Sometimes when you are applying for a mortgage, you discover that the amount you need to borrow exceeds the limits for a conforming loan.
When such a scenario happens, you need to apply for a jumbo loan.
What is a Jumbo Home Loan?
A jumbo mortgage is simply any loan that is for an amount that exceeds the Fannie Mae and Freddie Mac conforming loan limits.
Another word for this type of mortgage is a “non-conforming loan.”
Do You Need a Jumbo Mortgage?
The only way to know whether you need to apply for a jumbo home loan is to check what the conforming loan limits are in your county.
To give you an example, here are the conforming loan limits in Oakland County, MI, where our offices are:
These same conforming loan limits apply to the majority of counties nationwide. Only in some high cost counties are there also higher conforming loan limits.
What are the Eligibility Requirements for a Jumbo Mortgage?
Applying for a jumbo loan is not so different from applying for a conforming loan. We will assess:
- Your credit score
- Your debt-to-income ratio
- Your down payment ability (15% or higher)
- Your cash reserves (at least six months)
- Your employment history and status
You may need to get two appraisals to complete the mortgage process and buy a home with a jumbo loan.
Apply Now for a Jumbo Mortgage in Any State We Serve
We are also licensed in Alabama, Colorado, Connecticut, Florida, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island and Tennessee. If you are buying a home in any of those states, we can also assist you with a jumbo mortgage.