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Jumbo Home Loans

Homes that exceed the standard conventional loan limits may be a good fit for Jumbo home financing.

Jumbo Homes

What is a Jumbo Loan?

Jumbo loans offer a chance to purchase luxury residences or properties in thriving real estate markets. These mortgages surpass the maximums set by the Federal Housing Finance Agency (FHFA). You can locate the current limits on FHFA's website. Such limits vary by county and state and can be adjusted annually, so it is essential to be aware of the restrictions for your region. 

Why a Jumbo Loan?

A jumbo loan may be the right choice for those looking to purchase a more expensive home. The Federal Housing Finance Agency (FHFA) sets loan limits which can be exceeded with a jumbo loan, allowing borrowers to purchase homes that are out of reach with standard loan limits.

How Jumbo Loans Work

If you're looking to purchase a home with a purchase price above the limits set by the Federal Housing Finance Agency (FHFA), then a jumbo loan is a great option. These loans, also known as non-conforming loans, don't conform to the FHFA's limits, so Fannie Mae and Freddie Mac are unable to purchase them from lenders. This opens up the availability of capital for lenders, allowing them to lend to consumers.

Do you qualify for a Jumbo Loan?

Due to the greater risk posed by the amount of capital involved and the limited pool of buyers, lenders often have stricter qualifications for jumbo loans. These may include higher down payments, a higher credit score, and a stronger debt-to-income ratio than other loan types. Additionally, self-employed individuals and those with varying sources of income will need to provide more documentation. Your lender will also likely assess how much cash you have on hand to ensure you have an available reserve for mortgage payments.

Down Payments for Jumbo Loans

Our jumbo loan programs offer lower down payments depending on your qualifying circumstances. We have a wide selection of jumbo investors, so it's a good idea to talk to one of our loan officers to find out more information about the down payment requirements. If you're considering a jumbo loan, you should be aware that these typically require a larger amount of money than other types of mortgages, due to the higher loan amount as down payments are driven by a percentage of the purchase price.

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ShayMak Mortgage, LLC, NMLS #1989312. All Rights Reserved. Some loan products may not be available in all states. Terms, rates, and fees subject to change. Please speak with one of our loan originators for more detail.

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