Jumbo Mortgage
With today’s low interest rates, jumbo loans have become increasingly popular. They allow some buyers to afford dream or luxury homes with larger, often non-conforming, mortgages at slightly higher interest rates than conventional loans. With fixed-rate jumbo loans, buyers can lock in current competitive rates and stable monthly payments for years to come.
Jumbo loans generally exceed the limits of conforming conventional, government-backed loans, which tend to be capped at $548,250 to $822,375. However, the amounts for these loan limits can change often and very in some higher cost areas. You can also currently find FHA-insured jumbo loans for amounts of up to $822,375 or up to the County Loan Limit, which offer some of the benefits of conventional FHA loans like a low down payment. However, buyers must generally make larger down payments to qualify for jumbo loans.
Benefits of Jumbo Loan:
- Enable buyers to apply for larger home loans
- More opportunity to negotiate fees and interest
What you Need:
- Your driver’s license
- Your social security card
- Payment stubs for the past month
- Contact information for your landlord
- Copies of your past two tax returns if you are employed
- Copies of your past three tax returns if you are self employed
- An accounting of regular monthly bills, including account numbers
- A profit and loss statement for the current year if you run a business
- Three months of statements for all of your savings and investment accounts
Additional documentation may be requested.