Jumbo Loan

What is it?

A Jumbo loan is used for homes that exceed the local conforming loan limit, which is $548,250 in most counties, but can reach $822,375 in many high-cost areas. Due to this higher-priced properties, Jumbo loans are not backed by Fannie Mae and Freddie Mac.

What You’ll Need

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Exceptional credit score (usually 700- plus)

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Great credit history

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Low debt-to-income ratio

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Homebuyers with a 20% or more down payment

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Needing a loan of up to $2 million

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A high, stable income

Benefits

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Fewer requirements and a simpler process (compared to previous jumbo loans) make it easier to get a big loan.

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Purchase a home with as little as 20% down.

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Jumbo Smart loans are available for primary homes, second homes and investment properties, located on up to 20 acres.

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We offer a 30-year fixed interest rate on our Jumbo Smart mortgages.

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Jumbo Smart loans are available for both one- and two-unit properties.

What are the differences between 15-year and 30-year jumbo loans?

Below is a chart with differences between a 15-year jumbo loan and a 30-year jumbo loan.
15-Year 30-Year
Interest Rates ↑ Usually higher ↓ Usually lower
Monthly Payments ↑ Usually higher ↓ Usually lower
Final Payment ← Usually finish paying sooner → Usually finish paying later
Borrowing Costs ↓ Usually lower ↑ Usually higher