Jumbo Loans

Go big with a Jumbo loan!

If you have your eye on a dream house that’s as big a Texas, you’ll need the financing to match jumbo loans needs.

Jumbo loans are similar to conventional loans in that they’re not insured by the government or guaranteed by the Veterans Administration, but they have one large difference: Jumbo loans exceed the conforming loan limits of Fannie Mae and Freddie Mac.

In most counties of the US, the jumbo loan limit is $417,000. In some higher cost counties like Los Angeles or San Francisco, the limit actually rises to $625,500.

Do you qualify for a jumbo mortgage?

Because of their size, jumbo loans typically have much more stringent standards for qualification, such as:

Appraisals – That’s right, we mean plural – the underwriting process will generally require two appraisals, not one.

Down payment – This largely depends on the lender you choose, but jumbo loans generally require a large down payment, often between 15 and 30%.

Financial situation – You will generally need a credit score of 680 or higher, several months of reserve funds, and a debt-to-income ratio of above 43%.

If you have big dreams for your home and the means to achieve them, a jumbo loan may be right for you. Speak with a loan expert from TexasLending.com today!

 

Current Rates

VA Purchase
30 Year Fixed

As of: April 20, 2018

4.250%
RATE
4.506%
APR

Rate/Term Refinance
30 Year Fixed

As of: April 20, 2018

4.000%
RATE
4.229%
APR

Rate/Term Refinance
15 Year Fixed

As of: April 20, 2018

3.375%
RATE
3.751%
APR

Cash Out Refinance
30 Year Fixed

As of: April 20, 2018

4.625%
RATE
4.825%
APR

FHA Purchase
30 Year Fixed

As of: April 20, 2018

4.000%
RATE
4.911%
APR