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A Jumbo loan or known as a jumbo mortgage are loans that exceed conforming loan limits. Jumbo loans are often used to buy high-valued or luxury homes. All borrowers for jumbo loans require a low debt-to-income ratio (DTI) and a high credit score.
Jumbo mortgages can exceed the normal conforming loan limits in most parts of the United States and their rates have recently reached a historic all-time low in recent years. Jumbo loans are often offerd in 15, 20 and 30-year options.
With fixed rates for our 15, 20, and 30-year jumbo loans rates can range from 3.125% to 3.250% depending on the term chosen. APR is between 3.193%-3.347% depending on which term is chosen as well.
Of course, monthly payments for shorter-term jumbo loans are higher than a 30-year fixed-rate jumbo loans. It's important to take into consideration how much you'll be able to pay each month when selecting the length of your jumbo loan.
WHAT YOU NEED TO KNOW
You must have a high credit score above 740
DTI must be below 45% to qualify
You Property appraisals must support the purchase price for the home and the mortgage that is requested
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