Jumbo Home Loan

What is a Jumbo Home Loan?

A Jumbo Loan is a mortgage that exceeds the loan limits set by the Federal Housing Finance Agency (FHFA) and are considered non-conforming loans. A Jumbo Loan may be the best choice where the desired loan amount for a homebuyer is higher than the qualifying limits of Freddie Mac and Fannie Mae. Depending on your income, the price of the home you want to buy, and considering all other loan options, the jumbo loan is a very popular choice.

The maximum loan amount can vary from lender to lender. With many lenders, these amounts can exceed 3 million. Borrowers can choose between a fixed-rate or adjustable-rate (ARM) jumbo mortgages. Theses mortgages can additionally be used for vacation homes or investment property as well as your primary home. You can still get a competitive interest rate and terms to fit your needs without being restricted by the dollar limit on conforming mortgages.


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Qualifying for a Jumbo Mortgage

Jumbo loans are available to consumers with a wide range of credit profiles. The approval process is the same as many other mortgage products. The eligibility depends primarily on income, credit score, debt-to-income, cash reserves, employment status, property type, and property use.
Qualifying for a jumbo mortgage loan tends to be a little more stringent than qualifying for a conforming loan. When any mortgage loan is outside the parameters set by government programs other than VA loans, the lender must mitigate the financial risk. Each lender sets their eligibility criteria.
Having a higher credit score will be an important factor in the amount of loan you are requesting. Typically, a credit score of 680 or more will be required by most lenders. Borrowers whose scores fall beneath the standard requirements must offset it with a low debt-to-income ratio, larger down-payment, and adequate reserves.
Having a low debt-to-income (DTI) ratio will also be a factor in qualifying, if your debt-to-income is high, even if allowed, it will result in a more expensive loan.
Your income level and reserves will need to be enough to qualify for a higher loan amount. Typically, enough to prove the liquid assets equal to six to twenty-four months of mortgage payments. To satisfy potential reserve requirements see (Assets and Mortgage Reserves Requirements)

VA Jumbo Loan

The U.S. Department of Veterans Affairs program (VA) can also be used for a jumbo mortgage loan. The VA will insure the portion of your mortgage that falls under conforming loan limits. The down payment requirement is based on the portion of the loan that is above the conforming loan limit. This loan is available from some lenders with zero down and no PMI.