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Jumbo loans are designed to finance a loan amount that exceeds the standing “maximum conforming loan limits” set by Fannie Mae or Freddie Mac. That’s why a jumbo loan is known as a "non-conforming" mortgage — it gives home buyers the ability to buy or refinance higher-priced homes.
A jumbo loan is similar to a standard loan in that there are many requirements that need to be met in order to qualify. Those qualifications include:
- A DTI lower than 43%
- Credit score higher than 680
- Financial security/assets
- Valid tax returns, W-2s and 1099s
There are multiple options and benefits of having a jumbo mortgage from PrimeLending:
- We offer loans up to 80% of a home’s value that require 20% down
- Both fixed-rate and adjustable-rate mortgages
- Some programs allow for a down payment in the form of a gift
At PrimeLending, we know that buying a home is unique for everybody. Just because the home prices on a jumbo loan are high, it doesn’t necessarily mean the borrower is particularly wealthy. Not everyone has the same needs, budgets, advantages or options. Often, you’re at the mercy of the market, which is different depending on where you live. That’s what makes a jumbo loan so appealing.
If you want to learn more about a jumbo loan and how it differs from a conventional loan, watch this quick video.