Reach that bigger house

 

Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment, a jumbo loan may be right for you.

The limit on conforming loans is $424,100 in most areas of the country, but jumbo mortgages can exceed these limits. Even so, if you’re considering a home in a high-cost area, you may still be able to obtain a conforming fixed-rate mortgage or adjustable-rate mortgage for up to $636,150. FHA loans have limits up to $729,750.

Benefits and Considerations

Higher Purchase Limits

Jumbo mortgages can exceed the conforming loan limit, currently $424,100 in most parts of the United States.

Competitive Rates

Jumbo loan rates have reached historic lows in recent years, and the interest on loans up to $1 million may be tax-deductible.

Second Mortgage

Many jumbo mortgage lenders may allow you to take out a second mortgage for a combined loan-to-value ratio of up to 90 percent.

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Requirements and Qualifications

Credit history

Conventional loans are a good choice for borrowers with very good credit, which generally means a FICO score of 700 or higher.

Financial strength

When applying for a jumbo mortgage, the maximum debt-to-income ratio for jumbo for loans is 45 percent, and the required reserve amount for jumbo loan borrowers can be as high as 20 percent of the value of the loan.

Down payment

There is no private mortgage insurance option with a jumbo mortgage, so the required down payment will be larger – typically 20 percent.

Property appraisal

The property appraisal must support the purchase price for the home and the mortgage the borrower wants.

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Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

As a rule, the interest rates for this type of financing are higher than for a conventional mortgage. Since these loans are for larger sums they come with additional risk for the lender, thus the higher interest rate.

In addition to single-family homes, a jumbo loan may also allow borrowers to buy second homes and personal investment properties.

If you have excellent credit and a manageable amount of outstanding debt, then-yes. A good credit score is anything over 700. The monthly mortgage payment on a jumbo loan should not exceed 45 percent of your pre-tax income. You will also need to present proof of income and document two years of income history when applying for a jumbo loan. Be aware that for this type of financing, you will typically need a 20 to 25 percent down payment. Mortgages over $1 million can require up to 30 percent down. A lender will want to see that you have enough money saved to cover housing expenses in case of an emergency. They will typically require 6 to 9 months of cash available to cover the monthly principal, interest, taxes, and insurance payment, also known as PITI (principal, interest, taxes, and insurance).

Yes, but many avoid doing so because of the expense involved with repaying the closing costs. Some lenders offer an extension and consolidation agreement, so those who want to refinance will not have to pay the mortgage tax again on the same principal balance. For those who do choose to refinance, title insurance companies sometimes offer up to a 50% discount (often required by law for those refinancing within 1 year to 10 years, the largest discount coming during the 1st year).

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