What is a Jumbo Loan?
A jumbo mortgage makes high-priced home buying possible.
They often have lower rates than conforming loans.
Home to Qualify
Typical requirements include:
- Credit score of 700+
- Clean credit report
- 10% downpayment
- DTI ratio below 45%
- Income and employment verification
Types of Jumbo Loans
Jumbo Fixed Rate: rate and payment stay the same over the term of the loan, unless you refinance
Jumbo Adjustable-Rate: fixed interest rate for the first 5,7, or 10 years. After that period, rate and monthly payment may change each year.
Jumbo Cash-out Refinance: when the homeowner refinances their mortgage and takes out cash at closing
Frequently Asked Questions
What is a “high-priced” home that would require a jumbo loan?
FHA loans can be a great option for anyone who's at the beginning stages of their financial journey and looking for an investment that will fit into their current budget and qualifications.
Have any mortgage questions? Let's chat go over the "contact" tab and let's book a call!