JUMBO LOANS

A Loan For Dream Homes



Learn More About Jumbo Loans



Jumbo Loans allow qualifying borrowers to purchase homes that are priced outside of other loan program purchase limits. Also known as a non-conforming mortgage, a Jumbo Loan is specifically designed to help homebuyers purchase a house that is priced beyond the limits of a conforming loan’s limits. Typically, Jumbo Mortgages have a slightly higher interest rate and down payment requirement because the lender takes on a greater risk. However, if you’re looking to purchase a more expensive home or a home in a hot real estate market, a Jumbo Loan may be your best option.



A Loan With Larger Financing Options


What are the benefits of a Jumbo Loan?

Unlike other home loan programs, Jumbo Loans aren’t backed by the government, so the benefits look a little different that other options.


Conventional loans are great loan option for those with modern to high income and those who have saved up for a down payment.

1. Higher Loan Limits

The number one benefit and purpose of a Jumbo Loan is the access it provides to a higher loan limit. The Jumbo Loan exists to help borrowers access a loan that goes beyond the limits of conventional loans. The loan limit is based on location, but in general helps homeowners purchase homes priced over $424,000 (the conforming loan limit).


2. Single Loan Purchase

Jumbo Mortgages allow you to borrow more money for your home purchase than other types of home loans. That means you only need a single loan to purchase your dream home. This loan program is specifically designed for luxury homes or homes located in higher profile housing markets.


3. 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.


4. Fixed and Adjustable Rates

Jumbo Mortgages allow you to borrow more money for your home purchase than other types of home loans. That means you only need a single loan to purchase your dream home. This loan program is specifically designed for luxury homes or homes located in higher profile housing markets.

With a conventional home loan, you can eliminate PMI by putting 20% down on the home.



Guiding You Home


How to Apply For A Jumbo Loan


The conventional loan process starts by getting pre-qualified for your future mortgage.

Step One: Get Pre-Qualified


To get started, you need to fill out a secure online application. It only takes a few minutes and it is the first step in getting pre-qualified. Once you’re pre-qualified, you’ll have a better understanding of your loan options, how much money you can borrow, and the next steps in the process.

Talking to a mortgage consultant about your conventional home loan will help you understand the benefits of the program.

Step Two: Talk to A Mortgage Consultant


A mortgage consultant will reach out to you after you fill out an online application. They will discuss your home goals with you and work with you to determine what loan program will work best. Your mortgage consultant will also help you determine what paperwork needs to be submitted to the underwriters.

Underwriting a conventional mortgage is done to very of all your information.

Step Three: Underwriting


Underwriters will comb through your documents and information to verify it for accuracy. There is a chance they’ll call you, if they need additional documents or information.

You get the keys to your new home as soon as you've finalized the conventional mortgage loan paperwork.

Step Four: Close On Your Loan


When the underwriters approve and verify your information, it’s time to schedule your closing! Your mortgage consultant will be there to assist with all the paperwork and steps in the process.


Jumbo Loan Quick Contact Form

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Frequently Asked Questions

Applying for a mortgage can be complicated. Knowing which loan program is right for you, can be even more complicated. We’re here to guide you through the terminology, jargon, and complications that might be thrown at you during the experience.


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.

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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.

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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 typically start at around $424,000. Each lender sets their limits. To learn more about the limits in your area, contact a mortgage consultant.

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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.

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Ready to purchase your dream home?

Getting started with your mortgage loan doesn’t need to be complicated. Our mortgage consultants are ready to guide you through the process and welcome you home.


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