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Jumbo Loans

If you live in an area of the U.S. where housing prices continue to rise, or if your perfect home comes with a not-so-perfect price tag, traditional home loan programs may not be an option. If that’s the case, a jumbo loan can provide financing that exceeds the limits set by government-sponsored lenders like the Federal National Mortgage Association (also known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (also known as Freddie Mac).

Is a Jumbo Loan Right for You?

The only significant differences between a jumbo loan and more traditional mortgage programs like an FHA or conventional loan are the strict qualification requirements. Every homebuyer’s financial portfolio is different, but in general, jumbo loans require you to have a higher income, lower debt, a very good credit score, and more money in reserve. The requirements are more strict because jumbo loans aren’t backed by a government-sponsored organization.

Bigger Loans for Bigger Dreams

If you can’t settle for anything less than your dream home, a jumbo home loan can put the keys in your hand with terms that fit your unique financial situation.

Plenty of Options

Jumbo loans, super jumbo loans, and pledged asset programs make high-value home financing possible by giving you the ability to match your loan to your financial needs.

Buying Vacation Property? Think Jumbo.

If you’re looking to purchase a vacation property, second home, or investment property, a jumbo loan might be the best option to help you cover the upfront costs and provide more financial comfort down the road.

Jumbo Home Loan Overview:

  • Fixed- and adjustable-rate programs available.
  • Ideal for high land-to-home value scenarios.
  • Eligible toward primary residences, second homes, and investment properties.
  • Option for 15 percent down payment with no mortgage insurance.

Summit Mortgage blog

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