Secure One Capital

Jumbo Mortgages

Jumbo mortgages are conventional loans that have non-conforming loan limits. This means the home prices exceed federal loan limits. For 2018, the maximum conforming loan limit for single-family homes in most of the U.S. is $453,100, according to the Federal Housing Finance Agency. In certain high-cost areas, the price ceiling is $679,650. Jumbo loans are more common in higher-cost areas and generally require more in-depth documentation to qualify. Secure One Capital is your trusted mortgage lender providing numerous options. Contact us today at (949) 337-4700!

Pros of Jumbo Mortgages

• You can borrow more money to buy a home in an expensive area.
• Interest rates tend to be competitive with other conventional loans.

Cons of Jumbo Mortgages

• Down payment of at least 10 to 20 percent is needed.
• A FICO score of 700 or higher typically is required, although some lenders will accept a minimum score of 660.
• You cannot have a debt-to-income ratio above 45 percent.
• Must show you have significant assets (10 percent of the loan amount) in cash or savings accounts. 

Who Should Get One?

Jumbo loans make sense for more affluent buyers purchasing a high-end home. Jumbo borrowers should have good to excellent credit, high incomes and a substantial down payment. Many reputable lenders offer jumbo loans at competitive rates.
Use Bankrate’s calculator to determine how much you can afford to spend on a home.
Share by: