Jumbo Loans

Go Ahead - Think Bigger - Apply for a Jumbo loan

Whether you’re in one of the nation’s highest pricing markets, or your dream home exceeds $500,000, financing a loan that is larger than conforming limits is one of our specialties. As a private bank, we may be able to offer more.

Fixed or adjustable rates (ARM)

Can be used to purchase, refinance and cash-out

Available for owner-occupied, second homes, and investment properties

Financing for almost all types of properties, from single- and multi-family homes to condominiums and even manufactured homes.

Find out more about this program and eligibility from your Assurance Financial Loan Officer.


Downloadable Guides

We’ve created these guides to be a valuable resource to walk you step-by-step through your next adventure.

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If you’re ready to get pre-qualified but not sure where to begin, Abby has a breakdown of everything you need.


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Sometimes, your dreams of homeownership are big. When your ideal home exceeds the conforming limit established by government agencies, jumbo loans may be able to help you buy the property.

What Is a Jumbo Loan?

The Federal Housing Finance Agency (FHFA) sets certain limits for mortgage sizes. In addition, conforming loans must abide by rules established by Fannie Mae or Freddie Mac, two government-controlled agencies. When a home loan exceeds the limits set by these bodies, you need a jumbo home loan.

What constitutes a jumbo loan? These mortgages are conventional nonconforming loans that are not backed by any government agency or by Fannie Mae or Freddie Mac.

The limit of mortgage you can have before you need a jumbo loan changes and varies by location, but as of 2019, the jumbo loan limit in most of the country was $484,350. The limit was higher in higher-cost housing markets. Any loans exceeding the jumbo limit require a jumbo loan.

Like many mortgages, jumbo loans come in many forms, so you can choose the type of financing that suits your needs. You can get a fixed rate or an adjustable rate if you do not plan on being in your home for very long. You can also choose different terms.

You may wish to use calculators to determine the most affordable monthly payments and interest rate for your loan. Since these loans involve large sums of money, small variances in terms and rates can mean a big difference to the monthly payment.

Jumbo loans are ideal for experienced home buyers who may have considerable assets but not necessarily liquid assets they can use to purchase a property. This type of financing may also be right for higher-income earners who have not yet accumulated large assets but who have the financials to take out larger loans.

Understanding Jumbo Loan Requirements

Since there is more money involved with jumbo mortgages and since no agency is guaranteeing the loan, lenders face more risk. As a result, jumbo loan requirements are stricter when compared with conventional conforming home mortgages. You will need:

  • A good down payment: You may need 10% or more of the home’s asking price as a down payment. Depending on your situation and your lender, you may also be asked to supply a 20% or even 30% down payment.
  • Low debt: Lenders may wish to see debt-to-income (DTI) under 43% or close to 36%. You can use a jumbo loan calculator to determine whether you qualify.
  • Proof of income: You will need to supply W2 tax forms and pay stubs dating back two years and 30 days, respectively. You will also need at least 60 days of bank statements and two years of tax returns if you are self-employed. In addition, you will need to show paperwork showing any liquid assets and non-liquid assets. Your liquid assets may need to be significant enough to cover six months of home loan monthly payments.

What Credit Score Do I Need for a Jumbo Loan?

In general, you need a credit score of at least 700-720. You may also need a higher credit score than this, depending on your specific situation and the loan you are applying for. In addition, having a higher score than the required minimum may help you get the best jumbo loan mortgage rates possible.

To find out what credit score and other requirements you may need in your specific circumstances, apply for a free rate quote online with Abby at Assurance Financial, or contact a local loan officer.

How to Get the Best Jumbo Loan Mortgage Rates

If you qualify for a jumbo loan and need such financing for your dream home, it’s not enough to meet conventional jumbo loan requirements. You of course also want the best terms possible.

To get the best rates, there are a few things you can do:

  • Increase the size of your down payment: In the past, these mortgages required down payments of 30%, and while you may qualify for a home with a smaller down payment, paying more up front reduces the risk for jumbo loan lenders. Paying a larger down payment can also help you reduce your monthly payments and can encourage your lender to give you a more attractive rate.
  • Improve your credit score: Even if you have a minimum credit score of 700, consider trying to get it even higher so you qualify for the best rate. Paying down your debts and paying your bills on time can help. You can automate your bill payments so none of your payments are late.
  • Talk to a lender: A mortgage expert at Assurance Financial can review your home ownership goals and discuss different types of loan products. Assurance Financial can also offer you a free, no-obligation rate quote quickly. If you realize you want a lower rate, a member of our team can discuss your options with you so you understand what you can do to get the best rate possible.
  • Pay down your debts: Paying down your debts lowers your debt-to-income (DTI), and the closer your DTI is to 36%, the better the chances are of getting approved for a loan. You can also improve the odds of a good rate by lowering your debt overall.
  • Work on improving your financial life: The lower a risk you are to lenders, the more willing they may be to give you an excellent rate. You can improve your finances by taking on a better job, getting promoted and finding ways to make more money. Staying with your current job and working to show employment stability can also help.

Apply for a Jumbo Loan Online Today

If you have found your ideal home and realize it is above the limits set by FHFA, you may decide to apply for a jumbo mortgage. If this is the case, Assurance Financial can make the application process simpler.

Assurance Financial allows you to pre-qualify online in as little as 15 minutes. We don’t even require you to fax over documents. Our virtual assistant walks you through the plain-English application and gets you to verify your information with banking and payroll. You can also apply with a live mortgage expert.

Once we have looked at your initial application, we can offer a free, no-obligation mortgage quote, so you can see how much you may pay in interest. If you find your dream home and decide to apply, you can fill out the longer application form and submit the required documentation. Our mortgage experts can help you every stage of the process.

Once we have your application, we handle all processing in-house, including the underwriting. Once appraisal and underwriting are complete, we may be able to approve your loan. At that stage, the loan is closed and funded after a signature with a notary is secured. Then, you can work on moving and interior decoration.

Of course, if you have any questions or need help, our loan officers are there to address any concerns and to help you.

If you’re ready to stop dreaming about your home and start living in it, get started on the path to homeownership with a mortgage. You can get a quote with Abby online at no cost, or contact a local loan officer to speak to another person.