Unlock jumbo mortgage loans up to $3M

Maximize your buying potential with options for homes over $647,200 and terms from 5 to 30 years

What is a Jumbo Loan?

A jumbo loan lets you finance a property that exceeds conventional loan limits, giving you the flexibility to purchase a home worth more than $647,200. With loans available up to $3,000,000, this is a great option if you’re looking for a larger or luxury home.

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Jumbo Loan options

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Purchase

Fixed-rate jumbo loan (15, 20, or 30 years)

Low down payments starting at 10%

Higher loan limits over $647,200

Renovation

Jumbo construction-to-permanent loans

Renovation financing options for luxury properties

Home improvement with purchase financing

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Do you qualify for a Jumbo Loan?

Understanding if you qualify for a Jumbo loan is the first step toward financing your luxury or high-value property.

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Property requirements

Jumbo loans must exceed conforming loan limits, which are $766,550 in most areas for 2024. They're commonly used for luxury homes, second properties, or investment purchases that go beyond standard financing caps.

Credit requirements

Jumbo loans typically require strong credit scores, usually 700 or higher, with 720+ preferred for best terms.

Financial requirements

You'll need a low debt-to-income (DTI) ratio, typically under 43%, along with larger cash reserves, often enough to cover 6 to 12 months of mortgage payments. Full documentation of income and assets is usually required to qualify.

Jumbo Loan benefits

Jumbo loans offer exclusive advantages for buyers of higher-value properties.

Higher lending limits

Luxury property financing

Competitive interest rates

Flexible term options

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Specialists in Jumbo and high-value mortgages with proven success financing luxury properties. We make the process simple while helping you find the perfect loan for your investment needs.

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FAQ’s

Find answers to common questions about Jumbo loan and the application process.

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What is a Jumbo Loan?

A Jumbo loan is a type of mortgage loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. For most of the U.S., the limit is $647,200, but in high-cost areas like Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the limit is $970,800. Jumbo loans are ideal for purchasing high-value properties but often come with slightly higher interest rates due to the increased risk to lenders.

Who is eligible for a Jumbo Loan?

Eligibility for a Jumbo loan is based on factors such as income, credit score, and the amount of the loan. Lenders typically require a higher credit score (usually 700 or higher), a lower debt-to-income ratio, and a larger down payment compared to conventional loans. Additionally, you must be able to demonstrate the ability to repay the higher loan amount.

How much can I borrow with a Jumbo Loan?

Jumbo loans allow you to borrow amounts exceeding the conforming loan limits—up to $3 million in some cases. The loan amount will depend on your financial profile and the lender’s guidelines, as well as the property value.

What are the interest rates for Jumbo Loans?

Jumbo loans tend to have slightly higher interest rates compared to conventional loans because they carry a higher risk for lenders. However, the exact rate you will receive will depend on your credit score, down payment, and loan size.

What is the down payment requirement for a Jumbo Loan?

Jumbo loans typically require a larger down payment, often ranging from 10% to 20%, depending on the loan amount and your financial situation. A larger down payment can potentially help you secure a better interest rate.

Do Jumbo Loans require private mortgage insurance (PMI)?

Jumbo loans do not require private mortgage insurance (PMI), unlike conventional loans with smaller down payments. However, you may face higher interest rates or additional fees based on the size of the loan and your financial profile. Instead of PMI, jumbo loans may have slightly higher rates or stricter underwriting.

What types of properties can I buy with a Jumbo Loan?

Jumbo loans can be used to purchase a variety of properties, including single-family homes, multi-unit properties (up to four units), luxury homes, and even second homes or investment properties, depending on the lender's guidelines.

How long does it take to get approved for a Jumbo Loan?

The approval process for a Jumbo loan may take longer than for conventional loans, typically 30 to 45 days, due to the larger loan amounts and the additional documentation required. The time frame can vary depending on the complexity of the loan and the lender’s requirements.

What is the difference between a Jumbo Loan and a conventional loan?

The primary difference is the loan amount. While conventional loans are typically for homes that fall within the conforming loan limits (up to $647,200 in most areas), Jumbo loans are for properties that exceed those limits. Jumbo loans generally have stricter eligibility requirements and higher interest rates compared to conventional loans.

Can I refinance with a Jumbo Loan?

Yes, you can refinance an existing mortgage into a Jumbo loan if your home’s value exceeds the conforming loan limit. Refinancing options for Jumbo loans may vary based on your current mortgage, financial status, and the property’s value.