgage.

All loan products or terms available in all states. Rates, fees and other terms subject to change without notice. Loans are subject to credit and property approval. Normal credit qualification and other terms and conditions apply. If approved your terms may vary based upon your specific situation. This does not represent a commitment to lend.

First-Time Buyers Are Our Specialty!

For all our clients, especially first-time home buyers, we go out of our way to ensure that our clients are familiar with the mortgage process. You’ll be able to find out what loans you are eligible for as well as how basic the requirements are. As well as knowing which documents you will need to submit, you’ll also know how to proceed. Our experienced loan officers will walk you through the entire process from application to close and answer all your questions until you feel at home with your mortgage choice.