A jumbo loan is applicable in situations where the amount needed to borrow is higher than conventional loan limits.
When it comes to shopping for expensive homes or in hot markets, borrowers need a specific loan that will meet their needs.
A jumbo loan allows a borrower to exceed the limits of conventional loans in order to buy a property with a higher price tag. This generally applies to amounts over $484,350. A jumbo loan is riskier for the lender because it’s not guaranteed by Fannie Mae or Freddie Mac.
Jumbo loans are generally appropriate for high earners. Because these loans involve large amounts of money, they’re a mixed bag of benefits, considerations, and requirements.
- Freedom to shop in luxury market
- Stellar credit rating
- Different rules for tax benefits
- Low debt-to-income ratio
- Provable liquid assets
Get Pre-Qualified for a Jumbo Loan
With flexible options, program expertise and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals.