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What is a jumbo loan?

Mortgage loans known as jumbos, or non-conforming loans, exceed the maximum loan limits set by government-sponsored entities such as Fannie Mae and Freddie Mac. To ensure that loans can be easily securitized and sold in the secondary mortgage market, these loan limits were established. Jumbo loans exceed these limits, making them riskier for lenders since they can’t be guaranteed or backed by these entities.

Key features of
Jumbo loans include:

Loan Amount

The defining characteristic of a jumbo loan is that it exceeds the maximum loan limits set by Fannie Mae and Freddie Mac. These limits can vary depending on the location of the property, as they are often tied to the median home prices in different areas.

Higher Credit
Standards

Because jumbo loans involve larger loan amounts, lenders typically have stricter credit requirements for borrowers. Borrowers usually need to have a higher credit score and a more solid credit history to qualify for a jumbo loan.

Down Payment

Jumbo loans usually require a larger down payment compared to conventional conforming loans. While the exact percentage can vary, borrowers might need to put down 20% or more of the home’s purchase price.

Interest Rates

Jumbo loans often come with slightly higher interest rates than conforming loans. This is because they are considered riskier for lenders due to their larger loan amounts and lack of backing from government-sponsored entities.

Income and Debt
Requirements

Lenders typically have stricter income and debt-to-income ratio requirements for jumbo loan borrowers to ensure they can handle the larger loan payments.

Reserve Requirements

Some jumbo loan lenders require borrowers to have a certain amount of cash reserves or assets on hand to cover future mortgage payments.

FAQ

You can start the application process on our website by filling out the form online, setting up a loan consultation appointment, or calling us on the phone. There is not an application fee.
Your borrowing capacity depends on your income, expenses, creditworthiness, and the type of loan you’re applying for. We’ll work with you to find a loan amount that works with your budget and your comfort level.
We will typically work through this together. You will want to lock in once you are under contract on your home and your loan has been uploaded to the lender.
Yes, you can make extra payments and even pay off your mortgage early. If you are paying off your mortgage you can do so after making six monthly payments without a penalty.
Yes, you can make extra payments and even pay off your mortgage early. If you are paying off your mortgage you can do so after making six monthly payments without a penalty.
Closing costs include fees for services such as title company costs, setting up your escrow account (property taxes and insurance), origination fees from lender for underwriting, etc. We typically have the lender pay our origination fee to help keep your closing costs lower.
We offer a range of home loan options, including Conventional, FHA, VA, USDA, Jumbo, Bank Statement, Asset Qualifier, Refinance, Reverse Mortgage, and so many others. Each loan type has unique features to suit different financial situations. Let our expertise guide you to find the one that is right for you.
Loan Approval: You receive final approval from the lender (clear to close). Closing: The final paperwork is signed by all parties and the loan is then funded and recorded.
As mortgage brokers we have access to 60+ wholesale lenders providing you with multiple options for all your home buying needs with lower rates and exceptional service. At Loans By Vicky, we stay in constant contact with you throughout the entire process. We are still here for you even after you close. We love making friends one mortgage at a time!
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