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Jumbo loan

I want a home with a price that exceeds the Conventional Loan limit.

Jumbo Loans are designed for homebuyers who are looking to purchase a home with higher purchase price. Jumbo Loans offer loan limits beyond what Conventional Loans offer.

Begin your Jumbo Loan journey today.

What are the benefits of a Jumbo Loan?

01.

Higher Loan Limits

Helps borrowers access a loan that goes beyond the limits of Conventional Loans. The loan limit is based on the area the property is located.

02.

Variety of Loan Terms

Lenders have a little bit of leeway with the terms of a Jumbo Loan because these loans aren’t backed by the government. Unlike other loan options, you won’t necessarily be locked into a 15 or 30 year mortgage.

Jumbo Loans in just 3 easy steps.

Are you thinking about applying for a Jumbo Loan but not sure where to start? Don't worry - we have you covered! Keep scrolling to see the steps ahead of you.

Step 1

Get pre-approved

Our mobile app, Mortgage Express, helps you get pre-approved quickly. It’s secure and you can upload all required documents straight into the app to save you time and energy.

Step 2

Talk to a Mortgage Consultant

Your GVC Mortgage Consultant will keep you and your agent updated every step of the way with our Milestone Updates.

Step 3

Close on your loan

Your Mortgage Consultant will assist you with everything you need and help you setup your closing appointment.

Jumbo Loans

Frequently asked questions about Jumbo Loans.

How much do I need for a Jumbo Loan down payment?
When it comes to a Jumbo Loan, your down payment will depend on several factors. For instance, your credit score will play a big factor in your down payment options. The higher your credit score, the lower your down payment might be. Another factor to consider is your cash reserves. You’ll likely need to show you have enough cash in the bank to cover your loan for a certain period. This could also help to reduce the required down payment. Keep in mind, though, that the higher your down payment, the less you’ll pay month to month.
Do I have to pay mortgage insurance with a Jumbo Loan?
Private mortgage insurance or PMI is typically reserved for loans with a smaller down payment option. Because some Jumbo Loans require a higher down payment, you may not be required to pay PMI. However, if you can make a smaller down payment on your loan, then you might have to pay PMI. It’s best to discuss this with a Mortgage Consultant and learn about your options.
What are the credit score qualifications for a Jumbo Loan?
Jumbo Loans aren’t backed by the government, which means the credit score qualifications are set by the lender. The larger loan amounts are a risk for lenders, so the credit score qualifications are a little more difficult than other loan options. Many lenders require a FICO score of 700 or higher, though some go as low as 680. To learn more about the credit score qualifications, contact a Mortgage Consultant.
What are the Jumbo Loan limits?
Jumbo Loan limits are designed to help borrowers purchase homes priced beyond conventional loan limits. Because of this, Jumbo Loans have different limits. To learn more about the limits in your area, contact a Mortgage Consultant.