Jumbo Loans
A jumbo loan is a mortgage used to finance a property when the loan amount exceeds the conforming loan limits applicable to conventional mortgages in that area. Jumbo financing can provide options for borrowers purchasing or refinancing higher-value residential properties.
Who This Is For
Who May Consider a Jumbo Loan?
Jumbo financing may be appropriate for borrowers who need a mortgage amount above applicable conforming loan limits. Strong income, credit, and financial qualifications are typically important factors.
- Borrowers purchasing a higher-priced home.
- Those who need a mortgage amount above applicable conforming loan limits.
- Borrowers refinancing a higher-value residential property.
- Those with strong income, credit, and financial qualifications.
- Borrowers purchasing an eligible primary residence, second home, or investment property, depending on the lender and loan program.
Program Overview
Common Jumbo Loan Features
Jumbo financing may offer a range of options for eligible borrowers. Requirements, terms, and eligibility are subject to individual lender guidelines.
Financing Above Conforming Limits
Jumbo loans allow eligible borrowers to finance loan amounts above applicable conforming loan limits set for conventional mortgages.
Fixed-Rate and Adjustable-Rate Options
Fixed-rate and adjustable-rate mortgage options may be available depending on the lender and borrower qualifications.
Multiple Property Types
Programs may be available for primary residences, second homes, and certain investment properties, subject to lender guidelines.
Varying Down-Payment Requirements
Down-payment requirements vary by lender, loan amount, property type, occupancy, and borrower qualifications.
Different Underwriting Requirements
Jumbo loans may have different underwriting requirements than conforming conventional mortgages due to the larger loan amounts involved.
Rates and Terms Vary
Interest rates and loan terms vary by lender and borrower qualifications. Consult with a loan professional for current program details.
Financial Preparedness
Cash Reserves and Documentation
Because jumbo mortgages involve larger loan amounts, lenders may require borrowers to demonstrate sufficient financial reserves remaining after closing. Documentation requirements vary by lender and loan program and may include verification of income, assets, employment, and other financial information.
Eligibility Factors
Jumbo Loan Qualification
Jumbo loan qualification may depend on a number of factors reviewed by individual lenders during the application process.
Property Valuation
Property Appraisal
An appraisal is generally required to establish the property's value. Depending on the loan amount and lender requirements, additional property valuation or appraisal requirements may apply.
Ready to Begin?
Start Your Application
Connect with Marisol Charleus and the Prosper Path Group team to discuss your jumbo loan options and explore the programs that may be right for you.
Jumbo loan programs, loan limits, interest rates, terms, down-payment requirements, reserve requirements, property requirements, and eligibility vary by lender and are subject to change. Not all applicants or properties will qualify.
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