Jumbo Loans
Large loans. Higher limits.
Covers higher-priced homes that exceed conventional loan limits with flexible options.
Apply now
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01
Higher Loan Limits
Jumbo loans cater to properties that exceed loan limits set by Fannie Mae and Freddie Mac.
02
No Private Mortgage Insurance (PMI)
Unlike some other high-value loans, Jumbo loans typically do not require PMI.
03
Down Payment Flexibility
While Jumbo loans typically require larger down payments, they offer flexibility in terms.
04
Customizable Payment Structures
Some Jumbo loan programs offer interest only payment options or other flexible payment structures.
01
Access to High-Value Properties
Homebuyers gain access to a broader range of luxury real estate opportunities, including highly sought-after properties in high-demand areas.
02
Competitive Rates
Jumbo loans can offer appealing interest rates, often competitive with those of conventional loans, especially for borrowers with strong credit profiles.
03
Flexible Terms
These loans offer a range of term options and adjustable rates, allowing borrowers to tailor their mortgage to their financial situation.
04
Potential for Higher Loan Amounts
Borrowers can finance more expensive properties without the need for multiple loans, simplifying the financing process.
frequently asked questions
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You would need a jumbo loan when you’re buying a home priced above the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo loans are often used in high-cost housing markets or for luxury properties.
To qualify for a jumbo loan, borrowers generally need strong credit scores, a low debt-to-income ratio, and significant income. They often also need a larger down payment and strong financial reserves.
Yes. An appraisal is required for a jumbo loan because lenders need a detailed appraisal to confirm the property’s value. Since jumbo loans involve larger amounts, the appraisal is often more thorough.
For a jumbo loan, lenders typically require the standard income and asset documents, and they may also ask for additional records such as multiple years of tax returns, bank statements, and proof of reserves. Because jumbo loans are larger than smaller loans, the review is more detailed.
Closing a jumbo loan may take slightly longer than other loans, often 45 to 60 days. The larger loan size and stricter requirements can extend the process, so staying responsive to lender requests helps avoid delays.
