Ozean Realty

Jumbo Loans

Jumbo mortgages are loans that exceed the conforming loan limits set by regulations. They’re typically used to purchase high-priced or luxury homes and have stricter requirements. If you have a low debt-to-income ratio, a strong credit score, and a large down payment, a jumbo loan might be right for you.

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Requirements

The underwriting process for jumbo mortgages is similar to that of conventional mortgages but includes additional requirements:
  • Property Appraisals: Jumbo lenders may require two appraisals instead of one.
  • Credit History: A strong FICO score of 700 or higher is typically needed.
  • Financial Ability: A debt-to-income ratio below 45% is required to demonstrate the ability to make monthly payments.
  • Down Payment: While a 20% down payment is common, requirements vary by lender and may range from 15% to 30%.

Lender-specific guidelines will ultimately determine the exact requirements.

Benefits

Jumbo mortgages are ideal for borrowers purchasing high-priced homes that exceed conventional loan limits. With various options available, a jumbo loan might be the solution you need. Contact us to learn more and see if a jumbo loan is the right fit for you!

Questions? We have answers. Call Fred 714-583-6188

If you are interested in finding out if a Jumbo Loan is right for you, please contact us below, or fill out our pre-approval form. One of our experienced loan officers will be in touch.