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  • Jumbo Loans

  • Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you.

     

  • Benefits and Considerations

    Higher purchase limits

    Jumbo loan are mortgages that exceed the conforming loan limit, currently $453,100 in most parts of the United States.

    Competitive rates

    Jumbo loan rates have reached historic lows in recent years, and the interest on loans up to $1 million may be tax-deductible.

    Requirements and qualifications

    • Credit history - Jumbo loans are a good choice for borrowers with good to excellent credit (700+ FICO score) looking to borrow more than $453,100. There are also established guidelines for income and other personal financial information.
    • Financial strength - The maximum debt-to-income ratio for jumbo loans is generally capped at 36-50% depending no on the bank/lender.
    • Property appraisal - The property appraisal must support the purchase price for the home and the mortgage the borrower wants.

    Jumbo mortgages are a good solution for borrowers who are looking to buy a higher-priced home. Contact Residential Funding Consultants to learn more and find out which mortgage option may be the best fit for you.