A loan is considered “Jumbo” if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac which is currently $424,100 in most states. This loan is like a conventional loan in that they are not insured by the government or guaranteed by the Veterans Administration.

Because of their size, jumbo loan standards have more stringent qualification considerations such as:

  • Two appraisals are required instead of one in most cases.
  • Higher down payment required by most lenders often between 15-30%.
  • You will generally need a credit score of 680 or higher, several months of reserve funds, and a debt-to-income ratio of below 43%.

If you meet the above criteria and think a jumbo loan might be the best fit for you, call one of our loan professionals now to get all the details. 855-200-2774

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Jennifer Ganas

"The best experience ever. Michael Melton was very helpful in every possible way. He was always available to answer questions, especially during a time where my significant other and I needed extra clarity. Everything was handled quickly and cleanly. Very good response time and accurate numbers."

Katy Anderson

"Michael Melton is very good in every detail of our refinance to make sure the process was always on track. I would gladly recommend him to any of my friends and family who are looking to refinance their mortgage with a true professional. We had a horrible experience with a previous lender, dropping us out of nowhere while in escrow. Alex and his team took us on and were there to assist us in getting our loan approved during this stressful time. We are now proud first time homeowners!"