Supersize your home with a jumbo loan.
A jumbo mortgage loan helps you achieve homeownership without having to downsize your dream.
A jumbo mortgage loan helps you achieve homeownership without having to downsize your dream.
Depending on where you live – and what you want to buy – a conventional mortgage loan might not cut it. For homes whose purchase price exceeds a certain limit, a jumbo mortgage may be the solution you need.
These types of loans, also called non-conforming conventional mortgages, have different requirements than conventional mortgages. FFB can help navigate the process so you can get into the home of your dreams without sacrificing your needs.
A jumbo loan is a type of mortgage financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Because it exceeds those limits, a jumbo loan cannot be guaranteed, purchased or backed by Fannie Mae or Freddie Mac. This type of loan was originally designed to help finance homes in highly competitive real estate mortgages as well as luxury properties.
In order to get approved for a jumbo loan, you will need an excellent credit score, a low debt-to-income ratio, documentation of income and assets and the ability to prove you have accessible cash on hand to cover your mortgage payments.
The loan threshold that necessitates a jumbo loan varies by county, simply because some real estate markets are much more expensive than others. So, the loan limit for homes in the midwest and in average real estate markets is approximately $548,250. However, in higher-cost areas, such as Hawaii, the West Coast and the Northeast, that limit can be $822,375 or higher.
No, you do not need perfect credit to qualify for a jumbo loan. FFB offers jumbo products down to a 680 credit score.
As jumbo loans are not government backed, more specialty products exist. Some of these products offer lower rates than conventional loans. You will need to contact a mortgage lender at FFB to see what this means for you.
As jumbo loans are not government backed, more specialty products exist. Some of these products offer lower rates than conventional loans. You will need to contact a mortgage lender at FFB to see what this means for you.
It’s easy to get started with our streamlined online process.
Get in touch with your personal mortgage lender at FFB to learn how we can help you.
