Jumbo Loans

We offer traditional and non-traditional (non-QM) Jumbo loan options. This type of loan is for home purchases that exceed the conforming limit set by the Federal Housing Finance Agency. Our non-QM Jumbo mortgage products are for homebuyers who do not qualify for traditional financing guidelines.

Jumbo loans are large loans for expensive homes. They are not secured by Freddie Mac or Fannie Mae. In most counties/states, homes over currently $647,200 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $970,800). Non-conforming loan or non-conforming conventional loan is the same as a jumbo loan.

Jumbo loan eligibility requirements:

• Low debt to income ratio (under 43% but aim for 36%)
• A very high credit score (over 700)
• Proof of income and assets to cover payments

• Buyers must prove they have enough cash on hand to cover a year of mortgage payments.
• Down payments required for a jumbo loan range between 10-20% of the home price.

Pros Of Jumbo Loans:

• Higher Loan Limits
• Lower Down Payment
• One Single Loan

Cons Of Jumbo Loans:

• Higher Interest
• Need a Clean Credit Score
• More Closing Costs
• Not All Properties Qualify