Jumbo Loans

Financing For Homes Above Standard Loan Limits

The Lowdown on Jumbo Loans...

Financing for homes that cost more than standard loan limits allow. See your options today.

What Is a Jumbo Loan?

A jumbo loan is a mortgage that is larger than the conforming loan limit. Fannie Mae and Freddie Mac set that limit, and the Federal Housing Finance Agency (FHFA) updates it each year. It also varies by county and by the number of units.

If your loan is above the limit for your area, you need a jumbo loan. Many buyers of higher-priced homes use them. You can also use one to refinance a larger loan.

Want the current limit? Check the FHFA loan limits page or ask us. We can tell you the limit for your county.

Why Choose a Jumbo Loan?

A jumbo loan may make sense for a few reasons.

  • It can cover a larger loan amount than standard loans allow.
  • Also, it lets you use one loan instead of two.
  • You can choose fixed or adjustable rates.
  • Plus, it works for a purchase or a refinance.

Still, jumbo loans come with stricter rules. Let’s look at those next.

What Do Lenders Look For?

Jumbo loans are not backed by Fannie Mae or Freddie Mac. So, lenders take on more risk. As a result, they often set stricter standards. They may look for:

  • Strong credit.
  • A larger down payment.
  • Cash savings to cover several months of payments.
  • Steady income and manageable debts.
  • A full home appraisal.

Rules differ by lender and program. For that reason, comparing more than one option can help. As a mortgage broker, we can do that for you.

Are Jumbo Rates Higher?

It depends. Jumbo rates can be higher, lower, or about the same as rates on standard loans. Rates change with the market, your credit, your down payment, and the lender. So, ask for a side-by-side comparison before you choose.

Jumbo Loan Options

You have choices. For example, you can pick:

Self-employed? You may also have options with a bank statement loan. Buying to rent? Look at our DSCR loans.

How Our Jumbo Loan Process Works

Getting started is simple.

  1. First, complete our short jumbo loan qualifier.
  2. Next, review options that fit your goals.
  3. Then, compare rates and terms.
  4. Finally, choose the offer that fits you best.

Jumbo Loan FAQs

What is the jumbo loan limit?

The limit changes each year and varies by county. We can tell you the limit for your area. You can also look it up on the FHFA website.

How much do I need for a down payment?

It depends on the lender and the loan amount. Jumbo loans often ask for more down than standard loans. Ask us about your situation. To plan ahead, try our home affordability calculator.

Do jumbo loans need a higher credit score?

Often, yes. Many lenders want strong credit for a jumbo loan. However, rules differ. Ask us what may work for you.

Can I use a jumbo loan for a second home or investment property?

Some programs allow it. Availability depends on the lender and the loan. Rules for these homes are often stricter.

Can I refinance into a jumbo loan?

Yes, in many cases. Keep in mind that a refinance has costs. So, compare the new rate, payment, and fees first. Our refinance calculator can help.

Is mortgage insurance required?

It depends. Many jumbo loans do not use standard mortgage insurance. However, lenders may ask for a larger down payment instead. We can explain the choices.

Talk to Honest Rate

A larger loan is a big decision. That is why we give clear answers and simple options. As a mortgage broker, we can compare more than one path for you. Get your free quote today. Then see if a jumbo loan fits your plans.

Why a Jumbo Loan?

There are many benefits, including: financing available up to $2.5 million; the convenience of one loan for the entire loan amount instead of having multiple mortgages; competitive pricing… and more.

  • Fixed Rates
  • Adjustable Rate Mortgage (ARM)
  • Reduced Lender Fees
  • Jumbo & Super Jumbo Loans
  • Terms from 5 to 30 Years