Jumbo Home Loans in Sacramento, CA
Understanding Home Loan & Mortgage Jumbo LoansJumbo Home Loans
A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits established by Fannie Mae and Freddie Mac.
Current Fannie Mae and Freddie Mac jumbo loan limits are to $729,750 depending on the location of the property.
What’s a jumbo mortgage loan?
Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you.
The limit on conforming loans is $424,100 in most areas of the country, but jumbo mortgages can exceed these limits. Even so, if you’re considering a home in a high-cost area, you may still be able to obtain a conforming fixed-rate mortgage or adjustable-rate mortgage for up to $636,150. FHA loans have limits up to $721,050. Contact a mortgage loan officer to learn more.
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Fixed Rate Benefits and Considerations
Higher purchase limits
Jumbo mortgages can exceed the conforming loan limit, currently $424,100 in most parts of the United States. Loan amounts from $424,100 up to $2.5 million
Competitive rates
Jumbo loan rates have reached historic lows in recent years, and the interest on loans up to $1 million may be tax-deductible.Footnote1
Finance up to 80% of the value of your home
Finance up to 80% of the value of your home
Primary Residence Options
Second Home Options
Fixed Rate Requirements and Qualifications
Credit History
- Conventional loans are a good choice for borrowers with very good credit, which generally means a FICO score of 740 or higher. There are also established guidelines for income and other personal financial information.
Financial Strength
- When applying for a jumbo mortgage, the maximum debt-to-income ratio for jumbo loans is 45 percent.
Property Appraisal
- The property appraisal must support the purchase price for the home and the mortgage the borrower wants.
Eligible Property Types
- 1-2 unit properties
- Low/mid/high rise condos
- Anew Lending and their representatives do not provide tax or legal advice. Each individual’s tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.