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  • Jumbo Loans

    • A Jumbo home loan is one whose loan amount exceeds the loan servicing limits set by Fannie Mae and Freddie Mac.  That amount, as of 2019, is $484,350 for a single family dwelling.  These are considered non-conforming loans as they do not conform to the government guidelines.  These loans are designed to finance luxury properties and homes in highly competitive real estate markets

      Jumbo loans have a higher threshold for a borrower's credit score and income.  FICO scores for the borrower typically need to be above 680, though many lenders require a score of 700-720 or higher.  The borrower must also have a debt-to-income ratio (DTI) considerably lower than that which is required for other loans.  While other loan programs allow up to 55% DTI, the DTI for a Jumbo loan should be below 45%.  The borrower may also need to show 3 months of mortgage payments in reserve is making a down-payment of less than 20%.

      In the past, the interest rate on Jumbo loans tended to be slightly higher than conforming loans.  However, that has changed.  We currently offer Jumbo loans with rates that are competitive with or better than conforming loans and with as little as 5% down.  Call us today to see what we can do for you!