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Jumbo Loans: Financing for Luxury Properties

We’ll help you find the right loan program. If you’re not quite ready, we’ll help get you there.

What Are Jumbo Loans?

Jumbo loans are designed for properties that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. These loans cater to borrowers looking to purchase high-value homes and require larger loan amounts than standard mortgages.

Unique Features of Jumbo Loans

  • High Loan Limits: Available for loan amounts that exceed the conforming limits, which vary by location but generally start at $766,550 for most areas and higher in high-cost areas.
  • Competitive Interest Rates: Despite the larger loan amounts, jumbo loans often offer competitive interest rates.
  • Flexible Terms: Available in various term lengths, such as 15, 20, or 30 years, to suit your financial goals.

Who Should Consider Jumbo Loans?

  • High-Income Earners: Ideal for individuals with significant income and strong financial profiles.
  • Luxury Home Buyers: Perfect for purchasing high-value properties or homes in expensive real estate markets.
  • Investors: Suitable for those looking to invest in luxury real estate or high-end properties.

Qualification Criteria

  • Credit Score: Typically requires a credit score of at least 700, with some lenders requiring 720 or higher.
  • Down Payment: Usually requires a minimum down payment of 20%, though some lenders may accept less with strong borrower profiles.
  • Debt-to-Income Ratio: Should not exceed 45%, though exceptions may be made for borrowers with higher credit scores and significant cash reserves.
  • Income and Assets: Must demonstrate stable income and substantial assets to cover the loan amount.

How to Apply for a Jumbo Loan

  1. Check Your Credit Score: Ensure your credit score meets the lender’s requirements.
  2. Determine Your Budget: Use our mortgage calculator to see what you can afford.
  3. Prepare Documentation: Gather proof of income, tax returns, asset statements, and employment history.
  4. Find a Jumbo Loan Lender: Work with a lender experienced in handling jumbo loans.
  5. Submit Your Application: Complete the loan application and provide all necessary documents.
  6. Home Appraisal: Your lender will arrange for an appraisal to determine the property’s value.
  7. Close on Your Loan: Review and sign the loan documents to finalize the purchase.

Call to speak with a Local Home Loan Specialist today.

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