Jumbo Loan Programs

• Ability to Purchase High Priced Homes: Borrowers who wish to purchase a home in an expensive area will benefit from a jumbo loan unless they have enough money to make a large down payment.
  
• Down Payment: Borrowers who are able to afford expensive monthly mortgage payments may not have enough saved for a substantial down payment. Jumbo loans provide the advantage of borrowers only having to putting a small amount upfront without necessarily having to tap into their savings.
  
• Build Credit: If monthly mortgage payments are made on time and a borrower exhibits disciplined financial practices, the credit score will rapidly increase.
  
• Save Money: Interest payments are tax deductible.
  
• Long-Term Plans: Jumbo loans may be the ideal option for those planning to remain in their home for at least 15-20 years.

The qualifying requirements for obtaining a jumbo loan vary, but they are usually stricter when dealing with larger loan amounts. In order to qualify for a jumbo loan, borrowers are generally expected to:

• Make a minimum down payment of 20%
  
• Provide documentation of income
  
• Get an Adjustable-Rate Mortgage
  
• Have monthly mortgage payments that are at least 38% of income

Jumbo Loans are popular for high-income buyers looking to purchase luxury homes or homes in high-cost markets. The beachfront vacation home that you’ve always dreamed about could finally be yours!

Jumbo loans charge slightly higher interest rates than conforming loans. This is due in part to the higher risk of a borrower defaulting on a jumbo loan because it is more difficult to quickly resell high-end foreclosed homes.

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