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Jumbo Mortgages

When you finance expensive property, you need a jumbo mortgage.

A Jumbo Loan is an excellent option for those looking to buy larger homes. A Jumbo Mortgage, or Jumbo Loan, consists of a home loan whose amount exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy mortgages from lenders.

Jumbo Mortgages

With home values increasing, you may find yourself in need of a larger loan amount. That's where a jumbo mortgage comes in. If your required loan amount is even $1 over your area's Federal Housing Finance Agency (FHFA) conforming loan limit, a jumbo loan (or non-conforming loan) is needed.

Pros of Jumbo mortgages

  • As little as 10% down with no mortgage insurance

  • Competitive fixed and adjustable rates

  • 15, 20, and 30-year terms

  • Finance a primary residence, a second home, even a vacation home

  • Enjoy the convenience of one loan for the entire loan amount

  • Refinance a jumbo loan and get up to $750,000 cash back

Cons of Jumbo mortgages

  • Rates can vary largely

Who should get one? 

A jumbo loan may be for you if you have:

  • Two years of steady employment (preferably with the same employer)

  • A minimum credit score of 680 or higher

  • Monthly debt that does not exceed 40% of your monthly income

  • Strong assets and cash reserves

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