Jumbo Loans

Jumbo mortgages are home loans that exceed conforming loan limits.  If you are thinking about buying a high-priced or luxury home, check into jumbo home loans.

The requirements and guidelines include: 

  • Good credit history – Conventional loans are a good choice for borrowers with very good credit.This generally means a FICO score of 700 or higher.

  • Financial strength – When applying for a jumbo mortgage, the maximum debt-to-income ratio for jumbo loans is 45 percent. The required reserve amount for jumbo loan borrowers can be as high as 20 percent of the value of the loan.

  • Larger down payment – There is no private mortgage insurance option with a jumbo mortgage. The required down payment will be larger - typically 20 percent.

  • Property appraisal – The property appraisal must support the purchase price for the home and the mortgage

The limit on conforming loans is $424,100 in most areas of the country, but jumbo mortgages can exceed these limits. Even so, if you're considering a home in a high-cost area, you may still be able to obtain a conforming fixed-rate mortgage or adjustable-rate mortgage for up to $636,150. FHA loans have limits up to $729,750.

 

For more information on Jumbo Loans, give us a call or complete the online application.

Darren Ferlisi

Mortgage Loan Originator

NMLS ID#139611

Cell Phone: 301.448.0749

Office Phone: 240.415.5065 

FAx Number: 240.415.5019 

Email: dferlisi@ihmcloans.com

5300 Westview Drive, Ste 408, Frederick, MD 21703

Branch NMLS ID# 844634

Web site for informational purposes only.  All borrowers are subject to underwriting and qualification guidelines. View Our Privacy Policy.

License Info

VA State Corporation Commission
#MC-3599

West Virginia Division of Banking
#MLB-24748

MD Commissioner of Financial Regulations
#15266

Pennsylvania Department of Banks and Securities #37079.002

NMLS ID #208516 (www.nmlsconsumeraccess.org)

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Integrity Home Mortgage Corporation (IHMC) is not affiliated with or acting on behalf of or at the direction of the FHA, VA, USDA or the Federal Government.