Perfect For When You’re Dreaming BIG
A mortgage used to finance properties that exceed loan limits set by the Federal Housing Finance Agency (FHFA).
Jumbo loans are a great option when your dream home reaches beyond the conforming limit defined by government agencies.
What differentiates jumbo loans from the other loan options is that it allows lenders to define the guidelines rather than meeting guidelines established by the government bodies.
Advantages of a Jumbo Loan
- Higher purchase limits for the homebuyers
- Available for primary and secondary residences and investment properties.
- Lower down payments options for veterans and service members who qualify for a jumbo VA loan
Jumbo Loan Requirements:
- Minimum credit score of 700 required. However, requirements may vary based on property type and purpose of the loan
- 10% or more down payment required but may vary from lender to lender
- Debt-to-income ratio between 36% – 43%
- Proof of income and assets required
- No hidden charges included in mortgage payments
- Fixed-rate and adjustable-rate jumbo loan options available