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Jumbo Loans are a special type of home loans that exceed conforming loan limits. A Jumbo Loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment, a jumbo loan may be right for you. Schedule an appointment with our mortgage officers for your Free Loan assessment and Pre-Qualification.

The limit on conforming loans is $424,100, but Jumbo Loans can exceed these limits. Even so, if you're considering a home in a high-cost area, you may still be able to obtain a conforming fixed-rate mortgage or adjustable-rate mortgage for up to $636,150. FHA loans have limits up to $729,750.

Non-conforming mortgages

Jumbo home loans (aka: non-conforming mortgages) are those that exceed the conforming loan limit for the location of the property. A single-unit property in most U.S. counties has a federal cap of $417,000. In higher cost areas that cap starts at $625,500.

Advantages of a Jumbo Home Loan

Using a jumbo home loan allows you to avoid making an enormous amount of down payment to reduce your balance to a conforming level. While a higher interest rate usually comes along, the convenience is worth it.

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

To learn more about available opportunities of the Jumbo home loans, please contact 1st Point Lending, Inc. mortgage team.

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