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 $806,500 up to $3,000,000
• Maximum 45% debt-to-income (DTI) ratio
• Minimum Credit Score of 680
• Minimum 10.01% 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)