A jumbo loan mortgage is any home loan that is more than the conforming limit of $510,400 according to Fannie Mae guidelines on conventional mortgages. FHA mortgages, however, have upper mortgage limits that are set for each county starting at the lowest loan limit of $331,760.
Since most banks do not have jumbo loan mortgage products available, we’ve made them one of our specialties. Our jumbo mortgages are also available as a portfolio product for expanded guidelines outside of conforming limits. We have several jumbo loan mortgage programs that can put you in control of your mortgage investment.
To qualify for a jumbo loan, you typically need at least a 20 percent down payment. Your expected monthly mortgage payment should be no more than 38 percent of your pretax income. Credit, debt-to-income, and financial requirements are often more stringent on jumbo loans.
Jumbo loans are best for high-income earners with good credit and their eye on a higher-end home. They’re not the right fit if you’re buying a vacation home or investment property.