The Mortgage Phoenix Group

Loan Programs

Jumbo Home Loan

A Jumbo home loan is a type of mortgage designed for financing higher-priced properties that exceed the conforming loan limits set by government-backed entities like FHA, VA, or conventional loans. Ideal for borrowers seeking to purchase luxury homes or properties in high-cost areas, Jumbo loans offer competitive interest rates and flexible terms to finance large loan amounts. This loan is perfect for financially qualified borrowers who need to finance a home beyond the standard loan limits without using all of their cash reserves.

Luxury

Flexible

Competitive

Start by Getting Pre-Qualified

Requirements

Here's what you'll need to get started.

Minimum Credit Score

A minimum credit score of 680 is typically required to qualify for a Jumbo loan. However, a score of 700 or above is recommended for more favorable interest rates.

Income and Employment Verification

All borrowers must provide full income documentation, including tax returns and employment verification. This is more stringent than conforming loans due to the larger loan amounts.

Minimum Down Payment

Depending on the credit score and lender requirements, the minimum down payment starts at 10%. Higher credit scores can reduce down payment requirements.

Debt-to-Income Ratio (DTI)

The maximum allowable DTI ratio for a Jumbo loan is generally between 43% and 45%, though some lenders may allow slightly higher ratios on a case-by-case basis.

Reserves Requirement

Borrowers are typically required to have six months of mortgage payments in reserve to qualify for a Jumbo loan. This can vary depending on the lender's guidelines and the borrower’s financial profile.

Reserves Requirement

How The Mortgage Phoenix Group Can Help

Purchasing a high-value property often requires financing that goes beyond the limits of conventional loans. Jumbo loans can be the perfect solution, and the Loan Officers at The Mortgage Phoenix Group will help you secure the financing you need without overextending your budget. Our mortgage planners specialize in tailoring Jumbo loans to fit your unique financial profile, ensuring that you can take advantage of competitive interest rates and flexible terms. Whether you’re buying a luxury home or investing in a property in a high-cost area, we’ll help you navigate the larger loan amounts and guide you through every step of the process.

Get Started Today by Getting Pre-Qualified!