Jumbo Mortgage Lenders
Jumbo Mortgage Lenders
Competitive home financing programs for jumbo mortgages.
Purchase and Refinance Options · Home Loans up to 2 Million.
A jumbo mortgage is defined as any loan that exceeds the conforming loan limits set out my Fannie Mae and Freddie Mac. The standard conforming loan limit throughout the nation is $484,350. However, high cost areas such as in California, Hawaii, Alaska, and various counties in each state through the country have higher loan limits up to $726,525.
Jumbo Home Purchase Loans
Our jumbo loan programs for home purchases provide qualified borrowers with excellent solutions for high cost homes. In recent years nearly every lender has reduced the max LTV ratios for jumbo loans to 80%. Therefore, if you were to want to buy a $1,000,000 home you would be required to put $200,000 as a down payment (20% of $1,000,000).
Jumbo Home Refinance Loans
We provide substantially lower rates on our jumbo loan refinance programs compared to other lenders. The maximum LTV ratios for jumbo mortgage refinancing is the same as with our home buying program. You can refinance your home up to 80% of the appraised value. This is the case for both rate/term refinancing (no cash taken out) and for cash out refinances.
Jumbo Loan Requirements:
- Most jumbo loans will require a 20% down payment or 20% in home equity in order to refinance.
- Down payment must be sourced from personal savings or assets. It can not be gifted, borrowed, or in the form of any down payment assistance programs or grants.
- A maximum debt-to-income ratio of 45%. Your new mortgage payment (principle, interest, taxes, and insurance) along with other personal debts such as auto loans and credit cards, but not be higher than 45% of your income.
- Excellent credit – there is no getting around this with any lender these days, at least not since the sub-prime mortgage crisis a few years back. At a minimum, most should have a 700 credit score. There are instances of borrowers with redeeming factors obtaining finanicng with a score lower than a 700, but it is rare, and usually then a 680 or above is needed.
- Property appraisal – Properties must be appraised by a senior underwriter, and in some cases a second full appraisal may be required in order to verify the value of the home.
Jumbo Loans for Multifamily Properties
If you want to buy a multifamily property that would require a higher loan amount than what meets conforming loan limits, you should consider a jumbo mortgage. While conforming loan limits are higher for multi-family properties, oftentimes, these limits are not sufficient, necessitating jumbo financing. Jumbo loans are available on 2-4 unit properties, in addition to single family residences.
There are slightly different requirements for qualifying for a multi-family property, and interest rates and other terms are influenced by if the property will be owner occupied or strictly an investment property. The best way to know what financing options are available to you and the property you want to purchase is to speak with one of our jumbo loan specialists by requesting a consultation.
Frequently Asked Questions
Do jumbo loans require mortgage insurance (PMI)?:
Any loan that does not exceed an 80% LTV does not need to have mortgage insurance included for the loan. If you were to find a jumbo mortgage lender that would approve of a lower down payment, you would theoretically have to pay PMI.
Are there any FHA programs for jumbo loans?
There are currently no FHA jumbo loans available. An FHA loan must meet FHA loan limits, or otherwise there is other FHA-insured products available for a jumbo mortgage. You would have to put down enough money to have the needed loan amount meet or go below your counties FHA loan limit.
Are there any USDA jumbo loans that exist?
No, similar to the FHA, the Department of Agriculture does not insure or back jumbo loans.
Are there any VA jumbo loans available?
There are not any jumbo loans available through the VA, but there are counties that allow higher loan limits, which sometimes are called a “VA jumbo loan”. However, this is inaccurate terminology since these technically meet the VA loan limits, they are just enlarged for the specific county.
Does rental income count towards DTI ratios on jumbo loans?
As with conforming loans, rental income often can help lower your DTI ratios. This will be the prerogative of the underwriter to say for certain, but in most cases income from rental properties counts as qualifying income.
We offer competitive jumbo mortgage rates in the following states:
Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington State, Wisconsin, Wyoming.
You can apply for a jumbo loan online or call us at 1-800-731-3560 and apply over the phone. One of our experienced loan officers can answer any of your questions about our jumbo mortgages. You can also get pre-qualified if you do not want to submit a full mortgage application (a mortgage pre-qualification does not require a credit pull, but will inform you of what you should be able to be approved for based on the information that you provide us).