Jumbo Mortgage Loan Programs
Larger mortgage loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, typically for high-value properties.
Jumbo Mortgage Loan Highlights
- High Loan Amounts: Jumbo loans allow borrowers to finance a high loan amount, making them ideal for high-end properties or expensive real estate markets. Currently, for the year 2024, Jumbo loans are classified as any loan exceeding the conventional loan limit, set at $766,550 for a single family home.
- Down Payment: Jumbo loans typically require a larger down payment compared to conventional loans, with the lowest down payment options usually at 10% down.
- Credit score: Jumbo loans usually require a higher credit score, typically above 680, with some programs requiring a score of 720 or higher.
- Loan limits: Jumbo loans are not limited by the conforming loan limits set by Fannie Mae and Freddie Mac, allowing borrowers to finance a high loan amount. Currently, the 2024 loan limits for standard areas is as follows:
- 1 Unit Property - $766,550 Loan Amount Limit
- 2 Unit Property - $981,500 Loan Amount Limit
- 3 Unit Property - $1,186,350 Loan Amount Limit
- 4 Unit Property - $1,474,400 Loan Amount Limit
- Fixed or Adjustable Rate Options: Jumbo loans offer both fixed and adjustable rate options, allowing borrowers to choose the best option for their financial situation and goals.
- Loan Terms: Jumbo loans are typically available with 15- or 30-year terms, although other options may be available.
- Underwriting Requirements: Jumbo loans require a thorough full doc underwriting process, which considers the borrower's credit score, income, assets, and debt. To use alternative income methods for Jumbo loans please see our Non QM Mortgage loan options!
Jumbo Loan Programs for Primary and Secondary Homes go up to 90% LTV with No Mortgage Insurance!
- As Low as 10% Down
- Credit Scores From 600
- Up to 50% DTI
- Full Doc & Bank Statement Income Verification Available
- 1 Year Tax Return Verification Available
Jumbo Mortgage Loan Program Terms:
- Up to 90% LTV
- Up to 80% LTV Cash Out Refinance
- Primary, Second Homes & Investment Property
- 680 Min FICO
- 1-4 Units, Condos & PUDS Eligible
- 1 or 2 Year Full Documentation Required
- Up to 50% DTI
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Loan Programs Available: FHA Mortgage Calculator, Conventional Mortgage Calculator, VA Mortgage Calculator, USDA Mortgage Calculator, Non-QM Mortgage Calculator, DSCR Mortgage Calculator, Fix & Flip Mortgage Calculator, Construction Mortgage Calculator
About The Mortgage Calculator
The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!
Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!
Our team of over 450 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!