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See your best loan options with technology that analyzes your finances in real time.
Pick the right loan and term that helps you achieve your unique homeownership goals.
Get approved and funded quickly, so you can enjoy your new financial freedom.
Jumbo loans fund larger purchase amounts than the annual conforming limit set by the Federal Housing Finance Agency (FHFA).
Loan amounts above your county's conforming limit require jumbo financing. Check the FHFA's annual limits for your area before assuming you'll need a jumbo.
Jumbo underwriting is thorough and includes full income, asset, employment, and reserve documentation. Self-employed borrowers face the heaviest paperwork load.
Jumbo loans typically take 45 to 60 days to close due to additional underwriting scrutiny. Some loans require two appraisals on the highest-value properties.
Most jumbo loans have a fixed rate, with the same payment every month (excluding taxes and insurance), even on multi-million-dollar balances.
Most jumbo programs cap at 80% LTV (20% down) for the best pricing, though some allow 90% LTV for the strongest borrowers. Stronger credit, lower DTI, and deep reserves are the standard package.
Jumbo loans serve buyers in markets where home prices regularly exceed conforming loan limits.
Coastal cities and major metros often have median home prices well above the conforming limit, making jumbos the default for typical purchases.
Premium properties in any market may require a jumbo loan to reach the purchase price.
Vacation properties in high-priced destinations often fall above conforming limits.
Larger multi-unit or higher-priced investment properties may require jumbo financing.
Jumbo underwriting is stricter than conforming because the loans aren't backed by Fannie Mae or Freddie Mac.
700+ minimum typical; 740+ for the lowest rates. Multi-million-dollar loans may require even higher scores.
43–45% maximum, with the new payment included.
Typically 10–20%; some programs require 25%+ for very large amounts or investment properties.
6 to 12 months of mortgage payments in liquid assets, verifiable at closing.
Loans above the conforming loan limit set annually by the FHFA require jumbo financing with stricter requirements but the ability to fund higher-priced homes.
Jumbo loans open access to higher purchase prices, but they require a stronger financial profile than conforming loans.
Borrow well beyond the conforming limit when you need to.
Jumbo rates can be similar to or only slightly above conforming rates for the strongest borrowers.
15, 20, and 30-year fixed terms are widely available, along with ARMs.
Some jumbo programs allow interest-only payments for a set period.
Jumbo lending often accommodates self-employed borrowers, complex income, or significant assets.
Most jumbo programs require 700+ FICO; the best rates require 740+.
Typically 10–20% minimum; some require more.
Lenders often require 6–12 months of mortgage payments in reserves at closing.
Full income, asset, and tax return verification, including for self-employed and business income.
Typically capped at 43–45%, leaving less room for other debt.
A jumbo loan is a mortgage with a higher loan amount than the Federal Housing Finance Agency's annual limits on conforming loans. Because of this, Fannie Mae and Freddie Mac cannot buy or guarantee it. Continue Reading...
Most jumbo loans require a minimum credit score of 700. Some lenders may approve slightly lower scores from borrowers with other strong factors. A higher score often helps you qualify for better rates and terms.
Jumbo loans often require a down payment of 20%, depending on your loan’s amount and credit profile. Putting down 20% or more may help you avoid paying private mortgage insurance (PMI) and secure a more competitive interest rate.
Jumbo loans can be used for second homes or investment properties, but requirements are often stricter. You may need a higher credit score, larger down payment, and more cash reserves to qualify for this type of purchase.
Jumbo loan rates can be slightly higher than conventional rates because they aren’t backed by government-sponsored entities. However, strong borrowers may still qualify for competitive rates. AmeriSave’s tools can help you determine the rate that fits your situation.
