jumbo loans
Financing Luxury Homes Beyond Conventional Limits
Jumbo loans are designed for financing properties that surpass the conforming loan limits established by Fannie Mae and Freddie Mac. Ideal for high-income earners purchasing luxury homes or properties in competitive real estate markets, these loans can extend into the millions for well-qualified borrowers.
down payment
While a 20% down payment is standard for jumbo loans, we offer programs that accept lower down payments for qualified applicants. Keep in mind that a higher down payment can enhance your approval chances and may lead to more favorable loan terms.
terms
Jumbo mortgages are available with various term lengths, typically ranging from 5 to 30 years. This flexibility allows you to select a repayment period that aligns with your financial goals and plans.
credit score
Due to the substantial loan amounts, lenders generally require higher credit scores for jumbo loans compared to conventional mortgages. A strong credit profile not only improves your approval prospects but can also secure more competitive interest rates.
cash reserves
Lenders typically expect borrowers to demonstrate substantial cash reserves when applying for a jumbo loan. This financial cushion reassures lenders of your ability to manage large mortgage payments, especially in unforeseen circumstances.
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Elliott Bowman
(206) 949-5563
NMLS # 1982189
CO License # 100517635
