JUMBO LOAN
A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $647,200; however, the limit is $970,800 in higher cost areas.
If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you.
Jumbo Loan Highlights
- Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
- Higher purchase limits allow borrowers to purchase more house
- Convenience of one loan for the entire loan amount
- Primary residence, second home, or investment property
- Fixed-rate or adjustable-rate mortgages (ARM)
- 15-, 20- and 30-year fixed-rate terms
- Loan-to-value ratio (LTV)* up to 89.99%
- A minimum 680 credit score
At Fairway Independent Mortgage Corporation, we have jumbo financing available that allows borrowers to finance a primary residence or second home up to $3,000,000! This jumbo financing program is not limited to repeat buyers; first-time homebuyers may also be eligible for this mortgage option.