Jumbo mortgages are used to finance homes above the conforming loan limit ($484,350) traditionally accepted by Fannie Mae and Freddie Mac. To secure a jumbo home loan, a borrower must have a high credit score and healthy reserves.

• Loan amounts up to $2 million
• Eliminates the need for secondary financing
• Allows buyers to finance more expensive properties in counties with lower conforming loan limits
• No prepayment penalties (even on ARMs)

A non-conforming loan that allows a borrower to purchase or refinance a high value property is considered a jumbo home loan. For most areas of the country the current conforming loan limit, set by government enterprises, is $484,350. If you have a low debt-to-income (DTI) ratio, a higher credit score, and healthy reserves, a non-conforming jumbo loan may be right for your high-value, luxury home.

If you’re considering a jumbo mortgage, keep in mind that the down payment requirement is 20%, and you may have a higher rate and stricter underwriting guidelines. Contact a licensed loan officer to learn more.

Jumbo Purchase Loan

5280 Mortgage™ offers jumbo loan options with a variety of terms to help you purchase a luxury home. Borrowers with a credit score of 700+ , 9-to-12 months of reserves, and a 75-80% Loan-to-Value (LTV) ratio are eligible for amounts up to $2 million. There is also added flexibility to accommodate multiple types of properties, including 2-unit and second homes. Let 5280 Mortgage™ work with you to see how you can benefit from a jumbo loan.

Jumbo Refinance

For luxury homeowners looking to save on their current mortgage payments, 5280 Mortgage™ offers jumbo refinance loans. Refinancing a jumbo loan is a great way to get a great rate with one loan to cover your financial goals.

Jumbo Cash-Out Refinance

Access the equity in your home with a 5280 Mortgage™ jumbo cash-out refinance loan. Get started on home renovations, eliminate outstanding debt or cover other expenses, like a child’s education or unexpected medical bills. In some cases, you may also be able to lower your monthly rate. With a wide range of jumbo cash-out refinance options 5280 Mortgage™ has a loan for your needs, including adjustable and fixed-rate loans in a variety of terms.

Unlike conventional loan products, jumbo loans have more stringent standards: a lower debt-to-income (DTI) ratio, a higher credit score, and healthy reserves.

Jumbo loans allow a borrower to secure a loan that exceeds the current conforming loan limit, which is $484,350 in most areas of the country. When considering a jumbo loan, keep in mind that a minimum down payment of 20% is required, the rate structure may vary and you may be subject to stricter underwriting guidelines. 5280 Mortgage™ knows jumbo loans and can guide you through the process to find your best option.

Jumbo mortgage eligibility requirements include:

• Great credit – Generally credit scores of 700 or higher depending on the transaction, though the FICO requirement may vary from lender to lender.
• Minimum 20% down payment – A 20% minimum down payment is required to secure a jumbo loan up to $2 million.
• Reserves – Specific reserves are needed: 9 months reserves for up to $1.5 million and 12 months for single family homes in the top tier from $1.5 – 2 million.
• Proof of income – Proof of steady income to cover the cost of your loan is needed and self-employed individuals will need to supply two years of tax returns.
• Debt-to-income – Your debt-to-income (DTI) ratio should be no more than 43%. This is the percentage of your monthly gross income that is paid out to recurring debts.

As a leading national mortgage lender, 5280 Mortgage™ focuses on offering the right loan based on individual needs. From first-time homebuyers to those refinancing their existing loan, our licensed loan officers are equipped to help borrowers through each and every step of the jumbo mortgage process.

5280 Mortgage™ is committed to making the loan experience easy for each and every customer, even those who are interested in high-value, luxury homes and want to keep it simple by using a jumbo home loan. We’ll find the right home loan for your unique needs and we offer competitive rates on a wide range of products. Call a licensed loan officer to learn more about what 5280 Mortgage™ can do for you.