Jumbo Loans

What is a Jumbo Mortgage?

A jumbo home loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Although they are nonconforming mortgages, jumbo loans still must fall within the guidelines of what the Consumer Financial Protection Bureau considers a “qualified mortgage”.
These mortgages are considered most appropriate for a segment of high-income earners.
Jumbos are considered riskier for lenders because they can’t be guaranteed by Fannie Mae and Freddie Mac, meaning the lender is not protected from losses if a borrower defaults.

Jumbo Loans Requirements

Lenders set their own underwriting guidelines for jumbo loans, so eligibility requirements may vary. Make sure to get as much information as you can from your loan officer to understand their specific requirements and underwriting procedures for a jumbo loan.

Jumbo loans are often attractive to homebuyers with more complex sources of income.With that in mind, it’s common for jumbo loans to require more paperwork and income documentation than conventional loans.
Your debt-to-income ratio (DTI) typically should be under 43% and preferably closer to 36%.
Jumbo loans are manually underwritten. A Loan Officer will go through your credit report, assets and bank statements with a fine-toothed comb and bring to light any past missteps.

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