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Understanding Jumbo Loans
What is a Jumbo Loan?
A jumbo mortgage is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). For 2024, the conforming loan limit is $766,550 in most areas, and up to $1,149,825 in high-cost areas. Jumbo loans are designed for buyers purchasing high-value properties.
Luxury Properties
Finance high-value homes above conforming loan limits.
Higher Limits
Borrow up to $3 million for the right property.
Competitive Rates
Portfolio lenders compete for your business.
Why Choose Jumbo?
Loan Amounts Above Limits
Finance well beyond conforming loan limits.
Competitive Interest Rates
Portfolio lenders offer rates that rival conforming loans.
Multiple Property Types
Primary homes, second homes, and investment properties.
Fixed & Adjustable Rates
Choose the structure that fits your plans.
Portfolio Diversification
Keep more of your assets invested, not tied up in home equity.
Flexible Terms
Terms built around your financial picture.
Eligibility
Credit Score 620+
Most programs accept scores as low as 620 with compensating factors.
Debt-to-Income
A manageable DTI ratio relative to the loan amount.
Stable Income
Documented income or assets that support the payment.
Not sure if you qualify?
Why Borrowers Choose Loan Factory
What Our Clients Say
"Loan Factory made financing my $2.5M home incredibly smooth. Their team was responsive and got me a rate I couldn't find anywhere else."
Michael R.
Beverly Hills, CA
"We were nervous about the jumbo loan process, but their team guided us every step of the way. Closed in just 30 days!"
Sarah & David L.
Greenwich, CT
"As a self-employed business owner, I thought getting a jumbo loan would be impossible. Loan Factory found the perfect program for my situation."
James T.
Miami Beach, FL
Frequently Asked Questions
What is a jumbo loan?
A jumbo mortgage is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). For 2024, the conforming loan limit is $766,550 in most areas, and up to $1,149,825 in high-cost areas. Jumbo loans are designed for buyers purchasing high-value properties.
What credit score do I need for a Jumbo Loan?
Most lenders require a minimum credit score of 680-700 for jumbo loans, though some programs accept scores as low as 620 with compensating factors like larger down payments or significant reserves. Higher credit scores typically qualify for better interest rates.
How much down payment is required?
Down payment requirements for jumbo loans typically range from 10-20%, though some programs offer as little as 5% down for qualified borrowers. The exact amount depends on factors like your credit score, debt-to-income ratio, and the loan amount.
What types of properties are eligible?
Jumbo loans can be used for various property types including primary residences, second homes, vacation properties, and investment properties. Both single-family homes and condominiums may qualify, subject to lender guidelines.
How much in reserves do I need?
Lenders typically require 6-18 months of mortgage payments in liquid reserves after closing. This demonstrates your ability to continue making payments even if your income is temporarily disrupted. The exact requirement depends on the loan amount and your overall financial profile.
Can self-employed borrowers qualify?
Yes! Self-employed borrowers can qualify for jumbo loans. You'll typically need to provide 2 years of personal and business tax returns, year-to-date profit and loss statements, and documentation of your business ownership. Bank statement programs may also be available.
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