Fixed Rates
Eliminate worry about rising interest rates with a fixed rate Jumbo mortgage loan, and enjoy consistent monthly payments offering easier budgeting and increased peace of mind.
If your home mortgage loan is in a high-valued area (above $548,250), then have no fear because we may have a loan for you! With Mortgage Fast’s Jumbo loan program you can borrow up to $3 million to purchase a new home or refinance your existing residence. As an experienced lending firm/bank, we offer a wide range of mortgage programs with competitive Jumbo mortgage rates, including cash-out refinance. Call to speak to one of our licensed lending officers about our jumbo home mortgages loans.
Underwriting criteria for jumbo loans are stricter because these loans are larger and riskier for lenders.
Lenders may require your FICO score to be higher than 700, and sometimes as high as 720, to qualify for a jumbo loan.
Lenders will also consider your debt-to-income ratio (DTI) to ensure you don’t become over-leveraged, though they may be more flexible if you have plentiful cash reserves. Some lenders have a hard cap of 45% DTI, however.
You’re more likely to be approved for a jumbo loan if you have ample cash in the bank. It’s not uncommon for lenders to ask jumbo loan borrowers to show they have enough cash reserves to cover one year of mortgage payments.
To prove your financial health, you’ll need extensive documentation, perhaps more than for a conforming loan. You should be prepared to hand over your full tax returns, W-2s, and 1099s when applying, in addition to bank statements and information on any investment accounts.
Some lenders may require a second appraisal of the home you’re planning to purchase.
While low down payments are fairly common on conforming loans, jumbo loans are more likely to require a down payment as low as 10%.
Jumbo mortgage rates may be slightly higher than those on conforming loans, depending on the lender and your financial situation. However, many lenders can offer jumbo loan rates that are competitive with rates on conforming loans — and some may even offer slightly lower rates depending on market conditions.
Because jumbo loans are bigger and there are some extra qualifying steps, expect higher costs at the closing table.
Purchase a home with as little as 10% down.
Available for primary homes, second homes, and investment properties, located on up to 40 acres.
Veterans and service members who qualify for a jumbo VA loan can often buy a home with a much lower down payment compared to other loans.
Eliminate worry about rising interest rates with a fixed rate Jumbo mortgage loan, and enjoy consistent monthly payments offering easier budgeting and increased peace of mind.
If you anticipate a significant increase in your income or property value in the next several years, plan on staying in your home short-term, or would like to significantly lower your payment, a Jumbo 3 year, 5 years, or 7 years ARM might be right for you.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
Jumbo loans are also called nonconforming loans because they’re over conventional loan limits.
In most of the country, the current conventional loan limit is $484,350. In 2020, the limit is raising to $548,250. The limit is higher in areas where housing is more expensive.
For buying a home, we finance jumbo loans up to $3,000,000.
Flexible
Fixed and Adjustable rates available
Fast
We close your loan up to 50% faster than the industry average
Affordable
Borrow up to $3 million with competitive rates and minimal costs.