Mortgages for High Price Homes with Loan Amounts up to 2.5 Million Dollars

What are

Jumbo Mortgages?

The Jumbo loan is for those looking to buy a home that falls above local conforming loan limits, which mortgage investors would usually purchase like Fannie Mae, Freddie Mac, the FHA, and VA.

Why Choose a

Jumbo Mortgage?

Loans up to 2.5 Million Dollars

Up to a 4-unit Multifamily Property

Relatively Competitive Interest Rates

More Information on Jumbo Loans

In most areas of the country, the limit for a single-family property is $647,200. Limits in high-cost areas are set at the county level and can be as high as $970,800. This latter number represents the single-family limit in Alaska and Hawaii as well. Conforming loan limits may also be higher if you have a 2 – 4-unit property.

The main benefit of this mortgage option is the chance to qualify for loan amounts of up to $2.5 million on 1 – 2-unit properties with a 30-year fixed interest rate, or up to $2 million with a 15-year fixed or an adjustable-rate mortgage (ARM).

Before we get directly into qualifications, it’s worth noting that this product is intended for loan amounts between your local conforming loan limit and $2.5 million.

30-year fixed loans on primary and secondary properties have a loan limit of $2.5 million, while the loan limit on investment properties, 15-year fixed, and adjustable-rate jumbo loans are $2 million. Properties must also be 1-4 units, except for vacation homes which are single-family only.


Credit Score

The credit score you need to qualify for a jumbo loan will be slightly higher than it is for other loan products. The Jumbo Smart loan is no different in this respect.

The minimum credit score for a 30-year fixed jumbo loan on primary residences, vacation homes, and investment properties is a 680® median FICO score. The minimum credit score for a 15-year fixed loan or a Jumbo Smart ARM is 700, though these credit score requirements can vary up to 760 depending on the property type and what you’re looking to try to do in your mortgage transaction. Speak with a Home Loan Expert for more details.


Debt-To-Income Ratio (DTI)

DTI is a ratio comparing your gross monthly income to your minimum monthly installment and revolving debt payments, expressed as a percentage. For example, if you make $20,000 in monthly income and have $5,000 in monthly debts, your DTI is 25%. You must keep your DTI at 45% or lower to qualify for a Jumbo loan.

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