Jumbo Loans



What Makes A Loan ‘Jumbo?’

The general rule of thumb is that a loan is jumbo if it is over $453,100. More specifically, however, a loan is jumbo if it is above the limit backed by Fannie Mae and Freddie Mac in your geographic area.

With these large loan amounts, qualifying standards can be a bit more stringent, usually higher credit scores and down payments are required. Borrowers also need to have more ‘reserves’ compared to other loan types.

You can also choose to increase your down payment and borrow less than $453,100. This would be very realistic if the mortgage is only slightly above the jumbo loan threshold. Additionally, there are other creative financing options that I can help you with! Once of the most common ways to do it is through an 80-10-10 loan. This means you may have to only put 10% down to avoid mortgage insurance.  I am ready to help you purchase your dream home!

  • As low as 10% down on a primary residence purchase
  • Debt-to-income ratio as high as 41%
  • Qualifying guidelines more strict a conforming Conventional Loan
  • Requires monthly mortgage insurance (MI) if down payment is less than 20%
  • MI can be cancelled at 80% loan-to-value