A jumbo loan is a mortgage larger than the conforming loan limit that Fannie Mae and Freddie Mac will buy. Because nobody standardizes them, the requirements are stricter and they differ from lender to lender, which is exactly where a broker earns the call.
Financing for the waterfront, the golf course lot and the home that simply costs more than the limit.
Lenders compared
Jumbo guidelines vary widely between lenders. Placing the file with the right one matters more here than anywhere.
Primary, second home or investment
Jumbo financing is available across occupancy types, with requirements that change with each.
A well-prepared file
Higher credit, reserve and income standards mean the file has to be right the first time.
Step by step
How it runs, start to close
1
Review the full financial picture
Income, assets, reserves and the property itself.
2
Match the right lender
Jumbo is where lender guidelines differ most. We place the file where it fits.
3
Appraisal and underwriting
Some jumbo loans need a second appraisal. We tell you up front.
4
Closing
Every figure reviewed with you before you sign.
Is it the right fit?
The fifteen-minute call that settles it
Financing for homes priced above the conforming loan limit, where the credit, reserve and documentation standards are higher.
Whether it is the right program depends on your credit, your savings and the
property. We run it against the alternatives with your real numbers, and if another
program suits you better, we say so.
Any loan above the conforming loan limit for the county the home is in. The limit is set each year, and we will tell you this year's figure for your county.
Are jumbo requirements stricter?
Usually. Expect higher credit expectations, more cash reserves and fuller documentation of income and assets.
Can I get a jumbo loan for a second home?
Yes. Jumbo financing is available for primary residences, second homes and, with some lenders, investment properties.
Is a jumbo loan always fixed-rate?
No. Jumbo loans come in fixed and adjustable forms. The right one depends on how long you plan to keep the home.
Do I need two appraisals?
Some lenders require a second appraisal above a certain loan size. We will know before you apply.
I am self-employed. Can I still qualify?
Often, yes, with the right documentation. Tell us how your income is structured and we will tell you what the lender will want to see.
Purchase · Refinance · Pre-approval
Know what you can borrow before you fall for a house
Start the secure application online, or call the office and talk it through first. Either way you get a real answer, not a range.
