Jumbo Mortgage Loans
Affordable financing for large purchases.
Are you purchasing a bigger home or moving to a more expensive market? We provide affordable and timely financing for larger purchases.
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Jumbo vs. Conventional Loan
The Federal Housing Finance Agency sets a limit for the size of a loan that federal agencies like Fannie Mae and Freddie Mac can purchase or guarantee. The 2023 limit in most states is $726,200. Jumbo Loans exceed this financing limit and cannot be purchased or guaranteed by these agencies.
Jumbo Loan Requirements
- 80% Maximum loan-to-value
- Loans up to $1,500,000
- Minimum credit score of 700
- Primary residences and second homes
The rate shown for the Jumbo Fixed loan assumes a loan amount of $750,000 for a purchase of single-family primary residence, a borrower credit score of 780 or higher, with an origination fee of 1% and a down payment of 25% or more. Payments provided below for the jumbo fixed reflect an estimated property value of $1,000,000 and a loan amount of $750,000.
A fixed rate loan for $750,000 for 30 years at 6.625% interest and 6.773% APR will have an estimated monthly payment of $4802.33.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval.