Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-valued or luxury home. Borrowers are required to have a low debt-to-income ratio and a high credit score.
Larger loan amounts starting above the conforming loan limit maximums.
Available in a variety of fixed-rate and adjustable-rate options.
Purchase and refinance transactions.
Requirements and Qualifications
- Good credit. This generally means a FICO score of 740 or higher. There are also established guidelines for income and other personal financial information.
- Financial strength – Debt-to-income ratio below 45%
- Property appraisal – The property appraisal must support the purchase price for the home and the mortgage the borrower wants.
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