Jumbo Loans

Bigger home, bigger loan.

Our Jumbo Home Loans

Does your dream home come with a bigger price? Then a jumbo loan may be what you will need to secure the deal. While similar to conventional loans, jumbo mortgages exceed the amount of conventional conforming loan limits. With larger loans come increased risk, so keep in mind that jumbo loan qualification requirements may be increased too.

About Jumbo Loans

Is This Loan for You?

Lending avenues for the high-priced homes,
or high-priced areas.

A jumbo loan, or jumbo mortgage, is a mortgage loan that exceeds the limits established by the Federal Housing Finance Agency (FHFA). Jumbo loans are considered nonconforming loans because they do not conform to those limits.

Because these jumbo mortgages don’t have the guarantees that come with conforming loans, borrowers tend to be subject to greater scrutiny, and even possibly higher borrowing costs.

Benefits

You can be approved for a larger loan so that your options are wide open.

In some of today’s most desirable real estate markets, it can be difficult to determine how to finance your dream home. With a jumbo loan, you have more options than ever before, allowing you to choose the home you want in the neighborhood you want without worrying about the stress and inconvenience of multiple mortgages. Benefits of a jumbo loan include:

Down Payment: May be less than 20%; however, private mortgage insurance may be required.
VA "Jumbo" Loans are Available: No longer limited to conventional loans, with a VA "jumbo" loan, you may enjoy the advantages of the VA loan with the excellent interest rates of a jumbo loan.
Buy in More Desirable Markets: Jumbo loans provide options that allow buyers to choose the best neighborhoods and the most desirable in-town or resort communities.
Purchase a Luxury Home: If you’ve been dreaming of a luxury home with the floorplan you desire, or a home located in a resort-style community, a jumbo loan is a great option.

Loan Eligiblity

They’re typically reserved for buyers with good credit, steady income, and healthy cash reserves.

Credit score: Sometimes as low as 680, but typically 700 or higher.
Down payment: Typically 10% to 30%. Any down payment less than 20% generally requires PMI (private mortgage insurance).
A low debt-to-income ratio: Your total monthly debt should be between 38% to 43% of your total gross monthly income.
Closing Costs: Can be higher than conforming loans due to manual underwriting, additional appraisals, etc.
Cash Reserves: 6 to 18 months of mortgage payments.

Jumbo Home Loan FAQs

What kind of property can I purchase?

How do Jumbo Mortgage Rates compare To Conforming Loan Rates?

What are cash reserves, and why do I need them?

Lenders need to know that you can make consistent, regular payments on a jumbo loan. You will likely need to provide your lender with bank statements to prove that you have sufficient funds in the bank to keep up with payments. It’s not uncommon for lenders to ask jumbo borrowers to have up to 12 months’ worth of expenses in reserve before they can get a loan.

Having cash in your bank account isn’t the only way to meet reserve requirements. Lenders may consider up to 70% of your retirement account as well, so you don’t need to cash out all of your funds to meet the reserve rule. In some cases, business and gift funds may also go toward your reserve requirements.

Helping You Buy on Your Own Terms

You owe it to your self to explore our hassle-free mortgage options at low and affordable rates.

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