A jumbo loan is any loan that exceeds the standard set by your county or the FHFA. Conventional loans are set at certain qualifications and specifications because they fall under a certain limit and thus come along with a known risk. Loans that exceed these limits, by nature of being larger, take on more risk to the lender. Because of these larger values and risks, different requirements and specifications are created for these loans. They often require better credit, cash reserve, and better debt-to-income ratios. Nowadays more lenders are willing to give these loans, and thus rates are becoming more competitive and similar to conventional loans. Contact one of our Lending Officers today to find out how financing this loan would look for you.

These loans are:

• Perfect for loans that exceed limits set by the FHFA
• Have specific requirements of credit score, down payment, property type, and debt-to-income ratio
• Great for purchasing homes in expensive housing markets.

Requirements to keep in mind when considering a Jumbo / Super Jumbo loan:

• Higher down payments than standard loans

• Lower debt-to-income ratios and/or higher credit scores.