Jumbo Loans

Jumbo mortgages are basically conventional loans that exceed conforming loan limits established by regulation. They are typically used to buy a high-priced or luxury home and have tighter guidelines than other loan types. If you have a low debt-to-income ratio, a strong credit score, and a large down payment, than a jumbo loan may be what you are looking for. 


The underwriting process for jumbo mortgages is similar to that of a conforming/conventional mortgage with a few added requirements:


  1. Property Appraisal(s)-Jumbo lenders will sometimes require 2 appraisals instead of just 1. 
  2. Credit History– Borrowers must generally have a strong FICO score of 700 or higher
  3. Financial Ability-Debt-to-income must be lower than 45% in order to show ability to pay off the loan on a monthly basis
  4. Down payment– The required down payment for the property will typically sit around 20%, however, down payment requirements differ in many cases.
    • This depends on the lender; the minimum down payment could be 15%, 20% or 30% for home purchases.


Jumbo mortgages are a good solution for borrowers who are looking to buy a higher priced home when a conventional mortgage just won’t cut it. There are a variety of options available to borrowers who want to use a jumbo loan to finance their purchase, so be sure to contact us to find out if a jumbo loan would be right for you.

Questions? We have answers.

If you are interested in finding out if a Jumbo Loan is right for you, please contact us below, or fill out our pre-approval form. One of our experienced loan officers will be in touch.