Land your luxury home with our mortgage broker team on your side.

Conforming mortgages are those that set rates and term limits based on typical housing costs in your area. For luxury home or high-value properties, the typical lending limit and government programs are not enough to fund the home. Jumbo mortgages offer financing that goes well over standard loan limits, reaching to well over a million dollars in some cases. While some homeowners choose to attempt to combine two conforming loans, a jumbo home loan helps simplify the process. If you are searching for a high-priced or luxury home, a jumbo loan may be the right match for you.

  • To qualify for a jumbo home loan, you’ll need:
  • A credit score of 740 (in some cases, 660 will be approved)
  • Reserve assets that will cover 6 to 12 months of your mortgage
  • An income that supports a high mortgage
  • Typically less than a 30% debt-to-income ratio
  • A down payment (although, in most cases, this can be less than 10%)
  • Meeting basic lending qualifications of lending institution

Most conforming loan limits are around $484,000 across the country, but a jumbo mortgage can go well beyond that limit. Because of the higher lending amounts, there are stricter underwriting requirements that include a higher income, higher credit score, and more reserve funds. At the Danny Delgado team of Guaranteed Rate, we require jumbo loan borrowers to have a low debt-to-income ratio, as well as a great credit score. If you have both of these, there’s no harm in giving us a call to see what sort of loan you can secure.

However, keep in mind that homes in a high-cost area may still be covered by a fixed-rate mortgage or an adjustable-rate mortgage. In order to know which type of loan works best for your long-term goals, you’ll need to talk to one of our professionals directly. With more than three decades in the industry, we are fully prepared to answer your questions and set you up with the best possible mortgage. Call now to get started.