Jumbo Loan Requirements

Jumbo loans are used for mortgage loans over $766,551. A strong FICO score, generally 680 or better, is required to qualify for a jumbo loan. Lenders will also take a closer look at your credit profile; many will want to see a debt-to-income ratio under 40-43%, but we offer a product that goes up to 49.99%. Jumbo loans typically require more extensive documentation, especially if you are self-employed. Lenders may want to see six to twelve months of reserve payments, as opposed to two to four for a conventional loan.

Jumbo loans typically require a down payment of 15% or more, although a smaller down payment may be allowed with a very strong FICO score. Closing costs of up to 6% may be paid by the seller. While requirements and guidelines change with each investor, you will not necessarily pay more in interest for a jumbo loan compared to a conventional loan. Additionally, most jumbo loans do not require PMI.