Why Our Team Loves Jumbo Loans
They give qualified buyers the option to buy homes priced over conforming loan caps. With competitive rates and personalized options, it’s a smart solution for buyers who are ready to make a large purchase.
Jumbo Loans At A Glance
Jumbo loans help qualified buyers finance more expensive homes without needing multiple loans. They're ideal for buyers needing more than the standard mortgage cap allows, often upwards of $766,550 in most areas (as of 2024), and even higher in designated high-cost locations.
Highlights
- Higher Loan Limits: Exceeds conventional amount.
- One Loan, One Property: No need for combo loans.
- Competitive Rates: For strong borrowers.
- Tailored Terms: To match your needs.
- Niche Market: For upscale markets.
Jumbo Loan Guidelines
- Loan Amount: Exceeds limit of $766,550 (as of 2024); varies by county.
- Down Payment: 10%–20%, depending on loan amount and borrower profile.
- Mortgage Insurance: Usually not required.
- Income & Assets: Strong documentation required; may need reserves.
- Property: Primary residence, second home, or investment property.
Pros of Jumbo Loans
- Higher Loan Amounts Without Multiple Loans: One mortgage—no juggling multiple loans or piggyback structures.
- Competitive Interest Rates for Qualified Buyers: Can rival conventional options, especially if you have strong credit, income, and assets.
- Customizable Loan Terms: Flexible to fit your needs.
- No Private Mortgage Insurance (PMI): Even with less than 20% down.
Great for High-Cost Areas and Luxury Homes: In competitive, high-demand areas, jumbo financing could be the move.
Best for…
Buyers purchasing above local conforming limits
High-income earners with good credit and savings
Luxury homebuyers
Homeowners in high-cost markets
Investors and second-home buyers
Questions? We'll Answer.
Let's answer the questions you're definitely not the first (or the last) to ask.
Most lenders require a credit score of at least 700, though some may prefer 720+ for the best rates.
Yes, but you'll likely need exceptional credit and income. Some lenders may require private mortgage insurance (PMI).
Not necessarily. Rates can be comparable or even lower depending on your qualifications and market conditions.
Absolutely. Jumbo loans are refinanceable, although the requirements can be just as strict as the initial loan.
Due to the documentation required, it may take slightly longer than conforming loans—typically 30–45 days.
Free Guides & Resources
Our favorite kind of buyer? A confident one. Brush up on your loan knowledge, get an accurate quote, and let's get to it.
