Jumbo Loans

Jumbo Mortgages offer a unique opportunity for borrowers to buy homes that exceed the conforming loan limit of $510,400.  Our Lenders offer Conventional Jumbo loan options as well as alternative qualification  Jumbo loan programs with features that provide more flexibility in qualifying. A common misconception about jumbo loans is that you need a 20% down payment in order to qualify. The reality is jumbo financing allows you to purchase with as little as 5% – 10% down. This is accomplished by establishing a 1st mortgage at the conventional loan limit of $510,400 and 2nd mortgage for the rest of the balance. This “combo loan” avoids mortgage insurance and usually offers the lowest fixed payment. 

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What are the Requirements for a Jumbo Mortgage? 

  • Income - Your monthly mortgage payment, including taxes and fees, should not exceed 36% of your total income. If you combine this with your other debts ideally it should not exceed 43% of your gross monthly income. 
  • Financial History - Your lender will want to look at two years of income, including W2’s and pay stubs. If you’re self-employed, your lender may require profit & loss statements or tax returns.
  • Credit Score - Your credit score (FICO) should be 680 or above. If your credit score falls below this, you may have a difficult time acquiring this type of loan.
  • Down Payment - Traditionally it’s been 20% of the cost of the home. The good news due to improvements to the Jumbo program you can qualify for as little as 5% – 10% down. 
  • Cash reserves – Typically you want to have at least six months’ worth of mortgage payments available in a liquid account (think checking, saving, retirement accounts).
  • Sales Price - Loan limits for jumbo loans in most counties are over $510,400.

 

Jumbo Loan Ready Checklist 

Below is a list of standard documents required for your application. Your mortgage consultant will provide you a list specific to your situation.

  • Pay stubs for the last 30 days or most recent leave and earning statement 
  • W2s for the last two years for all borrowers and all employers 
  • Last two years of complete tax returns (if self-employed) 
  • Government issued ID (driver’s license or id card) 
  • Most recent bank statement (all pages) 
  • Purchase contract (If executed) 
  • Be sure to ask your Jumbo mortgage adviser for the specific documents needed for your unique mortgage situation. 
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