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Jumbo Loans

What Makes a Jumbo Loan?

A Jumbo Loan is a mortgage that exceeds the conforming loan limits set for your county by Fannie Mae and Freddie Mac for a single-family home. Because these loans are above standard limits, they are typically used to finance homes with higher purchase prices.

If you’re planning to purchase or build a higher-value home, a Jumbo Home Loan may be a great option to help finance your dream home.

Because jumbo loans involve larger loan amounts, the qualifying guidelines are usually stricter. Borrowers typically need stronger credit scores, larger down payments, and higher financial reserves compared to many other loan programs. While the structure is similar to a conventional loan, lenders require additional financial strength to qualify for these larger mortgages.

FAQs

Jumbo Loans FAQs

What credit score do I need for a jumbo loan?
Most lenders require a credit score of 700 or higher for jumbo loans, though some programs accept lower scores. The higher your credit score, the better your interest rate, so maintaining excellent credit can save you thousands over the life of your loan on a high-value property.
While jumbo loans traditionally required 20% down, many programs now accept as little as 10-15% down depending on your financial profile. We can also explore creative financing options like 80-10-10 loans that help you avoid private mortgage insurance while putting less than 20% down.
Not necessarily! In today’s market, jumbo loan rates are often competitive with conventional rates and sometimes even lower. Your specific rate depends on your credit score, down payment, and overall financial strength, but you may be pleasantly surprised by the rates available.
Reserves are liquid assets (savings, investments, retirement accounts) that you have available after closing. Jumbo loans typically require 6-12 months of mortgage payment reserves, which demonstrates to lenders that you can continue making payments even if your income is temporarily disrupted, ensuring long-term homeownership success.
Testimonials

Why We Chose Jumbo Loans

-Bryant Brown

"Becky Staples and her team have helped me with both my home purchase and a refinance, and they were great to work with both times. Becky is knowledgeable and does a great job listening to what you’re trying to accomplish before walking through different options. I really appreciated that she didn’t just push one solution, but instead explained the pros and cons so I could make the right decision. She’s also very responsive and easy to communicate with, which makes the whole process much smoother. I’d absolutely recommend Becky and her team to anyone looking for a mortgage lender in Southern Utah they can trust."

Why We Chose Jumbo Loans

-Bryant Brown

"Becky Staples and her team have helped me with both my home purchase and a refinance, and they were great to work with both times. Becky is knowledgeable and does a great job listening to what you’re trying to accomplish before walking through different options. I really appreciated that she didn’t just push one solution, but instead explained the pros and cons so I could make the right decision. She’s also very responsive and easy to communicate with, which makes the whole process much smoother. I’d absolutely recommend Becky and her team to anyone looking for a mortgage lender in Southern Utah they can trust."

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