A jumbo loan (or jumbo mortgage) is a type of financing where the loan amount is higher than the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
Like conventional mortgages, you can get jumbo loans in a variety of terms or repayment schedules and they can be fixed- or adjustable rate loans.
Jumbo loans work differently than conventional mortgages. These loans have stricter requirements than other types of mortgages, and you’ll have to meet very specific property type, down payment, credit score and debt-to-income ratio requirements to get one.
Similar to when you applied for your original mortgage, you will be required to provide all of the necessary documents to prove your borrowing worthiness and you will be responsible for closing costs, though you may have the option to roll some costs into your loan amount.
It’s common to see lenders require 20% down on jumbo loans for single-family units.
Income limits may vary
Applicant should have the bank specified credit score of 700+
Jumbo loans typically have much higher down payment requirements compared to conventional loans. It’s common to see lenders require 20% down on jumbo loans for single-family units. You may also need a higher down payment for second homes and multi-family units.
If you are self-employed we can help you qualify using two years worth of taxes. We would need to be able to prove your income through your tax returns if we want to use a Jumbo loan.
If you have the required documentation, credit score, and are financially prepared for the commitment of buying a home you should apply today to learn how close you are to owning a home!
Apply for a free prequalification and your loan officer can let you know the limits in your area.
Now apply for a Jumbo Loan online, All you need to do is provide your details below application form.