Jumbo loan amounts are those that exceed $510,400 and are available on primary, single family, detached residences. This could be for the purchase or refinance of your home.
There was a time when jumbo mortgages were hard to come by and if you could get them, the rate was quite a bit higher than the non-jumbo mortgages. The jumbo market has changed recently and rates have come down more in comparison with the conforming loan interest rates.
Banks are looking for more in reserves on a jumbo loan than they would with a conforming loan. Typically, they are looking for at least 6 months of principal, interest, taxes, and insurance still left in your accounts after the down payment and closing costs.
If you’re looking for more information including current rates, or to start the application process, fill out the form below and one of our expert mortgage lenders will be in touch soon.