Jumbo 30-Year Mortgage Loan

A Jumbo 30-Year mortgage is a loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Key features include:

• Loan amounts above $766,550 in most areas (higher in certain high-cost regions)
• 30-year repayment term
• Available in fixed-rate or adjustable-rate options
• Not backed by Fannie Mae or Freddie Mac
• Typically requires excellent credit and strong financial profile

These loans are designed for borrowers looking to finance high-value properties that exceed conventional loan limits.

Jumbo 30-Year mortgage rates are typically higher than those for conventional loans due to the increased risk associated with larger loan amounts. However, the difference may vary based on several factors:

• Current market conditions
• Borrower's credit score and financial profile
• Loan-to-value ratio
• Property type and location

In some cases, the rate difference may be minimal, especially for borrowers with excellent credit and substantial assets. It's important to shop around and compare offers from multiple lenders to find the best rate.

For the most up-to-date rate information and personalized quotes, speak with one of our mortgage experts.

Eligibility requirements for a Jumbo 30-Year mortgage are typically more stringent than those for conventional loans:

• Credit Score: Usually 700 or higher, with some lenders requiring 720+
• Debt-to-Income Ratio: Typically less than 45%
• Down Payment: Generally 10% to 20%, potentially higher for larger loan amounts
• Cash Reserves: Usually 6 to 24 months of mortgage payments
• Income Verification: Extensive documentation of income and assets
• Property Appraisal: Required, sometimes two appraisals for very high-value properties

These requirements ensure that borrowers have the financial capacity to handle the larger loan amounts associated with Jumbo mortgages.

For more detailed information about requirements and to check your eligibility, consult with one of our mortgage experts.

A Jumbo 30-Year mortgage might be the right choice in the following scenarios:

• You're purchasing a high-value property that exceeds conventional loan limits
• You have excellent credit and a strong financial profile
• You prefer lower monthly payments over a longer term
• You're buying in a high-cost area where property values exceed conforming loan limits
• You're purchasing a luxury home, vacation property, or high-end investment property
• You want to keep more of your assets liquid instead of tying them up in a larger down payment

However, it's important to carefully consider your long-term financial goals and ability to manage potentially higher interest costs over the life of the loan.

For personalized advice on whether a Jumbo 30-Year mortgage is right for your situation, speak with one of our mortgage experts.