A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2022, the limit is $647,200 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $970,800. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a repeat buyer.
Apply Online Today!Benefits of Jumbo Loans
-
Credit: 700+ FICO
-
Max Debt-To-Income (DTI) Ratio of 43%
-
Reserves: Minimum of 6 months reserves and proof of disposable income
-
Owner occupied: up to 85% LTV if Purchase | Up to 75% LTV if Refinance
-
2nd Home: Up to 70% LTV if Purchase | Refinance N/A on 2nd Homes
-
Minimum Loan Amount is 1$ over the county limit
-
Transactions: Purchase |Refinance(Rate & Term/ Limited Cash-out/ Cash-out)
Who qualifies?
-
18 years or older
-
U.S. Citizens
-
Green Card Holders (non U.S. Citizen)
-
H-1B Visa & EAD Card Holders (non U.S. Citizen)