



DARREN FERLISI
MORTGAGE LOAN ORIGINATOR
NMLS ID#139611
301.448.0749 Cell
240.415.5065 Office
240.415.5019 Fax

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.