Jumbo (Non-Conforming) Loans

A Jumbo loan is for borrowers looking for a loan amount that exceeds the conforming loans limits; Jumbo loans start at $750,001. This loan is similar to traditional mortgages, but due to the increased risk to the lender, there are more stringent underwriting guidelines.

Benefits of a Jumbo Loan

• Borrower can access larger loan amounts for expensive properties or construction of a dream home
• No need to break up your borrowing needs across two loans
• No need to access savings for large down payments
• Flexible 30-year fixed rate or adjustable rate terms

Is a Jumbo Loan right for me?

If the property you are looking to purchase has a higher sales price and you will require a loan amount of $750,001 or more then a Jumbo Loan is what you need. Examine your finances closely and locate a lender only when you’re confident the larger repayment schedule will not be overwhelming.

You may be eligible for a Jumbo Loan if...

• Debt ratios do not exceed 43% of pre-tax income including PITI, installment debt and minimum revolving credit card payments
• You can provide 2-years proof of income
• You have a credit score of at least 680
• You have 20% or more for a down payment
• The property meets lender’s qualifications