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Jumbo Loans

Jumbo mortgages are appropriately named: These are loans that fall outside FHFA limits. Jumbo loans are more common in higher-cost areas such as Los Angeles, San Francisco, New York City and the state of Hawaii. More money means more risk for the lender, so these generally require more in-depth documentation to qualify.


Pros of jumbo loans

Can borrow more money to buy a more expensive home.

Interest rates tend to be competitive with other conventional loans.


Cons of jumbo loans

Down payment of at least 10 percent to 20 percent needed. However, we know have options as low as 3.5% down.

A FICO score of 680 or higher typically required.

Cannot have a debt to income ratio above 45 percent.

Must show several months and up to a year of assets in cash or savings accounts.


Who should get a jumbo loan?

If you’re looking to finance a sum of money larger than the latest conforming loan limits, a jumbo loan is likely your best route.

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