MORTGAGE LOANS

See which loan program is best suited for you and your family.

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JUMBO LOAN

A Jumbo Loan is a type of non-conforming mortgage loan that is not backed by the federal government and exceeds the conventional conforming loan limits set by the Federal Housing Finance Agency (FHFA). If you’re looking to finance a more expensive property or you live in a high-cost area, you may need a Jumbo Loan.

 

Jumbo Loan Eligibility

While anyone can apply for a Jumbo Loan, remember that the requirements may be stricter than the application requirements for a Conventional Loan, since you will be borrowing an amount higher than the conforming loan limit. To apply for a Jumbo Loan, applicants must meet the following requirements: 

  • Proof of employment history and verifiable income
  • A loan that exceeds the conforming loan limits in your area 
  • A credit score around 680 or above
  • A down payment of 10.01%* or above 
  • A debt-to-income ratio of 43% or below

*Jumbo Payment example: If you bought a $1,500,000 home with a down payment of 20%, for a loan amount of $1,200,000, on a 30 year loan at a fixed rate of 7.0% (7.201% Annual Percentage Rate), you would make 360 monthly payments of $7,984.00. Payment stated does not include taxes and insurance, which will result in a higher payment.

 

Jumbo Loan Credit Score Requirements

In general, you should strive for a credit score of 680 or above when applying for a Jumbo Loan. However, borrowers who fall short of certain Jumbo Loan requirements should always check with us to explore other loan options.

 

Jumbo Loan Down Payment Requirements

Most of our Jumbo Loan options require down payments of 10.01% or above. Unlike conforming loans, Jumbo Loans rarely have low down payment options or down payment assistance. 

 

Jumbo Loan Debt-to-Income (DTI) Requirements

Though Conventional Loans have more lenient DTI standards, Jumbo Loans typically have a maximum DTI of 43%. Your DTI is one way that lenders assess how you manage your finances. Your DTI is your total recurring monthly debts (student loans, credit card payments, etc.), divided by your monthly pre-tax income, expressed as a percentage. For example, if your rent is $1,000 per month, your car payment is $500 per month, and your monthly credit card payment is $800, your total monthly debt is $2,300. If your gross income is $6,000 per month, then your DTI is roughly 38% (2,300 ÷ 6,000 = 38.3).

 

Mortgage Insurance for Jumbo Loans

Mortgage insurance is typically not an option for most Jumbo Loans, which is another reason why their requirements are slightly higher. 

 

Types of Jumbo Loans

We offer several different Jumbo Loan options with slightly different requirements: 

  • Classic Jumbo - Loan amounts up to $3 million. Cash reserves of 6 - 30 months. Available for 1-4 unit properties. 
  • Elite Jumbo - Loan amounts up to $2 million.  Cash reserves of 6 - 30 months. Available for 1-2 unit properties. 
  • Flex Jumbo - Loan amounts up to $5 million. Cash reserves of 9 - 36 months. Available for 1-4 unit properties. 
  • Premier Jumbo - Loan amounts up to $2.5 million. Cash reserves of 6 - 24 months (QM) or 12 - 48 months (Non QM). Available for 1-2 unit primary residences and 1-4 unit investment properties. 
  • Expanded Jumbo - Loan amounts up to $2 million. Cash reserves of 6 - 18 months (QM) or 6 - 24 months (Non QM). Available for 1-4 unit properties. 
  • Jumbo A - Loan amounts up to $3 million. Cash reserves of 12 - 30 months. Available for 1-4 unit properties.

 

Properties Eligible for Jumbo Loans

Eligible properties vary per Jumbo Loan product, but in general, they can be a primary residence or second home, with certain jumbo products offering investment property financing as well. Though some products only offer financing for properties with 1-2 units, others will accept 1-4 unit-properties. For example, eligible properties for our Jumbo A Loan include single-family homes, PUDs, Condos, and 2-4 unit properties. 

