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For larger loan amounts that exceed conforming loan limits for more expensive properties

Jumbo Loan Quick Facts

10% Down

Minimum Down Payment

680Credit

Minimum Credit Score

43%DTI

Max Debt-to-Income Ratio

What is a Jumbo Loan?

A Jumbo Mortgage is any single loan amount over the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $484,350 for a one-unit property in most of the United States. Conforming limits may be higher in areas of the country with more expensive housing; for example, the conforming limit is $726,525 in Alaska and Hawaii. Jumbo Mortgages are non-conforming loans, so they are not backed by Fannie Mae and Freddie Mac.

What are the benefits of a Jumbo Loan?

Jumbo Loans offer the following features:

  • Allow purchase of a more expensive home.
  • In some cases, no private mortgage insurance is required with a larger down payment.
  • Closing costs are about the same as other mortgage programs.
  • Flexibility to take advantage of refinance opportunities.

Who may benefit from a Jumbo Loan?

A Jumbo Loan may the right fit for you if:

  • You can afford a more expensive primary or second home and higher monthly payments.
  • You want a 15-year or 30-year fixed rate.

Sample Loan Scenarios:

Loan Scenario: $600,000 purchase price, $540,000 loan amount, 10% down payment, $4,655.53/month (PITI), 15-year fixed 5.125% interest rate, 5.208% APR. Subject to property type, loan-to-value, and credit score.

Loan Scenario: $600,000 purchase price, $480,000 loan amount, 20% down payment, $2,757.09/month (PITI), 30-year fixed 4.5% interest rate, 4.631% APR. Subject to property type, loan-to-value, and credit score.

Texas
Meet Your Mortgage Expert for
Jumbo Loans

Matt Stansbury

Loan Officer | NMLS #1534206

At Directions Home Loan La Cantera we create a streamlined process of buying a home. I will guide my clients with the knowledge and skills I have acquired over the years as a loan officer assistant and now loan officer.

Corp NMLS #214519 | Equal Housing Lender

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Is a Jumbo Loan right for you?

Get in Touch with a La Cantera Loan Expert:

  • Start application/pre-approval
  • Calculate payments easily
  • Securely scan & upload docs
  • See your progress
  • Get updates as you go