Depending on whether a property is one, two, three or four units as well as the location determine what is considered a Jumbo loan. Nationally, single unit homes requiring mortgages over $417,000 are considered a Jumbo mortgage, unless the property is listed in a “high cost” area. Home loans over the conforming loan limit set by Fannie Mae and Freddie Mac for that area will require a “non-conforming” or Jumbo loan.

You will find that these larger loans will be harder to be approved for because lenders will have to assume all the risk themselves since they cannot be sold to Fannie Mae and Freddie Mac.

Since lenders do consider Jumbo mortgages a higher risk, you will notice that they come with a higher interest rate, and are harder to qualify for. In fact, most lenders require that you have a credit score of 700 or more just to qualify. In addition to these high standards for credit scores, they often require large down payments, strong income, and substantial reverses. They typically limit you to a debt to income ratio of 43%.

We offer a program that set our clients apart. With a minimum score of 740, you can finance up to $1,500,000 with a LTV of up to 75%. This is for a 30 year fixed mortgage. This can be for either a primary or secondary home. To highlight it more clearly see below:

• 740+ FICOs

•DTI range of up to 49.00%

• Loan amounts from $417,001 - $1,500,000

• Both primary and secondary homes allowed

• 30-year fixed term

• LTVs as high as 75%