Welcome to Jumbo Mortgage Source, we are a leading resource specializing in Jumbo home loan information nationwide. Please check the pages above anytime to learn more about the Jumbo purchase and refinance benefits currently available. Borrowers that have questions are encouraged to contact us 7 days a week at Ph: 800-962-0677.
February 2021: Please note, due to ongoing changes in the mortgage markets, some Jumbo loan guidelines listed below may be temporarily revised. Please inquire for the latest up to date information.
A jumbo mortgage is a high balance loan that exceeds the standard conforming loan limits established by entities like Freddie Mac and Fannie Mae. In most U.S. locations, the current conventional loan limit for 2021 is $548,250. These limits can change at the end of each year.
Select high-cost locations in parts of New York, Colorado, Florida, San Francisco, Los Angeles California, DC and the North East have higher conventional loan limits up to $822,375. Please see the chart below. Any loan amount exceeding these conforming loan limits would be considered a jumbo loan.
| Units | Most Locations | High Cost |
|---|---|---|
| 1 | $548,250 | $822,375 |
| 2 | $702,000 | $1,053,000 |
| 3 | $848,500 | $1,272,750 |
| 4 | $1,054,500 | $1,581,750 |
Jumbo loans are a great way to purchase a higher-priced luxury home or refinance a larger mortgage. If you have manageable debt-to-income ratios, higher credit scores and at least a 5% down payment, the jumbo loan program may be right for you.
We encourage you to reach out to us by calling the number above or submit the Quick Contact form on this page. Mobile users will find the Quick Contact form down below.
Current Jumbo Loan Benefits:
- Financing up to 95% loan to value – only a 5% down payment required for loan amounts under $2,000,000. This low down payment Jumbo program is very popular among Doctors, Physicians, and Attorneys.
- Financing up to 90% loan to value available up to $3,000,000
- Financing up to 85% loan to value available up to $3,500,000
- Loan amounts up to $10,000,000 available with a higher down payment – please contact us
- Most programs do NOT require private monthly mortgage insurance or “PMI” This alone will save borrowers $375 per month on average. Depending on the property state, most home buyers have the option of a single loan or “piggyback” combo loan option like the 80/10 or 80/15 – first and second mortgage combo option.
- Adjustable rate (ARM) 3/1, 5/1, 7/1, 10/1 and 30, 15-year fix rate terms available.
- No pre payment penalties on any Jumbo loan options. Move and sell your home anytime without an early payoff penalty.
- Pre-approval and qualifying are simple and often take less than 20 minutes.
Basic Jumbo lender guidelines:
- Full income documentation required for all programs. This includes pay stubs, two years of W2, and/or tax returns for self-employed 1099 applicants.
- Asset documentation will be required – generally the previous two months asset statements.
Credit score requirements:
- 700 credit score required for max 95% Jumbo financing. 740 credit needed for 95% loans $1.5m-$2.0
- Lower credit scores down to 650 can be approved with 10% + down payment.
Loan to value parameters:
- 95 percent financing is only available on primary owner-occupied and select second (vacation) homes. Loan amount limit for 5 percent down payment option is $2,000,000. Read more options under the Jumbo Purchase page above.
- Investment properties are also permitted but require a minimum 20% down payment, 80% LTV max.
Qualifying properties:
- Single Family, Town Homes and select Condos only. This includes newly constructed spec homes being sold to you directly by the home builder.
- Only existing homes in overall good repair, decent move-in condition.
- Lot loans, rehab homes, acreage, not permitted. Construction permanent financing is permitted with special requirements. Please read the complete guide about Jumbo loans for new construction.
VA Jumbo Mortgage:
Current military personnel and past Veterans can read about special VA Jumbo High Balance Jumbo Loans
Please learn more about all Jumbo financing options under the Jumbo Purchase page above.
Questions? Please call Jumbo Mortgage Source today or just submit the Quick Contact form on this page for expedited service. We try to respond to all submitted requests within 10 minutes during normal business hours.
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