 

How to Apply for a Jumbo Loan

You apply for a Jumbo Loan just as you would apply for any other loan. To get started, you will want to gather the following: 

  • Proof of income and employment (pay stubs, tax returns, W-2 statements etc.)
  • Documentation of financial assets (bank statements, etc.)
  • Residential history (previous two years’ worth)
  • Your credit history (it’s also a good idea to check your credit report - not score - here)
  • Identity information like your driver’s license, Social Security card, and date of birth in order to apply

To start your Jumbo Loan application and get preapproved click here, to find a local loan officer click here.

If you have questions and want to speak to someone right away, give us a call at 1.832.334.0235.

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Higher Loan Limits

Loan amounts up to %5 Million
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What Properties Qualify

Primary residences, second homes, and investment properties
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Flexible Credit Options

Customizable products for a variety of credit situations
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Low Down Payment Options

Up to 90% LTV

Higher Loan Limits

Loan amounts up to $5 Million

Flexible Credit Options

Customizable products for a variety of credit situations
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What Properties Qualify?

Primary residences, second homes, and investment properties

Low Down Payment Options

Up to 90% LTV
CONVENTIONAL

CONVENTIONAL LOAN

With low down payment options available

GOVERNMENT

FHA LOAN

Available with down payments as low as 3.5%

GOVERNMENT

VA LOAN

100% financing for eligible Veterans, Reservists and Active Duty Personnel

GOVERNMENT

USDA LOAN

Available in designated rural and suburban areas

SPECIALTY

JUMBO LOAN

A loan for every lifestyle

SPECIALTY

ALL IN ONE LOAN

Get financial flexibility and pay off your home loan faster

GOVERNMENT

203K RENOVATION LOAN

Turn the house you like into the home you love

CONVENTIONAL

FANNIE MAE HOMEREADY

Flexible funding with down payments as low as 3%

CONVENTIONAL

FREDDIE MAC HOMEPOSSIBLE

More possibilities with down payments as low as 3%

SPECIALTY

HOMEFUNDIT

Gifts from family and friends fund your down payment

GOVERNMENT

REVERSE MORTGAGE

Available for homeowners ages 62+

SPECIALTY

HELOC

Turn your home equity into cash in as little as 5 days

SPECIALTY

CMG COMMUNITY ONE GRANT

Purchase a home within a specific zip code with as little as 1% down payment.

GOVERNMENT

FANNIE MAE HOMESTYLE® RENOVATION

Low down payments, big possibilities.

SPECIALTY

BUILDER PROGRAMS

A loan for every lifestyle

CONVENTIONAL

CONVENTIONAL LOAN

With low down payment options available

CONVENTIONAL

FANNIE MAE HOMEREADY

Flexible funding with down payments as low as 3%

CONVENTIONAL

FREDDIE MAC HOMEPOSSIBLE

More possibilities with down payments as low as 3%

GOVERNMENT

FHA LOAN

Available with down payments as low as 3.5%

GOVERNMENT

VA LOAN

100% financing for eligible Veterans, Reservists and Active Duty Personnel

GOVERNMENT

USDA LOAN

Available in designated rural and suburban areas

GOVERNMENT

203K RENOVATION LOAN

Turn the house you like into the home you love

GOVERNMENT

REVERSE MORTGAGE

Available for homeowners ages 62+

GOVERNMENT

FANNIE MAE HOMESTYLE® RENOVATION

Low down payments, big possibilities.

SPECIALTY

JUMBO LOAN

A loan for every lifestyle

SPECIALTY

ALL IN ONE LOAN

Get financial flexibility and pay off your home loan faster

SPECIALTY

HOMEFUNDIT

Gifts from family and friends fund your down payment

SPECIALTY

HELOC

Turn your home equity into cash in as little as 5 days

SPECIALTY

CMG COMMUNITY ONE GRANT

Purchase a home within a specific zip code with as little as 1% down payment.

SPECIALTY

BUILDER PROGRAMS

A loan for every lifestyle