A jumbo loan mortgage is any home loan that is more than the 2021 conforming limit of $510,400 according to Fannie Mae guidelines on conventional mortgages.
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.