Find Out if You Qualify

Larger Mortgage Amounts

Jumbo home loans are excellent for luxury home purchases which are typically more than the standard home in your community. Jumbo home loans are greater than the conventional conforming loan limits which disqualify them from traditional funding options.

The design of a jumbo home loan is for purchase or refinance of high value properties. In some cases, the requirements can be strict making them difficult to qualify for. A Plus Mortgage is aggressive in finding a fit for our borrowers giving competitive rates and flexible terms.

What is a Jumbo Loan?

A jumbo loan is a loan greater than the conventional loan limit set by the Federal Housing Finance Agency (FHFA). In 2021, any loan over $548,250 is considered a jumbo loan. Traditionally, jumbo mortgage rates are higher than standard conforming loans. These loans are typically not covered by government sponsored Fannie Mae Freddie Mac, thus making these loans riskier to provide. This loan does not conform to the guidelines of Freddie Mac or Fannie Mae.

Primary Residence

Second Home

Investment Properties

Jumbo Loans: Requirements and Qualifications

  • Credit Score: Typically, lenders look for strong and fiscally responsible borrowers. The minimum FICO score to be approved is 700 or higher.
  • Debt To Income: The debt-to-income ratio is the amount debt you owe in comparison to your income put into a percentage form. For example, if you owe $4,000 per month in debt and your monthly gross income is $10,000 per month, then your debt-to-income ratio is 40%. We have two programs one goes to 50% debt to income ratio and the other program to 55% debt-to-income.
  • Cash Reserves: We require 6 months reserves in checking, savings, or money market account. If investment account like a brokerage, we count 80% of the market value towards reserves.
  • Financial Health: We request your tax returns and other forms of income documentation to verify your reserves. For self-employed, we can use bank statements to get approval.
  • Property Appraisal: We will need to schedule appraisal of the home, based on the value of the appraisal will determine the final confirmed loan amount.
  • Down Payment: Minimum of 20% down payment is required for purchases. In some cases, we can do 10% down payment depending on the circumstance.

Think you qualify for a jumbo loan? Find out, contact us today

Jumbo Loan Rates

Most jumbo loans are 15 year or 30 year fixed-rate mortgages. A fixed-rate mortgage is a loan with a long term usually 15 years or 30 years with a fixed interest rate over the life of the loan.

Jumbo Loan Benefits

  1. Borrow up to $4 million with 20% down payment.
  2. Faster turnaround times then traditional banks who currently are taking 60 to 120 days, we can close in 30 days.

Ready to Get Started? Contact us today!