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Jumbo loans and Super Jumbo loans can be used to buy or refinance a home, and they offer borrowers greater financing flexibility than conventional mortgages.

Jumbo Loan Overview

jumbo loan Sometimes traditional loans aren’t enough to buy the home you really want. A Jumbo loan is a mortgage that can exceed Fannie Mae and Freddie Mac's conforming loan limits of $647,200, or up to $970,800 in some high-cost areas for 2022. Also known as non-conforming loans, Jumbo loans and Super Jumbo loans offer the flexibility of borrowing with less restrictions.

Jumbo Loan Benefits

  • Flexible terms: Your loan, the way you want it, with loan options up to $3 Million
  • Non-occupying co-borrowers allowed: A family member or friend who won't be living in the home can co-sign to help you qualify
  • Options up to 85% LTV: We have a variety of programs available, get preapproved today and start shopping tonight
  • Fixed and ARM programs available 


Refinancing a Jumbo Loan:

  • Lower your interest rate and monthly payment: Stay on track with your financial goals
  • Change the terms of your loan: Pay off your mortgage sooner, build equity faster, ask about our available programs
  • Get cash out: Pay off high-interest debt, finance expenses, remodel, or spend as you wish

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Jumbo Loan Requirements

Because a jumbo loan is designed for those who wouldn’t necessarily qualify for a conventional loan, applicants will likely need a higher credit score to qualify since the risk is higher on the part of the lender with no guarantee provided by Fannie Mae or Freddie Mac.

Jumbo loans are available for primary residences, vacation homes, or investment properties. 

  • Loan amount may exceed the traditional loan limit of $647,200, or up to $970,800 in some areas
  • Low down payments: You won't need a large down payment to get into the home of your dreams
  • Flexible terms: New American Funding offers several loan terms based on your goals and qualifications

You will need to demonstrate that you have enough cash on hand to cover your payments depending on the size of the loan.  You should expect to offer proof by way of pay stubs and two years’ worth of W2 forms and 1099s.  Some lenders may also require an additional appraisal of the home you’d like to buy.

You will also need demonstrable liquid assets to qualify for a jumbo loan along with cash reserves equal to six months of mortgage payments.

“How much should my down payment be for a jumbo loan?”

While in previous years, borrowers were asked to put down 30% of the purchase price, today this has dropped to 15%.  As it relates to private mortgage insurance, the same rules apply to jumbo loans—borrowers will need to put down at least 20% to avoid paying for such insurance.

Jumbo Loan Options

  • A Fixed Rate offers the security of a stable monthly payment
  • An Interest Only loan allows borrowers to make payments toward only the interest portion of the loan

Jumbo Loan Rates

Although jumbo mortgages typically have higher interest rates, they are becoming more competitive with conventional mortgages and in some cases are actually lower especially with a VA jumbo loan. Worried about high-interest rates check out our 5-Year Rate Protection Pledge.

Contact us today to get jumbo mortgage rates.

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