Jumbo Loans

A loan is considered Jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac. Jumbo mortgages are available for residential and investment properties in a variety of terms, including fixed-rate and adjustable-rate loans. A jumbo loan typically has a higher interest rate, stricter underwriting rules and requires a larger down payment than a standard mortgage.

The minimum down payment can vary from 20 % to 30 % , the loan requires a credit score of 700 or higher, a Debt-to-Income ratio of 43 % or less and 6 to 12 months of worth of reserves in bank account.