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
Exceptional credit score (usually 700- plus)
Great credit history
Low debt-to-income ratio
Homebuyers with a 20% or more down payment
Needing a loan of up to $2 million
A high, stable income
Benefits
Fewer requirements and a simpler process (compared to previous jumbo loans) make it easier to get a big loan.
Purchase a home with as little as 20% down.
Jumbo Smart loans are available for primary homes, second homes and investment properties, located on up to 20 acres.
We offer a 30-year fixed interest rate on our Jumbo Smart mortgages.
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 |