Jumbo Loans

 

If you’re on the hunt for a luxury home or live in a high-cost area, it’s likely you’ll need to borrow a large amount of money when you finance a home — that’s where a jumbo mortgage loan enters the picture. A jumbo loan is defined by the fact that it exceeds conforming loan limits, but there’s much more to know before you sign on the dotted line.

• A jumbo loan is a conventional loan that exceeds the loan limits set by the Federal Housing Financial Agency (FHFA) for Fannie Mae and Freddie Mac. 

• Loan Amount:

  • above $766,550 up to $5,000,000 

• Maximum 45% debt-to-income (DTI) ratio

• Minimum Credit Score of 700

• Minimum 20% down payment

• Terms: 10, 15, 20, 25, or 30-Year

• Seller Contribution and Gifts of Down Payment allowed (call for details)

• Investment Property financing available (call for details)

• Subordinate financing available (call for details)